Scorpio Mining Corporation Receives New Resource Estimate and Substantially Increases Measured / Indicated Mineral Resources on the Nuestra Senora Project

Vancouver, May 13, 2008 - Scorpio Mining Corporation (TSX: SPM) is pleased to announce that a new mineral resource estimate for the 100% owned Nuestra Senora project in Mexico has been completed by the Company and audited by independent geological and engineering consultants Watts, Griffis, and McOuat Limited (“WGM“) of Toronto, Canada. The new estimate was undertaken in order to support an internal mineral reserve estimate and mine plan being prepared for the first two years of mining, and establish the next priority areas for definition drilling.

Peter J. Hawley, Chairman, CEO comments, “The new mineral resource estimate was completed using criteria that are closer to current market conditions and is based on expected mining methods and costs over the next two years. Although metal prices were increased in the estimate to be closer to current prices, new conservative measures include increasing the cut-off grade to $100 from $80/tonne utilized in the 2007 mineral resource estimate and allowing for significantly more mining dilution in areas where low cost, long-hole mining will be undertaken. In addition, this estimate utilizes only the Company´s drill hole data and omits all of the historic Asarco data to ensure sample integrity and reliability. The Company has also been conservative in estimating mineral resources from the upper levels of the mine (e.g. we have used only 50% of the Main Zone resource above Level 8) where previous Asarco stopes have not yet been surveyed to our satisfaction.

The significant increase in mineral resources in the measured and indicated categories in less than one year shows that our resource base remains very strong and confirms the success of the aggressive definition and exploration drilling program completed in 2007. Our production team will now focus on establishing a new mineral reserve estimate and mine plan for the next two years of production. The stringent application of mining and economic criteria and the associated dilution factors for this mineral resource estimate supports our expectation that mineral reserves will be substantially increased and confidence levels enhanced once the mining plan is completed. The recently reported successes from our definition and exploration drilling since February 2008 are not included in this mineral resource estimate and are expected to further increase the mineral resources and ultimately extend the estimated mine life.“

Table 1. Estimated Mineral Resources

Category
	

Tonnes

(metric) 
	

Grade
Silver (g/t)  	Gold (g/t) 	Zinc (%)  	Lead (%)  	Copper (%)

Measured
	2,689,369 	126 	0.12 	2.69 	1.33 	0.36

Indicated
	1,522,232 	137 	0.16 	2.72 	1.25 	0.36

Measured + Indicated
	4,211,601 	130 	0.13 	2.70 	1.29 	0.36

Inferred
	867,799 	168 	0.22 	3.06 	1.39 	0.27

Note 1: The cut-off in situ value used to estimate the above mineral resources was US$100 per tonne.
Note 2: Mining recovery was set at 75% above Level 8 and 85% below Level 8. Only 50% of the Main Zone mineral resource was used above Level 8 to account for historic, un-surveyed Asarco stopes.
Note 3: Historic Asarco drill hole data was removed from the database to ensure data quality and reliability.
Note 4: Treated Under Dilution Guidelines for Resource Category thus mining dilution at zero grade of 15% was applied to all zones located above Level 8 and 10% to all zones below Level 8.
Note 5: The effective date of the mineral resource estimate presented above is February 24, 2008.

This new mineral resource estimate can be compared to the mineral resource and reserve estimate in the Pre-feasibility Study dated June 8, 2007 prepared by Genivar Limited Partnership (“Genivar“) in which Genivar reported the following mineral resources and reserves and from which a preliminary mine plan was completed:

Table 2. Previously Reported Mineral Reserve and Resource Estimate

Category
	

Tonnes

(metric) 
	

Grade
Silver (g/t)  	Gold (g/t) 	Zinc (%)  	Lead (%)  	Copper (%)

Probable Reserves
	1,886,769 	127 	- 	2.97 	1.42 	0.42

Remaining Measured Resources
	369,352 	325 	- 	4.93 	2.21 	0.90

Remaining Indicated Resources
	361,441 	315 	- 	5.04 	2.33 	0.80

Inferred Resources
	816,851 	194 	- 	3.28 	1.75 	0.49

Note 1: The cut-off in situ value used to estimate the mineral reserves and resources above was US$80 per tonne.
Note 2: The mineral reserves were estimated after allowing for the following factors: Dilution: 10% for the Main Zone and 15% for the Hoag/Sept 9 Zones; Ore recovery:75% for the Main Zone, 85% for the Hoag and 95% for the Sept 9 Zone and this recovery takes into account the pillars left in place.
Note 3: Average ore densities were estimated at 3.15 t/m3.
Note 4: Estimated remaining mineral resources did not include dilution factors.
Note 5: The effective date of the mineral reserve and resource estimate described above is April 22, 2007.


Estimation Methodology

In the February 24, 2008 mineral resource estimate, more stringent mining and economic parameters have been applied than those utilized in previous estimates in order to facilitate straightforward conversion to mineral reserves for mine planning purposes. These include:

* Metal values used were US$16.50 per oz. for silver, US$880 per oz. for gold, US$1.00 per lb. for zinc, US$1.15 for lead, US$3.25 for copper.

* All calculations were made using Vulcan software and verified with GEMS software.

* Capping grade factors were applied and a US$100 per tonne cut-off grade was used.

* A block model with cell sizes of 2 x 2 x 5 metres was interpolated using the inverse of the square of the distance using samples in the research ellipsoids. Blocks with composite assay values within a range of 10 metres were classified as “Measured“; those with the closest composite within 10 and 20 metres were classified as “Indicated“ and blocks with samples within 20 to 30 metres were classified as “Inferred“.

* A specific gravity was also interpolated for each block based on measurements taken on drill core for that area. The average specific gravity for the total mineral resource is 2.99 tonnes per cubic metre.

* All known underground excavation openings were subtracted from the gross estimated mineral resource.

* All historic Asarco drill data was removed from the estimation to ensure sample integrity and reliability.

* Following the mineral resource estimate, an engineering review was completed in order to demonstrate that the estimated mineral resource has a reasonable prospect of becoming economically viable. This included typical mining and internal dilution factors totalling 10% below Level 8 and 15% above Level 8.

* Only 50% of the Main Zone mineral resources were included above Level 8 in order to account for historic, un-surveyed Asarco stopes and potential problems with mining around those stopes. All Santo Domingo zone mineralization was removed from the estimated mineral resource due to its proximity to surface. A more detailed study is required to establish economic viability of this mineralization.


The resource estimate was completed by Scorpio´s technical team and audited by WGM qualified person, Kurt Breede, P.Eng. It was prepared using data available up to February 24, 2008. As of February 24, 2008, a total of 847 drill holes (102,015 metres) had been completed on the property (excluding all Asarco drilling). Since February 24, 2008, a further 8,387 metres of diamond drilling has been completed.

A new technical report will be available within 45 days of the current release.
President, Mr. D. Roger Scammell, P.Geo., is the Company´s Qualified Person for the Nuestra Señora project. Mr. Scammell is responsible for the current exploration and development program and has reviewed the content of this release.


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“ 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 future price of silver, zinc, copper, lead and gold, the timing of construction and production activities, the mine life of the Nuestra Senora Project, the economic viability and estimated internal rate of return of the Nuestra Senora Project, the estimation of mineral reserves and mineral resources, the results of drilling, estimated future capital and operating costs, projected mineral recovery rates, requirements for additional financing and Scorpio Mining Corporation´s commitment to, and plans for developing the Nuestra Senora Project. 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 statements 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 potential development and construction of the Nuestra Senora Project, 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, 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, 2008. 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.