TSX:SPM
VANCOUVER, April 17 /CNW/ - Scorpio Mining Corporation (TSX:SPM) (the
"Company") is pleased to announce the following developments at its 100% owned
Nuestra Senora project, Sinaloa State, Mexico.
Peter J. Hawley, Chairman, CEO reports, "Commercial production at Nuestra
Senora is scheduled to commence in July 2008 at 1,000 tonnes per day. With the
expectation that throughput will eventually increase, the Company applied for
and was granted a permit for future increase in mineral processing to
2,000 tonnes per day. Now that the mill is on the electrical grid, the Company
can continue with commissioning and an orderly start up, with production of
saleable concentrate in the near future. On another front, the Company was
recently granted title to the Zaida claim, which is part of a strategic
expansion in land holdings through staking of favourable ground. The new claim
acquisition hosts three known polymetallic deposits and will be included into
future exploration programs."- On March 27, 2008, the Direccion General de Minas issued 100% title
to the Company of the 1,141.2655-hectare Zaida exploitation claim,
which is contiguous to the north-northwest of the current 100% owned
exploitation claim holding.
- On April 1, 2008, the Company formally received from the Mexican
authority, SEMARNAT, final documentation allowing the mill facility
to process 2,000 tonnes per day. The previous underlying
documentation allowed the Company to process only 1,000 tonnes per
day.
- On April 10, 2008, the mill facility was officially connected to
Mexico's main power grid and a kilowatt meter was installed at the
entrance to the property. Power is currently distributed between the
crushing plant and the mill. Construction of a line from the mill
facility to supply power to the mine is scheduled to commence in late
May. It is also the Company's intention to provide the communities of
Los Braceros, La Seca and the University of Sinaloa's Research
Facility with electrical power, which is part of the Company's
overall mandate to assist in the development of the local
communities.
- On April 12, 2008, the mill facility was connected to the water
supply line, which is capable of delivering sufficient fresh water
for all the plant's requirements although the intention is to recycle
80% of the water used in the processing of the concentrates. This
supply line will also provide the University of Sinaloa's Research
Facility with fresh water, also in keeping with the Company's intent
to support Mexico's education in research and development.President, Mr. D. Roger Scammell, PGeo, is the Company's Qualified Person
for the Nuestra Senora project. Mr. Scammell is responsible for the current
exploration and development program and has reviewed the content of this
release.
ON BEHALF OF SCORPIO MINING CORPORATION
Peter J. Hawley
Chairman & CEO
This news release includes certain statements that may be deemed
"forward-looking statements" within the meaning of the United States Private
Securities Litigation Reform Act of 1995 and applicable Canadian securities
legislation. Forward-looking statements include, but are not limited to,
statements with respect to the future price of silver, zinc, copper, lead and
gold, the timing of construction and production activities, the mine life of
the Nuestra Senora Project, the economic viability and estimated internal rate
of return of the Nuestra Senora Project, the estimation of mineral reserves
and mineral resources, the results of drilling, estimated future capital and
operating costs, projected mineral recovery rates, requirements for additional
financing and Scorpio Mining Corporation's commitment to, and plans for
developing the Nuestra Senora Project. Generally, these forward-looking
statements can be identified by the forward-looking terminology such as
"plans", "expects"' or "does not expect", "is expected", "budget",
"scheduled", "estimates", "projects", "intends", "anticipates", or "does not
anticipate", or "believes", or "variations of such words and phrases or state
that certain actions, events or results "may", "can", "could", "would",
"might", or "will" be taken", "occur" or "be achieved". Forward-looking
statements are subject to known and unknown risks, uncertainties and other
factors that may cause the actual results, level of activity, performance or
achievements of Scorpio Mining Corporation to be materially different from
those expressed or implied by such forward-looking statements, including but
not limited to: risks related to the exploration and potential development and
construction of the Nuestra Senora Project, risks related to international
operations, construction delays and cost overruns, the actual results of
current exploration, development and construction activities, conclusions of
economic evaluations, changes in project parameters as plans continue to be
refined, future prices of silver, zinc, copper, lead and gold, as well as
those factors discussed in the sections relating to risk factors of our
business filed in Scorpio Mining Corporation's required securities filings on
SEDAR, including its Annual Information Form dated March 26, 2008. Although
Scorpio Mining Corporation has attempted to identify important factors that
could cause results to differ materially from those contained in
forward-looking statements, there may be other factors that cause results to
be materially different from those anticipated, described, estimated, assessed
or intended.
There can be no assurance that any forward-looking statements will prove
accurate, as actual results and future events could differ materially from
those anticipated in such statements. Accordingly, readers should not place
undue reliance on forward-looking statements. Scorpio Mining Corporation does
not undertake to update any forward-looking statements that are incorporated
by reference herein, except in accordance with applicable securities laws.
For further information: Glenn Little, Jackson Little Holdings Ltd:
(604) 930-4375; 1-888-930-4375, Email: jlconsulting@telus.net; Rich Kaiser,
YES International: 1-800-631-8127; 001-757-306-6090 (outside North America),
Email: yes@yesinternational.com
