April 1, 2004

News Release: TSXV Approves Scorpio Private Placement Financing; Over $16 Million Provided for Development of Nuestra Senora Silver Project

Scorpio Mining Corporation (Pink Sheets: SMNPF) (TSX Venture: SPM) has received TSX Venture Exchange approval for its 7.5 million- Unit private-placement financing, originally announced on February 26, 2004 and arranged by Ocean Equities Ltd (Ocean Equities). The Units are priced at $2.25 with each Unit consisting of a Scorpio common share and one-half of one Scorpio share-purchase warrant. Each whole warrant entitles the holder to purchase one additional common share of Scorpio, for a period of 18 months, at a price of $3.00.

The first tranche of the private placement, amounting to 7,372,500 Units for total proceeds of $16,588,125, has now been closed and the funds received. The second and final tranche, amounting to 127,500 Units for total proceeds of $286,875, will be closed upon receipt of certain additional approvals required from the Quebec Securities Commission. The hold period on the 7,372,500 Units that were issued under the first closing will expire on July 30, 2004. The hold period for the remaining 127,500 Units will expire four months from the date of issuance. For securing the financing for Scorpio, Ocean Equities will receive a fee of $787,500 (5% of $15,750,000 of the gross proceeds of the Offering). A finder's fee of $551,250 (3.5% of $15,750,000 of the gross proceeds of the Offering) will be paid to Wellstar Capital Ltd (Vancouver) in the form of 245,000 common shares at a deemed value of $2.25 per share. The hold period on these shares will expire on July 30, 2004.

ON BEHALF OF THE BOARD OF DIRECTORS Peter J. Hawley, Chairman, CEO, Scorpio Mining Corporation

OFFICERS AND BOARD MEMBERS PETER HAWLEY, PGeo, WILLIAM H. BIRD, PGeo, ROBERT B. BLAKESTAD, LG, &TRACY D. HURLEY, PGeo, SERVE THE COMPANY AS QUALIFIED PERSONS.

The TSX Venture Exchange has not reviewed and does not accept the responsibility for the adequacy or accuracy of the content of this news release.

SOURCE: Scorpio Mining Corporation

Scorpio Mining Corporation - Vancouver, BC
Bill Bird, 604-678-9639
604-681-0122 (Fax)
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or
Scorpio Mining Corporation - Western Canada
Wayne Marsden, 877-366-4464
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or
Scorpio Mining Corporation - Eastern Canada
Andre Vezina, 418-670-1422
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o
rScorpio Mining Corporation - Val d'Or, QC
Peter J. Hawley, 819-825-7618
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Website: www.scorpiomining.com

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