newsScorpio Reports on Mineralized Stockpile for Initial Mill Throughput at Nuestra Senora
08:00 EST Tuesday, February 26, 2008
TSX:SPM
VANCOUVER, Feb. 26/CNW/ - Scorpio Mining Corporation (TSX:SPM) is pleased to provide anupdate on the mineralized stockpile material awaiting mill start up atthe Company's 100% owned Nuestra Senora Project, Sinaloa State,Mexico.
Peter J. Hawley, Chairman, CEO reports, "We now have over 64,041tonnes stockpiled on surface awaiting mill start up, which puts us in astrong position to stay ahead of the initial required mill feed. Thecurrent stockpile includes a mix of lower grade development materialand is well suited for the initial mill commissioning and required finetuning for optimal metal recovery. With formal stoping in progress andmore stringent grade controls in place, less dilution will occur andhead grades will increase. This higher-grade material will be used asmill feed once the mill facility is running at maximum recovery."
As of November 30, 2007, Stockpile No. 1contained 52,148 tonnes at an average capped grade of 69 g/t silver,0.08 g/t gold, 0.25% copper, 1.42% lead and 2.55% zinc based on 438samples taken (Table 1). A capping grade of 552 g/t silver, 0.5 g/tgold, 2.83% copper, 6.77% lead and 11.80% zinc was used based on the95th percentile of all core assay results in 2007.
Prior to September 2007, a total of 140samples were collected directly from the existing surface stockpilefrom 28 backhoe pits, 2 to 2.5 metres in depth, using a 10 metre by 10metre reference grid across the stockpile. Five samples were taken fromthe top to bottom of each sample hole. The grades obtained from thissampling were very homogenous with only 4 samples (3%) requiringcapping. The capped grade of the pre-September 2007 stockpile was61 g/t silver, 0.08 g/t gold, 0.21% copper, 1.41% lead and 2.39% zinc.The remaining 298 samples were taken underground on a daily basis fromongoing ore development, with a total of 5 representative muck samplestaken from each round. Of these, 24 samples were capped (8%), whichagain reflects the homogeneity of the ore.
Grades obtained from muck sampling during the months of Septemberand October (Table 1) are somewhat higher due to the greater percentageof mineralized material coming from the Main Nuestra Senora zonedevelopment compared to the lower-grade Hoag zone.
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Table 1. Development Stockpile No. 1 - Metal Grades
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Sampling Ag Au Cu Pb Zn
(g/t) (g/t) (%) (%) (%)
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Pre-September 2007 61 0.08 0.21 1.41 2.39
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September 2007 129 0.13 0.63 1.58 3.66
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October 2007 67 0.07 0.13 1.42 3.12
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November 2007 68 0.08 0.21 1.33 2.11
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Average 69 0.08 0.25 1.42 2.55
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Since January 31, 2008, developmentmaterial has been being stockpiled in a separate area (Stockpile No. 2)and consists of an additional 11,893 tonnes. Complete assay results arepending.
President, Mr. D. Roger Scammell, PGeo, is the Company's Qualified Person for the Nuestra Senora project. Mr. Scammell is responsible for the current exploration and development program and has reviewed the contents of this release.
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 futureexploration drilling, exploration activities and events or developmentsthat the Company expects, are forward-looking statements. Although theCompany believes the expectations expressed in such forward-lookingstatements are based on reasonable assumptions, such statements are notguarantees of future performance and actual results or developments maydiffer materially from those in forward-looking statements. Factorsthat could cause actual results to differ materially from those inforward-looking statements include metal prices, exploration success,continued availability of capital and financing, and general economic,market or business conditions.
For further information: Glenn Little, Jackson Little Holdings Ltd:(604) 930-4375, 1-888-930-4375, Email: jlconsulting@telus.net; RichKaiser, YES International: 1-800-631-8127, 001-757-306-6090 (outsideNorth America), Email: yes@yesinternational.com