Mr. Pierre Lacombe reports

SCORPIO MINING REPORTS FINANCIAL RESULTS FOR ITS THIRD QUARTER 2013

Scorpio Mining Corp. has released its financial and operating results for the third quarter ended Sept. 30, 2013. This press release should be read in conjunction with the company's unaudited financial statements and management's discussion and analysis (MD&A) for the corresponding period, available on the company's website and on SEDAR.

                 HIGHLIGHTS FOR THE THREE MONTHS ENDED SEPTEMBER, 2013
                                                                         Three months ended           
                                          Sept. 30, 2013    June 30, 2013    Sept. 30, 2012

Mine operating earnings (loss) (000s)               $803         ($1,975)            $3,398
Net (loss) earnings (000s)                       (5,381)          (3,188)             1,073
(Loss) earnings per share (basic)                 (0.03)           (0.02)              0.01
Adjusted EBITDA (loss) (000s)                      2,012          (1,559)             2,706
Adjusted EBITDA per share (loss) (basic)            0.01           (0.01)              0.01
Cash flows from operating
activities before movements
in working capital (loss) (000s)                   2,050          (1,516)             2,750
Underground ore production (tonnes)              123,807          128,165           126,603
Plant throughput (tonnes)                        136,610          126,868           127,478
Surface stockpile (tonnes)                        19,580           29,836            13,040
Head grades
Silver grade (g/t)                                    67               66                89
Zinc grade (%)                                      2.09             1.55              1.98
Copper grade (%)                                    0.16             0.25              0.21
Lead grade (%)                                      0.95             0.77              0.94
Recovered metals in concentrates
Silver ounces                                    240,499          214,926           282,036
Zinc pounds (000s)                                 4,738            3,198             4,109
Copper pounds (000s)                                 201              339               234
Lead pounds (000s)                                 2,036            1,475             1,702
Recovered silver equivalent ounces               523,780          439,567           534,075
Total cash cost per silver
payable ounce (US$)                                11.16            20.29             14.74
Payable metals in concentrates
Silver ounces                                    207,316          180,073           252,624
Zinc pounds (000s)                                 3,698            2,895             3,915
Copper pounds (000s)                                 194              294               221
Lead pounds (000s)                                 1,919            1,318             1,757
Revenue from metals payable (000s)                10,823            7,600            14,287
Revenue distribution
Silver                                               46%              45%               58%
Zinc                                                 30%              28%               24%
Copper                                                6%              11%                7%
Lead                                                 18%              16%               11%

Third quarter 2013 highlights and subsequent events

Financial

• Revenue from metals payable of $10.8-million in third quarter 2013 increased from $7.6-million in second quarter 2013 due to higher metal prices and head grades for silver, zinc and lead, and higher plant throughput.
• Cash cost per silver payable ounce, net of byproduct credits, decreased to $11.16 in third quarter 2013 compared to $20.29 in second quarter 2013 due to an increase in silver payable ounces, an increase in byproduct credits as a result of higher metal production and prices for lead and zinc, increased throughput due to high processing plant availability and utilization, and improved efficiency.
• Net loss in third quarter 2013 was $5.4-million or three cents per share (basic) compared to net loss of $3.2-million, or two cents per share (basic), in second quarter 2013. The third quarter 2013 net loss includes an impairment charge of $5.5-million related to the company's investment in the common shares of Scorpio Gold.
• Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) of $2-million in third quarter 2013 increased from a loss of $1.6-million in second quarter 2013 as a result of higher revenues and lower costs described above.
• Cash flow from (used in) operating activities before movements in working capital of $2.1-million in third quarter 2013 increased from a loss of $1.5-million in second quarter 2013.
• Working capital was $36-million at the end of third quarter 2013 consistent with the end of second quarter 2013.

Operations

• Record quarterly throughput of 136,610 tonnes was attained in third quarter 2013 due to high processing plant availability and utilization of 94.9 per cent and 99.8 per cent, respectively, in a period with limited planned maintenance requirements.
• Production from the Nuestra Senora mine in third quarter 2013 encountered higher zinc, lead and silver head grades compared to second quarter 2013, while copper head grade was lower.
• Changes in quarter-on-quarter metal recoveries were in line with relative head grade changes.
• Recovered silver equivalent ounces, at 523,780 ounces in third quarter 2013, increased by 19 per cent from 439,567 ounces in second quarter 2013 mainly due to the higher plant throughput and head grades during the quarter.
• At the end of third quarter 2013, a 14-per-cent cut in the company's work force was implemented across operations and exploration departments.

Project development

During third quarter 2013, the Mexican Secretariat of Environment and Natural Resources (SEMARNAT) requested additional information from the company related to its change of land use permit (CUS) application for the development of the El Cajon underground mine. That information was submitted at the end of third quarter 2013 and liaison with SEMARNAT continues to advance this final pending permit application review. Once in hand, the company will immediately commence the development work required to put the El Cajon deposit into production. The related environmental impact statement (MIA) had been accepted in April, 2013.

Contract mining has commenced at the company's wholly owned silver-copper La Verde mine. During third quarter 2013, La Verde provided 6,000 tonnes of ore. Initial process optimization trials will commence during fourth quarter 2013 and production should ramp up soon after, approaching 15,000 tonnes per month by year-end.

During third quarter 2013, JDS Energy and Mining Inc. was engaged to perform a prefeasibility study (PFS) for underground mining of the El Cajon deposit. The completion of the PFS, expected in first quarter 2014, will result in the publication of National Instrument 43-101-compliant mineral reserves.

Exploration

The majority of efforts have been directed at following up geophysical and ASTER studies performed earlier in the year. Over 2,000 geochemical samples have been taken in grids covering areas identified by radiometric and aeromagnetic surveys. Mapping of these areas has been performed as well.

A mapping and sampling program on surface at Nuestra Senora has led to defining material which can be recovered from within the Nuestra Senora mine. This material is currently being developed.

An initial program was completed around outlying properties within the Cosala district, namely Venado, San Ramon and Los Cristos. All encountered mineralization but not with significant continuity. Follow-up programs, however, appear to be warranted at all three properties.

Resources have been devoted to a re-evaluation of the La Verde mine and surroundings. New mapping has defined previously unrecognized ore controls. A program of relogging holes previously drilled at La Verde is under way and a program to combine this effort with new mapping in the mine workings should lead to better production controls and definition of exploration targets.

Outlook

The company is focused on maintaining plant throughput at current levels. The increase in plant throughput in third quarter 2013 was attained due to high processing plant availability and utilization of 94.9 per cent and 99.8 per cent, respectively, in a period with limited planned maintenance requirements.

A program based on a continued thorough review of previously mined sections of the Nuestra Senora orebody, including the Candelaria zone, the continuing placement of backfill, which enabled mining of secondary stopes, and other initiatives provided higher plant feed grades in third quarter 2013. These same sources, coupled with the incremental non-resource material from La Verde are expected to be available through fourth quarter 2013.

Access to the high-grade glory hole above the Candelaria workings has been completed. An additional entry point, above the one recently established, is sought to speed up the withdrawal rate of the broken material inventory. The company expects that this program should maintain or improve head grades. Mining of the resources at Nuestra Senora will continue with additional ore as defined by short-term definition drilling.

In addition, ore production from La Verde will soon contribute to plant feed. Initial process optimization trials will commence during fourth quarter 2013 and fresh ore supply from La Verde is expected to ramp up soon after, toward approximately 15,000 tonnes per month by year-end.

The CUS for the El Cajon deposit is in its final stage of the approval process. With the substantive aspects of the CUS review process having been completed, the company is in regular contact with SEMARNAT and SEDECO (the Secretariat of Economic Development for the State of Sinaloa) and anticipates that a decision will be received in fourth quarter 2013.

The company's main focus is to commence development and obtain production at El Cajon to feed its ore to the processing plant, initially in conjunction with Nuestra Senora's output. A window of six months would be required, from receipt of the CUS, to complete sufficient development work underground at El Cajon to start supplying material at the plant. An additional quarter will be needed to ramp the mining activities to a regular production regime at an expected potential of up to 1,500 tpd using design assumptions based solely on surface drilling data. A level of sustainable output will be better determined once underground operations are under way and access to the orebody is achieved.

The company ended third quarter 2013 with approximately $19.4-million in its treasury, over $36-million in working capital and no debt. Despite reduced cash flows brought by the difficult metal pricing environment, reduction in the operating and exploration expenditures, coupled with improved head grades and commencement of mining at La Verde, provide the company with the confidence that its treasury and future cash flows will be adequate to finance the development of El Cajon, define resources at the La Verde mine, derisk the San Rafael project and sustain regional exploration during the year to come.

We seek Safe Harbor.