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News Releases - Thursday, September 06, 2007
>
Scorpio Mining Corporation - Scorpio Gold Corporation Sign Letter
> of Intent with Bactech Mining Corporation for Sale of Gold Assets
> =======================================================================
>
> Vancouver, September 6, 2007 - Scorpio Mining Corporation
> ("SMC"),(TSX:SPM) and Scorpio Gold Corporation ("SGC") a 93.5% owned
> private subsidiary of SMC are pleased to announce that they have
> signed a Letter Of Intent ("LOI") with BacTech Mining Corporation
> ("BacTech", TSX.V: BM) whereby BacTech will acquire certain gold assets
> in Nova Scotia and Quebec (the "Gold Assets"), in exchange for common
> shares in BacTech. The transaction with BacTech will see SMC become the
> controlling shareholder in BacTech. SMC has recently transferred its
> interests in the Caribou, Cochrane Hill and Lac Arsenault gold
> properties to SGC for 26,830,763 shares of the company.
>
> BacTech, subject to shareholder and TSX Venture Exchange approvals, and
> certain other customary conditions, will issue to SGC shareholders
> including SMC, 2.6 shares of BacTech for each share of SGC held at a
> deemed value of $0.18 per share, resulting in SGC shareholders
> acquiring approximately 56% of the common shares of BacTech
> (approximately 50.7% on a fully diluted basis). The signing of a
> definitive agreement will be preceded by a 35 day due diligence period.
> The transaction is expected to close within 120 days, and is subject to
> customary conditions, including definitive documentation, receipt of
> all requisite regulatory approvals, including the approval of the TSX
> Venture Exchange and the Toronto Stock Exchange, and approval by the
> shareholders of BacTech and SGC. BacTech has obtained voting support
> agreements supporting the transaction from shareholders representing
> more than 40% of the outstanding shares of BacTech. SMC has also agreed
> to support the transaction as the controlling shareholder of SGC.
>
> The resulting company, to be called Scorpio Gold Corporation, will
> continue to pursue BacTech's strategy of acquiring refractory gold and
> complex base metal projects for application of its proprietary
> bioleaching technology. The resulting company will also have an
> excellent portfolio of advanced stage development properties in Canada,
> and access to SMC's expertise in Mexico for acquiring, developing, or
> operating complementary projects in Mexico.
>
> Commenting on the proposed transaction, Peter J. Hawley, Chairman and
> CEO of Scorpio Gold Corporation and Scorpio Mining Corporation said,
> "This is a win -- win situation for Scorpio shareholders. Not only do
> the spun-off gold assets become publicly financeable thereby reducing
> share dilution for SMC, the transaction also allows the SMC
> shareholders to reap the value of the gold assets which were not
> previously valued by the market. The transaction also allows us to open
> another avenue to develop the gold focus of SGC and to pursue cost
> effective, environmentally friendly exploitation of precious and base
> metals. We certainly look forward to developing Scorpio Gold
> Corporation into a solid metal player within these exciting times. SMC
> will now focus on bringing its flagship Nuestra Senora silver-zinc
> project into production."
>
> Ross Orr, President and CEO of BacTech comments, "After an extensive
> search for a new direction for BacTech, we are pleased to announce this
> new initiative for the Company. We will still be able to pursue the
> four refractory projects we are currently working on, and, at the same
> time, develop near term production gold assets internally. Peter
> Hawley, Chairman and CEO of SMC, has over 20 years of experience in
> Mexico, and he will be instrumental in assisting us in identifying
> projects, both refractory and conventional, for the new Company. In
> addition, SMC has built a solid infrastructure in Mexico which will
> provide us with access to resources that have only been available
> through consultants in the past."
>
> The proposed management of the resulting company is as follows:
>
> Peter J. Hawley, Chairman and CEO
> M. Ross Orr, President
> Louis R. Nagy, Chief Financial Officer
> Stephen Roebuck, Vice President, Development.
> Dr. Paul Miller, Vice President Technology and Engineering
>
> The proposed Board of Directors of the resulting company is as follows:
>
> Peter J. Hawley, Chairman
> M. Ross Orr
> John C. Gingerich
> D. Roger Scammell
> Samuel W. Ingram
> (plus 2 mutually agreed independents)
>
> The new company will be based in Toronto at BacTech's current location
> and will continue to be listed on the TSX Venture Exchange.
>
> The Scorpio Gold Assets
>
> Caribou Gold Mine: Located 80 km north of Halifax. Scorpio has the
> right to earn a 100% interest in this past-producing high grade gold
> mine, with excellent potential to expand and upgrade the current
> National Instrument 43-101 (NI 43-101) inferred mineral resources of
> 350,305 tonnes grading 8.41 g/t gold, uncut (94,763 contained ounces of
> gold). An aggressive exploration and development plan has begun that
> includes surface diamond drilling, dewatering of the old mine shaft,
> erection of a head frame, a hoist system, supporting surface
> infrastructure, underground mapping and diamond drilling. Completion
> of this program will require additional financing and various avenues
> are being considered for this fundraising. A bulk sample decision will
> be made based on the results of this program.
>
> Cochrane Hill Deposit: 100% owned, located in Guysborough County, Nova
> Scotia. Recently, this advanced property was optioned to Atlantic Gold
> of Australia. The current NI 43-101 resource study estimates an
> indicated mineral resource of 588,794 tons grading 0.191 oz/ton gold
> (112,460 contained ounces of gold) and an inferred mineral resource
> estimate of 29,422 tons grading 0.165 oz/ton gold. Atlantic Gold will
> work to increase these resources through a planned $4.75M exploration
> program and will make $100,000 in cash payments over a four year period
> to earn a 60% interest in the project. Atlantic Gold's main focus will
> be to look at the economic viability of an open pit mining operation.
>
> Lac Arseneault Property: Located in the Gaspé region of eastern
> Quebec, the property is a mid-stage exploration project in which
> Scorpio has an option to earn a 100% interest. High-grade
> gold-silver-zinc-lead mineralization is hosted in an extensive system
> of quartz veins and breccia zones. Previous work includes mapping,
> geophysics, trenching and diamond drilling.
>
> SMC has had a presence in Mexico for over nine years and, as such, has
> evaluated numerous properties which do not fit its mandate but could
> potentially fit Scorpio Gold's plans. Initial reconnaissance by SMC has
> identified five gold showings worthy of follow up by Scorpio Gold.
> Mexico is host to many refractory deposits in both gold and base
> metals, and an extensive search will begin to locate a suitable project
> following the completion of this transaction.
>
> The Qualified Person, as defined under National Instrument 43-101 is
> President of Scorpio Mining Corporation, Mr. D. Roger Scammell, PGeo.
> Mr. Scammell is responsible for the current exploration and development
> programs and the preparation of all technical information provided in
> this release and has reviewed and approved the contents of this news
> release.
>
> BACTECH PROFILE
>
> BacTech has developed and patented bacterial oxidation technology for
> the treatment of refractory ores and concentrates to enhance the
> recovery of gold, silver and base metals. BacTech has successfully
> commissioned three bioleach plants for gold and demonstrated its
> technology in the selective recovery of base metals from complex
> sulphide concentrates in a joint project with Industrias Peñoles de
> C.V. of Mexico that was completed in 2001. BacTech's focus is the
> acquisition of equity positions in projects amenable to bioleaching.
> Recently, the company expanded its focus through the establishment of a
> uranium joint venture with Quinto Mining Corporation in Quebec.
>
> Further information on the Company and the Nuestra Señora project is
> available on the Scorpio Mining web site at: www.scorpiomining.com.
>
> ON BEHALF OF SCORPIO MINING CORPORATION
>
> Peter J. Hawley
> Chairman & CEO
>
> For further information contact:
> Glenn Little, Jackson Little Holdings Ltd: 604-930-4375; 1-888-930-4375
> Email: jlconsulting@telus.net
> Rich Kaiser, YES International: 1-800-631-8127; 001-757-306-6090
> (outside North America)
> Email: yes@yesinternational.com
>
> 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 future
> exploration drilling, exploration activities and transactions, events
> or developments that the Company expects, are forward looking
> statements. Although SMC believes the expectations expressed in such
> forward-looking statements are based on reasonable assumptions, such
> statements are not guarantees of future performance and actual results
> or developments may differ materially from those in forward-looking
> statements. Factors that could cause actual results to differ
> materially from those in forward-looking statements include metal
> prices, exploration success, continued availability of capital and
> financing, and general economic, market or business conditions as well
> as those other risk factors set out in SMC's annual information form
> for the year ended December 31, 2006. The reader is cautioned not to
> place undue reliance on forward looking statements.
>
> =======================================================================
> Copyright (c) 2007 SCORPIO MINING CORPORATION (SPM) All rights
> reserved. For more information visit our website at
> http://www.scorpiomining.com/ or send mailto:scorpio@scorpiomining.com
> Message sent on Thu Sep 6, 2007 at 3:19:08 PM Pacific Time
> =======================================================================
>
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