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TSX:SPM

VANCOUVER, Nov. 15 /CNW/ - Scorpio Mining Corporation (TSX:SPM) ("Scorpio Mining" or the "Corporation") is pleased to announce its unaudited interim financial and operating results for the third quarter ended September 30, 2010.

Peter J. Hawley, CEO reports, "With normal processing back at near full capacity, and the strong metal prices, the Company believes the fourth quarter will be a record for tonnes processed and it is anticipated the Company will reach its produced metal forecast for 2010".

This earnings release should be read in conjunction with the Corporation's MD&A, Financial Statements and Notes to Financial Statements for the period ended September 30, 2010, which are available on the Corporation's website at www.scorpiomining.com and have been posted on SEDAR at www.sedar.com.

HIGHLIGHTS FOR THE THIRD QUARTER AND NINE MONTHS ended SEPTEMBER 30, 2010

THIRD QUARTER

• Net loss was $1,342,211 compared to net earnings of $652,652 for the same period of 2009.
• Nuestra Señora mine operating earnings were $1,186,255 compared to $1,800,936 for the same period of 2009.
• Cash flow generated from operations totals $2,216,277, a 91 % increase compared to the same period of 2009.
• Adjusted EBITDA(1) was $2,568,856 compared to $2,010,441 for the same period of 2009.
• The average monthly mill throughput increased from 18,975 tonnes in Q3 2009 to 35,545 tonnes in Q3 2010, an increase of 87%. During Q3 of 2010, the Nuestra Señora mill processed 106,636 tonnes in 87 days of production, at an average grade of 1.05% lead, 1.91% zinc, 0.28% copper and 96 g/t silver.
• Contained metals produced in concentrates consisted of 1.768 million pounds of lead, 385,082 pounds of copper, 3.628 million pounds of zinc and 252,450 ounces of silver for the quarter.
• Revenue from metal payable for the period totalled $10,547,495 (2009, $6,865,196) and was distributed as follows: silver 43% (2009, 45%); zinc 30% (2009, 25%); lead 15% (2009, 16%); copper 12% (2009, 13%).

NINE MONTHS

• Due to the gain on dilution and deconsolidation of Scorpio Gold Corporation of $20,164,101, net earnings were $15,983,163 compared to net earnings of $689,442 for the same period of 2009.
• Nuestra Señora mine operating earnings were $3,475,512 for the nine-month period ended September 30, 2010 compared to $3,796,961 for the same period of 2009.
• Cash flow generated from operations totals $3,948,307, a 30% increase compared to the same period of 2009.
• Adjusted EBITDA(1) was $6,078,646 compared to $4,283,693 for the same period of 2009.
• The Nuestra Señora mine increased its production from 138,946 tonnes in 2009 to 268,432 tonnes in 2010 at an average grade of 1.07% lead, 2.05%, zinc, 0.29% copper and 94 g/t silver.
• Contained metals produced in concentrates consisted of 4.496 million pounds of lead, 1.019 million pounds of copper, 10.124 million pounds of zinc and 614,031 ounces of silver.
• Revenue from metal payable for the period totalled $26,535,135 (2009, $16,510,640) and was distributed as follows: silver 43% (2009, 46%); zinc 30% (2009, 27%); lead 15% (2009, 16%); copper 11% (2009, 12%); gold 1% (2009, 0%).

(1) This is a non-GAAP performance measure. The following table provides a reconciliation of cash operation costs per tonne:

(2) This is a non-GAAP performance measure. The following table provides a reconciliation of adjusted and standardized EBITDA to the financial statements:

Further information is available on the Corporation's web site at: www.scorpiomining.com. President, Mr. D. Roger Scammell, PGeo, is the Corporation's Qualified Person for the Nuestra Señora project and has reviewed the content of this release.

The Corporation is also pleased to announce the appointment of Mr. Parviz Farzangi, the Corporation's newly appointed CEO, as a member of its Board of Directors.

ON BEHALF OF SCORPIO MINING CORPORATION