🕐17.03.11 - 13:27 Uhr
NEWS OUT(SILVER):TSX.SPM-SCORPIO MINING CORP.- ACQUIRES MINERAL CONCESSIONS/2011 EXPLORATION PLAN
[image] TSX.SPM
Scorpio Mining Acquires Additional Mineral Concessions in Cosal District
and Outlines 2011 Exploration Plans
Toronto, March 17, 2011 Scorpio Mining Corporation (TSX:SPM) ("Scorpio
Mining" or the "Corporation") is pleased to announce the acquisition of
important mineral concessions in the Cosal District, Sinaloa, Mexico, and
outlines exploration plans for the remainder of 2011.
On March 16, 2011 the Corporation signed an agreement to acquire mineral
concessions totalling 1,387 ha (13.87 km2) from a subsidiary of Grupo Mexico
S.A.B.
de C.V.
(Grupo Mexico) for a cash payment of US$615,000.
Grupo
Mexico retains a 1.25% Net Smelter Return.
This acquisition further consolidates the Corporations extensive land
position in the Cosal District, totalling 29,161 ha and spanning an area of
~23 km by 19 km.
The newly acquired concessions are adjacent and/or close to
several important resource areas and exploration targets, including the San
Rafael, El Cajn and Los Venados deposits, and the El Simon target.
Exploration plans for the remainder of 2011 include surface and underground
diamond drilling on multiple deposits/targets in the Cosal District,
Sinaloa and on projects in the Parral District, Chihuahua.
Exploration
drilling will include:
*
10,500 metres of underground drilling at the Nuestra Seora Ag-Zn-Cu-Pb
mine;
*
2,800 metres of underground drilling at the La Verde Ag-Cu-Au mine;
*
5,000 metres of surface drilling to test several early-stage Ag-Cu-Pb-Zn-Au
exploration targets in the Cosal District; and,
*
Up to 7,000 metres of surface drilling at the La Revancha and Tepozn
projects in Parral, Chihuahua.
Parviz Farsangi, President & CEO reports, Scorpio Mining is very fortunate
to hold such a large land position in a relatively unexplored area, which is
proven to host economic deposits and contains an abundance of promising
early-stage exploration targets.
We believe the potential to advance our
known deposits and to make new discoveries is excellent.
The upcoming
aggressive exploration programs complement a determined effort to grow
Scorpio Mining by developing its own assets.
We are confident we have the
projects and the people to reach this next stage of success.
Further information about Scorpios projects in the Cosal and Parral
districts is available on the Corporations web site at:
www.scorpiomining.com.
Scorpio Minings Senior Exploration Geologist, Will Strong, B.S., P.G., is a
Qualified Person for the Corporations Mexico projects and has reviewed the
content of this release.
ON BEHALF OF SCORPIO MINING CORPORATION
Parviz Farsangi
President & CEO
For further information contact:
Rich Kaiser, Investor Relations 1-800-631-8127; 001-757-306-6090 (outside
North America)
Email:
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 production, objectives, strategy, mine
operations, exploration and future performance.
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 development and operation of the Nuestra Seora and La Verde projects,
risks related to international operations, construction delays and cost
overruns, equipment breakdowns, 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, risks relating to
completing acquisition transactions as well as those factors discussed in
the sections relating to risk factors of our business filed in Scorpio
Mining Corporations required securities filings on SEDAR, including its
Annual Information Form dated March 29, 2010.
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.
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