Scorpio Announces Termination of Merger Between Scorpio Gold and BacTech



    TSX:SPM

    VANCOUVER, March 19 /CNW/ - Scorpio Mining Corporation ("Scorpio Mining")
(TSX:SPM), announces that the planned business combination between its 93%
owned subsidiary, Scorpio Gold Corporation ("Scorpio Gold") and BacTech Mining
Corporation (TSX-V:BM), and all transactions associated therewith, have been
terminated by mutual agreement of the parties.
    The TSX Venture Exchange required a working capital infusion of $4M into
the combined company as the last condition in order to grant its approval to
the merger. Contrary to what BacTech states in its March 19th, 2008 release
about the termination, it had been mutually decided that due to the current
equity market conditions that SGC would raise $3M of equity financing and
BacTech would raise $1M in flow-through financing. On this basis, subscription
agreements for the fund raising were drawn up, however BacTech recently
advised it was not prepared to announce and proceed with its financing at this
time, leading to the termination.
    Scorpio Mining maintains its intention to spin off Scorpio Gold as a
separately financed public company, and it will continue to examine
alternative means of financing and listing Scorpio Gold in the public markets.

    ON BEHALF OF SCORPIO MINING CORPORATION

    Peter J. Hawley
    Chairman & CEO

    This news release includes certain statements that may be deemed
"forward-looking statements". All statements in this news release, other than
statements of historical facts, that address future exploration drilling,
exploration or development activities and events or developments that the
Company expects, are forward looking statements. Although the Company believes
the expectations expressed in such forward-looking statements are based on
reasonable assumptions, such statements are not guarantees of future
performance and actual results or developments may differ materially from
those in forward-looking statements. Factors that could cause actual results
to differ materially from those in forward-looking statements include metal
prices, exploration success, mine development priorities, continued
availability of capital and financing, and general economic, market or
business conditions.





For further information:

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

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Scorpio Mining Corporation

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