Tocqueville Asset Management, L.P. Announces Acquisition of Common Shares of Scorpio Mining Corporation

TORONTO, June 14 /CNW/ - Tocqueville Asset Management, L.P. (the "Offeror"), the investment advisor of a number of investment funds and managed accounts of private clients and institutional groups (collectively, the "Accounts"), announces that on April 1, 2010, the Offeror, on behalf of one or more Accounts, acquired ownership of an aggregate of 29,319,738 common shares (the "Common Shares") of Scorpio Mining Corporation (the "Issuer") as a result of the completion of a transaction by the Issuer to acquire all of the outstanding common shares of Platte River Gold Inc. ("Platte River") by way of a statutory plan of arrangement (the "Transaction"). Pursuant to the terms of the Transaction, all of the outstanding common shares of Platte River were acquired in exchange for Common Shares which were issued pursuant to an exchange ratio of approximately 3.53 Common Shares for each common share of Platte River.

Immediately after the completion of the Transaction, the Offeror, on behalf of one or more Accounts, had authority to exercise control or direction over an aggregate of 29,319,738 Common Shares, representing 15.67% of the issued and outstanding Common Shares as at April 1, 2010.

The Offeror, on behalf of one or more Accounts, made several acquisitions and dispositions of Common Shares and common share purchase warrants of the Issuer (the "Warrants") on the open market through the facilities of the Toronto Stock Exchange after the date of the Transaction giving rise to the reporting obligation. After giving effect to all acquisitions and dispositions of Common Shares and Warrants up to June 11, 2010, the Offeror, on behalf of one or more Accounts, now has authority to exercise control or direction over an aggregate of 30,687,236 Common Shares and 1,271,512 Warrants. If all of the Warrants owned by the Offeror were exercised by the Accounts, the Offeror would have authority to exercise control or direction over an aggregate of 31,958,748 Common Shares, representing 17.08% of the issued and outstanding Common Shares as at June 11, 2010. Excluding the Warrants, the Offeror has authority to exercise control or direction over 16.40% of the issued and outstanding Common Shares as at June 11, 2010.

The Common Shares acquired by the Offeror, on behalf of one or more of the Accounts, are held for investment purposes. These investments will be reviewed on a continuing basis by the Offeror and such holdings may be increased or decreased in the future. The Offeror, on behalf of one or more of the Accounts, may in the future acquire or dispose of the Common Shares and the Warrants through the open market, privately or otherwise, as circumstances or market conditions warrant.

The Offeror has filed an early warning report pursuant to National Instrument 62-103 The Early Warning System and Related Take-Over Bid and Insider Reporting Issues describing the above transaction with applicable securities regulatory authorities, a copy of which shall be sent promptly to anyone who requests it from the representative of the Offeror noted below.



For further information:

Roger C. Cotta, Chief Operating Officer
Tocqueville Asset Management, L.P.
40 West 57th Street, 19th Floor
New York, New York, 10019, U.S.A.
Telephone: (212) 698-0800