VANCOUVER, Jan. 30 /CNW/ - Scorpio Mining Corporation (TSX:SPM) is
pleased to announce that Mr. Neil S. Seldon has accepted a position on the
Board of Scorpio Mining Corporation. Mr. Seldon's appointment is effective as
of January 22, 2008.
Mr. Seldon is currently President of Neil S. Seldon & Associates Ltd.
(NSA) and is Chairman of Bloomsbury Minerals Economics Ltd. (BME), London,
Mr. Seldon is a graduate of the Royal School of Mines in London and began
his career working with metal merchants in London, including time with a
ring-dealer on the London Metal Exchange.
As Chairman of BME, an independent research company, based in London with
presence in Vancouver, Frankfurt and Santiago, Mr. Seldon focuses on copper
market analysis, modeling of "fair value" prices based on market fundamentals,
exchange and interest rates for aluminium, nickel, zinc, lead, tin and gold.
In his work as President for NSA he has acted as consultant and advisor
in the marketing of non-ferrous concentrates to clients around the world. This
includes negotiation of sales contracts for copper, zinc and lead concentrates
and other minerals and metals, development of sales and marketing strategies,
hedging of metal prices on terminal markets and development of policies and
procedures for marketing raw materials procurement, shipping, sales contracts
and pricing, input into due diligence on marketing for mining company projects
worldwide and co-operation with engineering groups and financial institutes
for marketing input. NSA has provided advice and services to around fifty
companies and organisations worldwide.
Peter J. Hawley, Chairman, CEO reports, "The addition of Neil to the
Board at this point in time as we approach production at Nuestra Senora and
are involved in negotiating off-take agreements and terms, further strengthens
Scorpio's expertise in the areas of corporate structure, strategy, marketing
of metals and finance. His experience and association with smelters and up to
date knowledge of metal terms worldwide will greatly facilitate the Company's
strategy for continued growth and share value appreciation as a producer."
The Company has granted Mr. Seldon stock options to purchase up to
200,000 common shares, pursuant to the Company's stock option plan, at an
exercise price of $1.18 per share (based on the closing market share price on
January 21, 2008). The Company also wishes to announce that its Board of
Directors has granted an additional 1,775,000 incentive stock options at the
same price to directors, officers and employees of the Company, subject to
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 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, 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: firstname.lastname@example.org; Rich Kaiser,
YES International: 1-800-631-8127, 001-757-306-6090 (outside North America),