TORONTO, ONTARIO--(Marketwire - July 20, 2012) - The Board of Directors of Scorpio Mining Corporation (TSX:SPM) ("Scorpio Mining" or the "Company"), today announced that it has accepted the resignation of Scorpio's President and Chief Executive Officer, Parviz Farsangi, and unanimously appointed the Company's Chairman, founder and former Chief Executive Officer, Peter J. Hawley as interim President and Chief Executive Officer. Mr. Farsangi has stepped down as President and Chief Executive Officer and director of Scorpio to pursue other career opportunities, effective immediately.
Scorpio Mining's Board of Directors also announced that Ewan Mason will replace Mr. Hawley as Chairman while Mr. Hawley carries out his executive role. The Board of Directors has commenced a search for a new Chief Executive Officer. During the interim period, the day to day operations of the Company will be supervised by Mr. Hawley with the support of Mr. Mason.
Mr. Hawley has extensive mining-industry experience that spans grassroots exploration through to development and production. He has worked as a consulting geologist to a large number of intermediate and senior mining companies including Teck Corp, Noranda Inc, Placer Dome Inc and Barrick Gold Corp. Mr. Hawley will also continue in his current position as President and CEO of Scorpio Gold Corporation.
Mr. Mason, Chairman of Scorpio Mining stated "We thank Parviz for his work and wish him the very best in his future endeavours. I am excited that Peter Hawley has agreed to resume his executive leadership role with Scorpio Mining." He added "As the founder and former CEO, Peter Hawley brings tremendous experience and leadership abilities to the position and has a detailed understanding of the Company's operations, exploration plans and the opportunities that are available."
Scorpio Mining Corporation is a silver producer operating in Mexico with significant base metal by-product credits. The 100% owned Nuestra Señora Mine and plant located in the Cosalá 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 has 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. In addition, the company has over 40 exploration targets mostly in the vicinity of its current operations and is currently updating its resource calculations for the San Rafael and El Cajon Projects. Scorpio Mining also holds a 100% interest in the advanced, high-grade La Revancha silver and Tepozán silver-gold projects, both located in the productive Parral District within the respective states of Chihuahua and Durango, Mexico. Scorpio Mining's strategy focuses on exploring and developing its existing mineral properties.
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 Board of Director's ability to recruit a Chief Executive Officer, the Company's operations, exploration and development plans, expansion 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 Company's 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 Corporation's required securities filings on SEDAR, including its Annual Information Form dated March 26, 2012. 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.