🕐08.11.11 - 14:27 Uhr
NEWS OUT (SILVER):TSX.SPM-SCORPIO MINING CORP.- HIGH GRADE DRILL RESULTS
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Scorpio Mining Announces High-Grade Results from San Rafael Drilling; Six
Rigs Operating on Multiple Projects
TORONTO, Nov.
7, 2011 /CNW/ - Scorpio Mining Corporation (TSX: SPM)
("Scorpio" or the "Corporation") is pleased to report that a total of six
diamond drills are currently active on the Corporations projects in the
Cosal District, Sinaloa and Parral District, Chihuahua.
In Cosal District,
two drills are active at each of Nuestra Senora and San Rafael deposits;
while one drill is active at the La Verde Mine.
The sixth rig has commenced
drilling at the La Revancha project, Parral District.
Drilling at the San Rafael silver-lead-zinc-copper-gold deposit has focused
thus far on defining proposed open pit boundaries of the Main Zone and
in-fill drilling of widely-spaced intersections from prior drilling
campaigns.
The Corporation expects these drill results to add to the
existing resource base as well as increase overall grade estimations.
Completion of the current program is expected early in the first quarter of
2012.
Table 1 summarizes the results of holes intersecting strong
mineralization.
A drill hole location map is available at
www.scorpiomining.com/i/maps/pr/SanRafael-DHplan.pdf.
Table 1.
San Rafael Deposit - Highlights of 2011 Definition/Infill and
Step-Out Drilling
Hole #
Azm
(deg)
Incl
(deg)
From
(m)
To
(m)
Width
(m)
Ag
(g/t)
Zn
(%)
Pb
(%)
Cu
(%)
Au
(g/t)
SR231
60
-77
46.6
59.2
12.6
68
4.98
2.64
0.010
0.102
SR233
60
-75
41.3
51.9
10.6
62
4.46
2.29
0.009
0.095
Including
41.3
41.65
0.35
434
15.85
17.25
0.03
1.015
SR235
240
-75
23.35
28.9
5.55
51
3.74
1.59
0.011
0.235
52.9
55.4
2.5
50
3.17
1.63
0.005
0.150
SR236
0
-90
42.7
53.25
10.55
80
5.94
2.68
0.013
0.256
SR237
60
-45
74.9
79.5
4.6
141
8.61
4.08
0.012
0.253
SR238
60
-68
74.1
78.55
4.45
81
2.96
2.18
0.008
0.183
SR240
60
-50
66
73.8
7.8
65
3.38
2.08
0.015
0.230
SR241
60
-68
59.7
65.8
6.1
54
5.08
1.43
0.013
0.105
SR246
60
-79
162
173.2
11.2
88
5.58
3.18
0.021
0.042
Including
162
167.3
5.3
144
8.60
5.13
0.029
0.037
SR247
0
-90
60.1
72.55
12.45
80
5.26
3.06
0.017
pending
Including
65.5
69.1
3.6
149
8.66
5.62
0.024
pending
SR248
60
-51
27
33.8
6.8
133
7.54
5.03
0.020
pending
SR249
60
-66
10.2
18
7.8
209
17.46
7.62
0.022
pending
Including
11.85
16.5
4.65
303
27.14
11.02
0.028
pending
SR250
60
-45
49.55
55
5.45
129
9.17
4.52
0.026
pending
SR252
60
-68
44
66.5
22.5
86
6.27
2.88
0.020
pending
Exploration drilling at Nuestra Senora has discovered alteration and
mineralization visually similar to the Candelaria Deposit, approximately 80
metres down dip from current workings.
Drilling is currently targeting
extensions to connect the mineralization; assays are pending.
Approximately 3,000 metres of underground drilling is targeting extensions
of known mineralization at the La Verde silver-copper mine in preparation
for a mineral resource estimate.
Drilling is expected to finish early in the
first quarter of 2012.
The La Verde Mine historically produced a reported
1.5 million tonnes of ore at grades ranging 105-180 g/t Ag and 0.53-0.65%
Cu.
The mine is currently undergoing refurbishment to improve safety and
production efficiency.
In the Parral District, drilling has commenced on the La Revancha silver
deposit as part of a 7,000 metre drill program that will also include
drilling on the Tepozan silver-gold vein system.
Drilling at La Revancha
will expand oxide mineralization currently traced by drilling over a
distance of 300 metres and test for higher-grade sulphide mineralization
more commonly exploited in the Parral district.
At Tepozn, drilling will
test a previously undrilled 1.3 kilometre long quartz vein system believed
to be related to mineralization in the Parral District.
The Corporation
believes that mineralization encountered at La Revancha and Tepozan are
high-level expressions of high-grade sulphide mineralization currently being
mined in the District, such as Grupo Mexicos Santa Barbara Mine and Minera
Friscos San Francisco del Oro Mine.
The drill program is expected to
continue through the first quarter 2012.
Scorpio Minings President and CEO, Parviz Farsangi, MEng, MBA, PhD, PEng,
is a Qualified Person for the Corporations Mexico projects and has reviewed
the content of this release.
Drill hole data in Table 1 reflects down hole
core lengths and actual (uncut) grades; true widths cannot be reliably
estimated at this time.
All technical information for the Corporations
Mexico projects is obtained and reported under a formal quality assurance
and quality control (QA/QC) program.
Samples are shipped to the ALS Chemex
preparation laboratory in Hermosillo, Mexico for drying, crushing and
pulverizing.
ALS Chemex, Hermosillo then sends the pulps for assaying to ALS
Chemex, Vancouver, an ISO 9001:2000 accredited facility.
Details of the
QA/QC program are available on the Companys website at:
www.scorpiomining.com.
About Us
Scorpio Mining Corporation is a silver producer operating in Mexico with
significant base metal by-product credits.
The 100%-owned Nuestra Senora
Mine and plant located in the Cosal district of Sinaloa State, Mexico, has
proven to be a low-cost operation with the benefit of flexible mining
methods and diversified metal production.
It boasts a fully mechanized
underground operation and a processing facility built for expansion to 4,000
tonnes per day.
The plant produces zinc, copper and lead concentrates; with
a significant silver component in the copper and lead concentrates.
In
addition, the company has over 40 exploration targets mostly in the vicinity
of its current operations.
The Corporation also holds a 100% interest in the
prospective La Revancha silver and Tepozn silver-gold projects in the
Parral District of Chihuahua State, Mexico.The Corporations strategy
focuses on exploring and developing its existing mineral properties.
ON BEHALF OF SCORPIO MINING CORPORATION
Parviz Farsangi
President & 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 Corporations operations, plans, estimates,
expectations, forecasts, objectives, predictions and projections of the
future.
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 Corporations projects
in Mexico, 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, 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, 2011.
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.
----------------------------------------------
Victoria Vargas
Vice President Investor Relations and Corporate Communications +1
416-585-2200
Email:
Rich Kaiser
YES International: 1-800-631-8127; 001-757-306-6090 (outside North America)
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