🕐15.07.11 - 15:27 Uhr
NEWS OUT(SILVER):TSX.SPM-SCORPIO MINING CORP.-EXPLORATION UPDATE
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Scorpio Mining Provides Exploration Update on its Projects in Mexico
Toronto, July 15, 2011 Scorpio Mining Corporation (TSX: SPM) ("Scorpio" or
the "Corporation") is pleased to provide an update on exploration activities
at its projects in Mexico.
The Corporation controls over 29,000 ha in the
Cosal district, Sinaloa, which is host to over 40 known exploration targets
but is relatively unexplored by modern techniques.
In addition, Scorpio
Mining holds two advanced, high-grade silver properties in the Parral
district, Chihuahua, that are drill-ready.
Parviz Farsangi, President & CEO reports, Scorpio Mining benefits from a
very large land position in a relatively unexplored area, which has proven
to host economic deposits and contains an abundance of promising early-stage
exploration targets.
The opportunity to advance our known deposits and to
make new discoveries is excellent.
Our exploration programs complement a
determined effort to grow Scorpio Mining by developing its own assets.
We
remain confident we have the projects and the people to reach this next
stage of success.
Scorpio Minings 2011 exploration and infill drilling program includes
surface and underground diamond drilling on multiple deposits/targets,
including:
Cosal District
*
10,500 m of underground drilling at the Nuestra Seora Ag-Zn-Cu-Pb mine.
*
2,800 m of underground drilling at the La Verde Ag-Cu-Au mine.
*
8,000 m of surface drilling at San Rafael and La Verde to add and upgrade
mineral resources.
*
5,000 m of surface drilling to test several early-stage Ag-Cu-Pb-Zn-Au
exploration targets.
Parral Distict
*
Up to 7,000 metres of surface drilling at the La Revancha Ag and Tepozn
Ag-Au projects.
More than 5,000 metres of underground exploration and infill drilling have
been completed to date at the Nuestra Seora mine.
Drill holes targeting new
mineralization in the Santa Teresa Extension zone have intersected visually
mineralized skarn up to 40 metres south of the previously delineated
mineralization.
Drilling will also target extensions to the Hoag zone and
for new mineralization adjacent to the Hoag shear zone.
Surface exploration to the north of Nuestra Seora processing plant is
having success in several areas, including ground recently acquired from a
subsidiary of Grupo Mexico.
Initial results report widespread anomalous gold
and silver in chip channel sampling at the Chilicotes and Santa Rita
prospects, both of which are spatially associated with weakly magnetic
diorite; a common association of mineralization in the Cosal district.
Both
prospects are proximal to the El Cajn, San Rafael and La Verde deposits,
which are located within 20 km by road from the Nuestra Seora processing
plant.
Approximately 3,500 metres of surface drilling is proposed for Chilicotes,
located 2.4 km south of San Rafael.
The prospect is a silicified structural
zone in brecciated volcanics that is up to 70 m wide and has been traced
over a 1.2-km strike length.
Initial results of chip channel sampling across
the breccia zone has returned 0.434 g/t Au, 27 g/t Ag, 0.002% Cu, 0.04% Pb
and 0.16% Zn over 34 m.
Santa Rita, 4.4 km southwest from San Rafael, is made up of
northwest-trending silicified structures in volcanics.
Chip channel samples
over 1-2 m widths have been collected over approximately 200 m of exposed
mineralization, mainly from shallow underground workings less than 30 m from
surface.
Highly anomalous silver assays returned in the 57 samples collected
were as follows: 39 samples assayed > 100 g/t, 18 samples > 300 g/t, 8
samples > 500 g/t and 3 samples > 1,000 g/t.
Anomalous gold assays in the
same 57 samples included: 45 samples > 0.1 g/t, 26 samples > 0.3 g/t, 13
samples > 0.5 g/t and 3 samples > 1.0 g/t..
Mapping and sampling in the
vicinity of the Santa Rita prospect has also uncovered multiple mineralized
showings extending along a 3-km long northwest-trending corridor.
Further
work is planned to take this promising area to the drilling stage.
Exploration has also uncovered several historical surface workings southeast
of the El Cajn Ag-Cu-Au deposit presenting a new drill target as the
southern extension of El Cajn.
Drilling of the El Cajn and its extension
will be incorporated into a future exploration program.
At the La Verde mine, underground drill stations are ready and the planned
2,800 metres of drilling will commence following the arrival and
installation of electrical cable for the drilling rigs, expected later this
month.
The La Verde mine, which is currently dormant, historically produced
1.4 million tonnes grading 105-180 g/t Ag, 0.53-0.65% Cu.
In addition to the above exploration drilling in the Cosal district, the
Corporation plans an 8,000-metre surface drilling program that will cover
infill and extension drilling of the San Rafael and La Verde mineralization,
with the objective of adding to and upgrading mineral resources within these
deposits.
Commencement of 7,000 metres of surface drilling at the La Revancha and
Tepozn projects in Parral, Chihuahua is pending the receipt of all permits.
Drilling at La Revancha will expand oxide mineralization currently traced by
drilling over a distance of 300 m and possibly encounter higher-grade
sulphide mineralization more commonly exploited in the Parral district.
At
Tepozn, drilling will test a previously undrilled 1.3-km long quartz vein
system believed to be related to mineralization in the Parral district.
Assay results from the various programs will be released once received and
compiled.
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.
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.
ON BEHALF OF SCORPIO MINING CORPORATION
Parviz Farsangi
President & CEO
For further information contact:
Rich Kaiser, YES International: 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 the Corporations exploration programs,
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.
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