GoldMinerPulse.com -- Scorpio Mining Corporation: (NI) 43-101 Metal Valuation Report

Scorpio Mining Corporation (SPM)

Company Web Site: www.scorpiomining.com
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GoldMinerPulse Most Optimistic Resource Estimate Summary (MORE):
Metrics last with prices in effect at the TSX/TSXV close on 2010-03-11
Project/Deposit CC MVpSh PP% MI% I% Gold Silver Copper Lead Zinc
    Nuestra Senora MX $7.27 0 81% 19% 23.74 K oz     22.29 M oz     17.50 K t     66.39 K t     140.27 K t
    Caribou CA $0.70 0 0 100% 88.12 K oz
    Mineral Ridge US $0.00 0 0 0

GoldMinerPulse Metrics - Total All Projects/Deposits by Metal, prices from 2010-Mar-11
Metric / Metal Gold Silver Copper Lead Zinc
    Metal Totals 111.86 K oz     22.29 M oz     17.50 K t     66.39 K t     140.27 K t
    Metal Prices in US$ (from 2010-03-11) $1,108.90 per oz     $17.15 per oz     $3.36580 per lb     $1.01820 per lb     $1.05510 per lb
    Metal Value per Share (MVpSh)
(Shown in US$ and based on fully diluted share count shown below) $0.89     $2.74     $0.93     $1.07     $2.34
    Percentage of Total Metal Value 11.16%     34.39%     11.69%     13.41%     29.35%
    PP% | MI% | I% 0 | 16% | 84%     0 | 79% | 21%     0 | 87% | 13%     0 | 82% | 18%     0 | 81% | 19%

GoldMinerPulse Metrics - All Metals from All Projects/Deposits and Prices from 2010-Mar-11
    Metal Value per Share (MVpSh)    US$7.97
    Average Ore Value per Tonne    US$
    Metal Value Leverage (MVL)    12.56
    Market Capitalization as % of Metal Value    8.0%
    Recent Stock Price    C$0.65   (TSX/TSXV close on 2010-03-11.)
Conversion rate used: 1 Cnd$ = 0.976275 US$ )
    Fully Diluted Share Count    139.43 M    ( Fully diluted share count taken from Scorpio Mining Corporation's Stock Info page, March 2010. )
    PP% | MI% | I%    0 | 74% | 26%
Silver Metrics-- all Projects/Deposits
    Average Silver Ore Grade     g/t
    Market Capitalization
    per oz of Silver In Ground    $3.97   US$  |   4.07   C$
    Silver Eq Oz Estimate    64.81 M oz   ( 22.29 M oz are in ground)
    Market Capitalization
    per oz of Silver Equilavent    $1.37   US$  |   1.40   C$

See terms for more about GoldMinerPulse metrics.
Additional Notes:
Pre (NI) 43-101 Reserve/Resource Estimate Projects    -   See p. 6 of 15 of the Management Discussion and Analysis (MD&A) for the three and six-month periods ended June 30, 2008

Cochrane Hill Property

Lac Arseneault Property

GoldMinerPulse Coverage Status:
GoldMinerPulse coverage of Scorpio Mining Corporation is complete pending a final internal review.

Project/Deposit	CC	MVpSh	PP%	MI%	I%	Gold	Silver	Copper	Lead	Zinc
Nuestra Senora	MX	$7.27	0	81%	19%	23.74 K oz	22.29 M oz	17.50 K t	66.39 K t	140.27 K t
Caribou	CA	$0.70	0	0	100%	88.12 K oz
Mineral Ridge	US	$0.00	0	0	0

GoldMinerPulse Metrics - Total All Projects/Deposits by Metal, prices from 2010-Mar-11
Metric / Metal	Gold	Silver	Copper	Lead	Zinc
Metal Totals	111.86 K oz	22.29 M oz	17.50 K t	66.39 K t	140.27 K t
Metal Prices in US$ (from 2010-03-11)	$1,108.90 per oz	$17.15 per oz	$3.36580 per lb	$1.01820 per lb	$1.05510 per lb
Metal Value per Share (MVpSh) (Shown in US$ and based on fully diluted share count shown below)	$0.89	$2.74	$0.93	$1.07	$2.34
Percentage of Total Metal Value	11.16%	34.39%	11.69%	13.41%	29.35%
PP% \| MI% \| I%	0 \| 16% \| 84%	0 \| 79% \| 21%	0 \| 87% \| 13%	0 \| 82% \| 18%	0 \| 81% \| 19%

GoldMinerPulse Metrics - All Metals from All Projects/Deposits and Prices from 2010-Mar-11
Metal Value per Share (MVpSh)	US$7.97
Average Ore Value per Tonne	US$
Metal Value Leverage (MVL)	12.56
Market Capitalization as % of Metal Value	8.0%
Recent Stock Price	C$0.65 (TSX/TSXV close on 2010-03-11.) Conversion rate used: 1 Cnd$ = 0.976275 US$ )
Fully Diluted Share Count	139.43 M ( Fully diluted share count taken from Scorpio Mining Corporation's Stock Info page, March 2010. )
PP% \| MI% \| I%	0 \| 74% \| 26%
Silver Metrics-- all Projects/Deposits
Average Silver Ore Grade	g/t
Market Capitalization per oz of Silver In Ground	$3.97 US$ \| 4.07 C$
Silver Eq Oz Estimate	64.81 M oz ( 22.29 M oz are in ground)
Market Capitalization per oz of Silver Equilavent	$1.37 US$ \| 1.40 C$

See terms for more about GoldMinerPulse metrics.

Caribou - ^top^

(NI) 43-101 Report:

Title: Technical Report - Preliminary Resource Estimate for the Caribou Property and Recommendations for Additional Work, Upper Musquodoboit, Halifax County, Nova Scotia
Date: 2006-12-30 (157 pages)

Project Location: Nova Scotia, Canada

Map View: View the Caribou Property on a Google Map.

Most Optimistic Resource Estimates (MORE):

•Inferred

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $0.70 88.12 K oz 8.413 g/t 350.31 K t
Estimate notes: See Table 11-3.b Summary of Inferred Resource Estimate on p. 42 of 157 in the (NI) 43-101 dated December 2006.
Resource quantities adjusted for ownership percentage of 93.0%.
Uncut Inferred Gold Resource

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.70	88.12 K oz	8.413 g/t	350.31 K t
Estimate notes: See Table 11-3.b Summary of Inferred Resource Estimate on p. 42 of 157 in the (NI) 43-101 dated December 2006. Resource quantities adjusted for ownership percentage of 93.0%. Uncut Inferred Gold Resource

Nuestra Senora - ^top^

(NI) 43-101 Report:

Title: A TECHNICAL REVIEW AND AUDIT OF THE NUESTRA SEÑORA PROPERTY, SINALOA STATE, MEXICO FOR SCORPIO MINING CORPORATION
Date: 2008-06-28 (99 pages)

Project Location: Sinaloa, Mexico

Map View: View project on a Google Map.

Most Optimistic Resource Estimates (MORE):

•Measured + Indicated

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
   Gold $0.14    17.60 K oz     0.130 g/t     4.21 M t
   Silver $2.17    17.60 M oz     130.000 g/t     4.21 M t
   Copper $0.81    15.16 K t       3,600.000 g/t     4.21 M t
   Lead $0.87    54.33 K t       12,900.000 g/t     4.21 M t
   Zinc $1.90    113.71 K t       27,000.000 g/t     4.21 M t
Estimate notes: See TABLE 16. ESTIMATED MINERAL RESOURCES on p. 76 of 99 in the (NI) 43-101 dated February 2008.
The cutoff in situ value used to estimate the above mineral resources was US$100 per tonne

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.14	17.60 K oz	0.130 g/t	4.21 M t
Silver	$2.17	17.60 M oz	130.000 g/t	4.21 M t
Copper	$0.81	15.16 K t	3,600.000 g/t	4.21 M t
Lead	$0.87	54.33 K t	12,900.000 g/t	4.21 M t
Zinc	$1.90	113.71 K t	27,000.000 g/t	4.21 M t
Estimate notes: See TABLE 16. ESTIMATED MINERAL RESOURCES on p. 76 of 99 in the (NI) 43-101 dated February 2008. The cutoff in situ value used to estimate the above mineral resources was US$100 per tonne

•Inferred

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
   Gold $0.05    6.14 K oz     0.220 g/t     867.80 K t
   Silver $0.58    4.69 M oz     168.000 g/t     867.80 K t
   Copper $0.12    2.34 K t       2,700.000 g/t     867.80 K t
   Lead $0.19    12.06 K t       13,900.000 g/t     867.80 K t
   Zinc $0.44    26.55 K t       30,600.000 g/t     867.80 K t
Estimate notes: See TABLE 16. ESTIMATED MINERAL RESOURCES on p. 76 of 99 in the (NI) 43-101 dated February 2008.
The cutoff in situ value used to estimate the above mineral resources was US$100 per tonne

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.05	6.14 K oz	0.220 g/t	867.80 K t
Silver	$0.58	4.69 M oz	168.000 g/t	867.80 K t
Copper	$0.12	2.34 K t	2,700.000 g/t	867.80 K t
Lead	$0.19	12.06 K t	13,900.000 g/t	867.80 K t
Zinc	$0.44	26.55 K t	30,600.000 g/t	867.80 K t
Estimate notes: See TABLE 16. ESTIMATED MINERAL RESOURCES on p. 76 of 99 in the (NI) 43-101 dated February 2008. The cutoff in situ value used to estimate the above mineral resources was US$100 per tonne


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