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Scorpio Mining is metal producer in Mexico. As of August 2010, the company also owns 36% of Scorpio Gold (SGN). The Nuestra Senora mine in Mexico is the main focus of Scorpio Mining activity in 2010. [Source: June 2010 MD&A filing]
The Scorpio Mining Corporation website is at www.scorpiomining.com.
Information Links: Yahoo News and Quotes | StockCharts
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This report is based on NI 43-101 resource and reserve disclosures and fully diluted share counts available on 2011-05-04.
The GoldMinerPulse metrics, presented below in table format, are based on all projects and all in situ metals and are updated daily with closing market prices.
| General Metric | Value on 2012-02-03 |
|---|---|
| In Situ Metal Value per Share (MVpSh) | US$16.24 |
| Average Ore Value per Tonne | US$198.84 |
| Metal Value Leverage (MVL) | 7.50 |
| Market Capitalization as a Percentage of Metal Value | 13.3% |
| Recent Closing Stock Price | C$2.15 [note 1] |
| Fully Diluted Share Count | 219.67 M [note 2] |
| Percentage In Situ Proven + Probable Reserve | 0% |
| Percentage In Situ Measured + Indicated Resource | 90% |
| Percentage In Situ Inferred Resource | 10% |
| Metric | Value on 2012-02-03 |
|---|---|
| Silver Reserves + Resources | 56.79 M oz |
| Average Silver Ore Grade | 98.5 g/t |
| Market Capitalization per oz of Silver In Situ | US$8.37 ( C$8.32 ) |
| Silver Equivalent Ounces Estimate | 106.05 M oz |
| Market Capitalization per oz of Silver Equivalent | US$4.48 ( C$4.45 ) |
Note 1: Conversion rate used: 1 Cnd$ = 1.00682 US$
Note 2: Fully diluted share count taken from Scorpio Mining Corporation's Stock Info page, webpage (viewed online April 2011).
All metal counts in this section are based on the combined Proven + Probable reserves plus the Measured + Indicated and Inferred resources.
| Metric / Metal | Gold | Silver | Copper | Lead | Zinc | ||
|---|---|---|---|---|---|---|---|
| Total Counts (reserves + resources) | 78.82 K oz | 56.79 M oz | 44.61 K t | 160.65 K t | 367.36 K t | ||
| Metal Prices in US$ (from 2012-02-03) | $1,725.90 / oz | $33.63 / oz | $3.89 / lb | $1.00640 / lb | $0.96490 / lb | ||
| Metal Value per Share (MVpSh) Shown in US$. Based on fully diluted share count | $0.62 | $8.69 | $1.74 | $1.62 | $3.56 | ||
| Percentage of Total Metal Value | 3.81% | 53.55% | 10.73% | 9.99% | 21.91% | ||
| Metal Value Percentage Proven + Probable | 0% | 0% | 0% | 0% | 0% | ||
| Metal Value Percentage Measured + Indicated | 88% | 89% | 85% | 94% | 94% | ||
| Metal Value Percentage Inferred | 12% | 11% | 15% | 6% | 6% | ||
The above metal value totals derive from the following projects.
| Project | Location | Metal Value per share (% total) | Average Ore Value US$/t | Gold | Silver | Copper | Lead | Zinc | PP% | MI% | I% |
|---|---|---|---|---|---|---|---|---|---|---|---|
| San Rafael | Sinaloa, Mexico | $7.63 ( 47.0% ) | US$206.48 | 34.35 K oz | 26.15 M oz | 9.51 K t | 90.25 K t | 214.60 K t | 0 | 98% | 2% |
| Nuestra Senora | Sinaloa, Mexico | $5.87 ( 36.1% ) | US$202.16 | 25.40 K oz | 17.37 M oz | 20.97 K t | 70.40 K t | 152.77 K t | 0 | 86% | 14% |
| El Cajon | Sinaloa, Mexico | $2.73 ( 16.8% ) | US$174.65 | 19.08 K oz | 13.27 M oz | 14.13 K t | 0 | 77% | 23% |
PP%: percentage of metal value from Proven + Probable reserves
MI%: percentage of metal value from Measured + Indicated resources
I%: percentage of metal value from Inferred resources
Note: percentages may no add to 100% due to rounding errors
The San Rafael deposit is part of the La Verde Project area. [Source: xxxx]
Latest NI43-101 Report: La Verde Project Technical Report
Sinaloa, Mexico
2009-11-25 (188 pages).
Updates: El Cajon Deposit Reserves & Resources webpage (viewed October, 2011).
Project Location: Sinaloa, Mexico.
Average Ore Value (all estimate types): US$174.65
Indicated
| Metal | MVpSh | Contained Metal Quantity | Ore Grade | Ore Quantity |
|---|---|---|---|---|
| Gold | $0.12 | 14.92 K oz | 0.190 g/t | 2.44 M t |
| Silver | $1.56 | 10.16 M oz | 129.400 g/t | 2.44 M t |
| Copper | $0.42 | 10.74 K t | 4,400.000 g/t | 2.44 M t |
Estimate notes: Table 3 on El Cajon Deposit Reserves & Resources webpage (viewed October, 2011).
50 g/t AgEq cutoff.
Inferred
| Metal | MVpSh | Contained Metal Quantity | Ore Grade | Ore Quantity |
|---|---|---|---|---|
| Gold | $0.03 | 4.16 K oz | 0.130 g/t | 996.00 K t |
| Silver | $0.48 | 3.11 M oz | 97.200 g/t | 996.00 K t |
| Copper | $0.13 | 3.39 K t | 3,400.000 g/t | 996.00 K t |
Estimate notes:
The Nuestra Senora mine is located east of the town of Cosala in the State of Sinaloa, Mexico. The property comprises four mineral exploitation claims encompassing 1,281 hectares and six mineral exploration claims encompassing 14,174 hectares. Scorpio Mining indirectly holds 100% ownership of the property with no underlying royalties of property payments. The processing mill operated at 760 tonnes per day in August 2010. [Source: June 2010 MD&A filing]
Latest NI43-101 Report: MINERAL RESERVE UPDATE
NUESTRA SEŅORA
43-101 TECHNICAL REPORT
2011-03-28 (100 pages).
Updates: Nuestra Senora Mine Reserves & Resources webpage (viewed October, 2011).
Project Location: Sinaloa, Mexico.
Average Ore Value (all estimate types): US$202.16
Measured + Indicated
| Metal | MVpSh | Contained Metal Quantity | Ore Grade | Ore Quantity |
|---|---|---|---|---|
| Gold | $0.09 | 11.85 K oz | 0.120 g/t | 3.07 M t |
| Silver | $1.72 | 11.26 M oz | 114.000 g/t | 3.07 M t |
| Copper | $0.56 | 14.43 K t | 4,700.000 g/t | 3.07 M t |
| Lead | $0.48 | 47.91 K t | 15,600.000 g/t | 3.07 M t |
| Zinc | $1.01 | 104.72 K t | 34,100.000 g/t | 3.07 M t |
Estimate notes: Measured + Indicated resource is inclusive of reserves.
The cutoff in situ value used to estimate the above mineral resources was US$85 per tonne
Measured + Indicated
| Metal | MVpSh | Contained Metal Quantity | Ore Grade | Ore Quantity |
|---|---|---|---|---|
| Gold | $0.08 | 9.55 K oz | 0.120 g/t | 2.48 M t |
| Silver | $0.57 | 3.74 M oz | 47.000 g/t | 2.48 M t |
| Copper | $0.14 | 3.71 K t | 1,500.000 g/t | 2.48 M t |
| Lead | $0.13 | 13.12 K t | 5,300.000 g/t | 2.48 M t |
| Zinc | $0.26 | 26.49 K t | 10,700.000 g/t | 2.48 M t |
Estimate notes: NSR Cut-off value $50 to $85
Inferred
| Metal | MVpSh | Contained Metal Quantity | Ore Grade | Ore Quantity |
|---|---|---|---|---|
| Gold | $0.03 | 4.00 K oz | 0.150 g/t | 829.00 K t |
| Silver | $0.36 | 2.37 M oz | 89.000 g/t | 829.00 K t |
| Copper | $0.11 | 2.82 K t | 3,400.000 g/t | 829.00 K t |
| Lead | $0.09 | 9.37 K t | 11,300.000 g/t | 829.00 K t |
| Zinc | $0.21 | 21.55 K t | 26,000.000 g/t | 829.00 K t |
Estimate notes:
The cutoff in situ value used to estimate the above mineral resources was US$50 per tonne
The San Rafael deposit is part of the La Verde Project area.
Latest NI43-101 Report: La Verde Project Technical Report
Sinaloa, Mexico
2009-11-25 (188 pages).
Updates: Cosala District Exploration webpage (viewed October, 2011).
Project Location: Sinaloa, Mexico.
Average Ore Value (all estimate types): US$206.48
Measured + Indicated
| Metal | MVpSh | Contained Metal Quantity | Ore Grade | Ore Quantity |
|---|---|---|---|---|
| Gold | $0.18 | 22.94 K oz | 0.119 g/t | 6.00 M t |
| Silver | $2.64 | 17.26 M oz | 89.500 g/t | 6.00 M t |
| Copper | $0.14 | 3.60 K t | 600.000 g/t | 6.00 M t |
| Lead | $0.88 | 87.56 K t | 14,600.000 g/t | 6.00 M t |
| Zinc | $1.99 | 205.10 K t | 34,200.000 g/t | 6.00 M t |
Estimate notes: Table 1. Mineral Resource Estimate - San Rafael Main Zone & Upper Zone - August 12, 2009 in
Cosala District Exploration webpage (viewed October, 2011).
3.5% ZnEq% cutoff.
Inferred
| Metal | MVpSh | Contained Metal Quantity | Ore Grade | Ore Quantity |
|---|---|---|---|---|
| Gold | $0.00 | 0.05 K oz | 0.110 g/t | 14.00 K t |
| Silver | $0.00 | 28.85 K oz | 64.100 g/t | 14.00 K t |
| Copper | $0.00 | 0.01 K t | 400.000 g/t | 14.00 K t |
| Lead | $0.00 | 0.20 K t | 14,500.000 g/t | 14.00 K t |
| Zinc | $0.00 | 0.20 K t | 14,600.000 g/t | 14.00 K t |
Estimate notes: San Rafael Mina Zone & Upper Zone
Indicated
| Metal | MVpSh | Contained Metal Quantity | Ore Grade | Ore Quantity |
|---|---|---|---|---|
| Gold | $0.08 | 10.35 K oz | 0.168 g/t | 1.92 M t |
| Silver | $1.23 | 8.05 M oz | 130.600 g/t | 1.92 M t |
| Copper | $0.21 | 5.36 K t | 2,800.000 g/t | 1.92 M t |
| Lead | $0.03 | 2.49 K t | 1,300.000 g/t | 1.92 M t |
| Zinc | $0.09 | 9.20 K t | 4,800.000 g/t | 1.92 M t |
Estimate notes: San Rafael 120 Zone
100 g/t AgEq cut-off
Inferred
| Metal | MVpSh | Contained Metal Quantity | Ore Grade | Ore Quantity |
|---|---|---|---|---|
| Gold | $0.01 | 1.00 K oz | 0.160 g/t | 195.00 K t |
| Silver | $0.13 | 820.04 K oz | 130.800 g/t | 195.00 K t |
| Copper | $0.02 | 0.55 K t | 2,800.000 g/t | 195.00 K t |
| Zinc | $0.00 | 0.10 K t | 500.000 g/t | 195.00 K t |
Estimate notes: San Rafael 120 Zone
100 g/t AgEq cut-off
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