Scorpio Mining Reports Third Quarter Production Results
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Toronto, October 18, 2011 - Scorpio Mining Corporation (TSX:SPM) ("Scorpio Mining" or the "Corporation") reports that production in the third quarter ended September 30, 2011 ("Q3 2011") from the Nuestra Señora operation totalled 604,975 silver equivalent ounces*, representing a 13% increase over Q3 2010.
Third Quarter 2011 Production Highlights:
Quarter Ended September 30, 2011 Quarter Ended September 30, 2011 % Change Total plant throughput (tonnes) 126,975 106,636 19% Total silver ounces produced 308,211 252,450 22% Total pounds zinc produced 4,028,925 3,628,163 11% Total pounds copper produced 451,017 385,082 17% Total pounds lead produced 1,410,286 1,767,900 -20% Total silver equivalent ounces* produced 604,975 537,698 13%
* For comparative purposes the metal prices used to calculate silver equivalent ounces recovered are based upon the following: lead at US$1.02 per lb.; zinc at US$1.01 per lb.; copper at US$3.58 per lb. and silver at US$24 per oz.
At the end of Q3 2011, year-to-date zinc and silver production were 10% and 1% ahead of forecast respectively, whereas the lower value credit metals, lead and copper, were 20% and 34% behind forecast respectively. While realized silver and zinc grades are in line with geological models, copper and lead grades have been lower than expected. As a result, it is anticipated that silver and zinc production for 2011 will meet forecast, whereas copper and lead will be lower than forecast. Scorpio Mining is evaluating contingencies to reduce the deficit of lead and copper; however, the overall objective of the Corporation is to maximize silver production |