Resource Estimate Out...very very nice!!!Scorpio's Updated Resource Estimate on Nuestra Senora Silver-Zinc Project Adds Significant Tonnage to Previous Estimate and Enhances Confidence Level of Resource
08:00 EST Tuesday, January 09, 2007
TSX:SPM
VANCOUVER, Jan. 9 /CNW/ - Scorpio Mining Corporation (TSX:SPM) is very pleased to report an updated resource estimate on its 100% owned Nuestra Senora Silver-Zinc Project, Sinaloa State,Mexico. The updated resource presents a significant increase in tonnage and upgrades confidence levels from its previously reported February 2006 estimate (Reference: Sedar Filing - February 22, 2006).
Effective January 9, 2007, the updated resource estimate, using a conservative US$70 per tonne cut-off, now stands at Measured & Indicated Resources of 3,544,378 tonnes grading 118 grams per tonne (g/t) Silver, 2.27% Zinc, 0.38% Copper, 1.06% Lead and 0.15 g/t Gold, in addition to Inferred Resources of 4,107,110 tonnes grading 132 g/t Silver, 2.18% Zinc, 0.22% Copper, 1.00% Lead and 0.185 g/t Gold.
Peter J. Hawley, President, CEO comments, "2006 was a very busy and rewarding year for the Company. Discovering two additional mineralized zones, as well as continued definition of the Nuestra Senora deposit, exemplifies our geological team's dedication to the continued success of the project. Based on the additional drilling since ourFebruary 2006 estimate, we have successfully upgraded our previous Indicated Resource of 1.12 million tonnes, to 2.3 million tonnes in the Measured Resource category. Our previous Inferred Resource of 978,000 tonnes has been upgraded to 1.2 million tonnes of Indicated Resources. In addition, we have outlined 4.1 million tonnes of Inferred Resources."