Scorpio Mining Corporation

Scorpio's Updated Resource Estimate on Nuestra Senora Silver-Zinc Project Adds Significant Tonnage to Previous Estimate and Enhances Confidence Level of Resource

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.

Vancouver, January 9, 2007 - Scorpio Mining Corporation (TSX:SPM) is very pleased to report an updated resource estimate on its 100% owned Nuestra Senora Silver-Zinc Project, Sinaloa State, Mexico. The updated resource presents a significant increase in tonnage and upgrades confidence levels from its previously reported February 2006 estimate (Reference: Sedar Filing - February 22, 2006).

Effective January 9, 2007, the updated resource estimate, using a conservative US$70 per tonne cut-off, now stands at Measured & Indicated Resources of 3,544,378 tonnes grading 118 grams per tonne (g/t) Silver, 2.27% Zinc, 0.38% Copper, 1.06% Lead and 0.15 g/t Gold, in addition to Inferred Resources of 4,107,110 tonnes grading 132 g/t Silver, 2.18% Zinc, 0.22% Copper, 1.00% Lead and 0.185 g/t Gold.

Peter J. Hawley, President, CEO comments, "2006 was a very busy and rewarding year for the Company. Discovering two additional mineralized zones, as well as continued definition of the Nuestra Senora deposit, exemplifies our geological team's dedication to the continued success of the project. Based on the additional drilling since our February 2006 estimate, we have successfully upgraded our previous Indicated Resource of 1.12 million tonnes, to 2.3 million tonnes in the Measured Resource category. Our previous Inferred Resource of 978,000 tonnes has been upgraded to 1.2 million tonnes of Indicated Resources. In addition, we have outlined 4.1 million tonnes of Inferred Resources."

Table 1 presents average metal prices for 2006 as well as 15% and 30% discounts to the average prices. The discounted prices were used to determine the cut-off value of the resources as set out in Tables 2 and 3.

Table 1. Metal Prices

	Silver US$ / Ounce	Zinc US$ / Pound	Copper US$ / Pound	Lead US$ / Pound	Gold US$ / Ounce
Avg. 2006	11.50	1.40	3.00	0.57	600.00
-15%	9.76	1.19	2.55	0.48	510.00
-30%	8.05	0.98	2.10	0.56	420.00

Table 2. Nuestra Senora Resource Estimate (January 9, 2007) Using -15% Discounted Metal Prices

Category	Cut-off Grade US$	Tonnes	Ag g/t	Zn%	Cu%	Pb%	Au g/t

Measured	>=$70/tonne	2,301,283	119	2.32	0.39	1.09	0.152
Measured	>=$50/tonne	3,287,516	100	1.91	0.32	0.92	0.132
Indicated	>=$70/tonne	1,243,095	118	2.18	0.35	1.00	0.160
Indicated	>=$50/tonne	1,833,590	97	1.81	0.28	0.86	0.137
Measured & Indicated	>=$70/tonne	3,544,378	118	2.27	0.38	1.06	0.15
Measured & Indicated	>=$50/tonne	5,121,106	99	1.88	0.31	0.90	0.133
Inferred	>=$70/tonne	4,107,110	132	2.18	0.22	1.00	0.185
Inferred	>=$50/tonne	6,669,687	101	1.75	0.19	0.86	0.151

Table 3. Nuestra Senora Resource Estimate (January 9, 2007) Using -30% Discounted Metal Prices

Category	Cut-off Grade US$	Tonnes	Ag g/t	Zn%	Cu%	Pb%	Au g/t

Measured	>=$70/tonne	1,796,858	132	2.59	0.44	1.22	0.166
Measured	>=$50/tonne	2,711,319	110	2.13	0.36	1.01	0.142
Indicated	>=$70/tonne	921,105	135	2.48	0.41	1.09	0.178
Indicated	>=$50/tonne	1,501,572	107	2.00	0.31	0.94	0.147
Measured & Indicated	>=$70/tonne	2,717,963	133	2.56	0.43	1.17	0.170
Measured & Indicated	>=$50/tonne	4,212,891	109	2.08	0.35	0.99	0.144
Inferred	>=$70/tonne	3,090,769	154	2.46	0.24	1.07	0.212
Inferred	>=$50/tonne	5,372,948	114	1.94	0.21	0.93	0.168

The range in cut-off grades from US$50 to US$70 is due to the current bulk mining scenarios being considered by the Company and the potential of increasing mill throughput. These different cut-off grades will be used in a pre-feasibility study to determine the economic variability of the project. The pre-feasibility study is expected in the second quarter of 2007.

Independent consultant and qualified person, Denis Boivin PGeo, reviewed and verified the integrity of the drill hole and underground chip channel sample assay database. Boivin concluded that the database has been prepared according to industry norms and is suitable for the development of geological and grade models. Boivin also concluded that the variation of the quality assurance & quality control data from duplicate and standard sample assays is minimal and supports the database.

The drill hole database for the Nuestra Senora project consists of 526 Scorpio drill holes (totalling 58,795.3 metres), including 73 surface holes (14,336.7 metres), 453 underground holes (44,458.5 metres), and 96 historical drill holes (3,868.4 metres). The channel sample database consists of 3,704 underground samples covering 3,630.9 metres.

In terms of estimation methodology, the drill hole assays were composite at 3-metre intervals down the hole length starting at the collar of the hole. Missing assay values were set to zero and only the composites longer or equal to 2 metres were used. The channel sample assays were averaged into their corresponding 5x5x5 metre blocks in order to produce results at 5 metres. Both the drill holes and channel composites were used for the resource estimates.

The Block Model encloses all the data according to the following position:
X: min, max: 337150, 338150
Y: min, max: 2698900, 2699500
Z: min, max: 0, 600

The blocks were estimated for the 5 following grade elements: Ag, Zn, Cu, Pb and Au. Estimation was done using inverse distance squared with the following search parameters: Range X: 75 metres, Range Y: 50 metres and Range Z: 25 metres rotated 55 degrees azimuth and -33 degrees dip. The block size is X=5, Y=5, Z=5 metres. A minimum of 2 and a maximum of 5 composites were used to estimate a block. The rock density was assigned by the undiscounted value ranges: 3.10 g/cc for values lower that US$50 and 3.54 g/cc for values above or equal to US$50. The distance between the middle of the block and the closest composite was stored and used for resource classification as follows: Less than or equal to 10 metres = Measured; Between 10 and 15 metres = Indicated and between 15 and 50 metres = Inferred. Cumulative frequency plot of the composite values did not indicate any need for capping; hence, composite values were uncapped.

A complete NI 43-101 compliant Technical Report supporting the resource estimate will be filed on SEDAR and posted on Scorpio's website (www.scorpiomining.com) within the next 45 days.

Mineral resources are not reserves and do not have demonstrated economic viability.

President, Scorpio Mining Corporation, Mr. D. Roger Scammell, PGeo, is the Company's Qualified Person for the Nuestra Senora Project. Mr. Scammell is responsible for the current exploration and development program and has reviewed the technical information provided in this release. All technical information for the Nuestra Senora property is obtained and reported under a formal quality assurance and quality control (QA/QC) program. Details of the QA/QC program are available on the Company's website at www.scorpiomining.com.

ON BEHALF OF SCORPIO MINING CORPORATION

Peter J. Hawley
President & 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". All statements in this news release, other than statements of historical facts, that address future exploration drilling, exploration activities and events or developments that the Company expects, are forward looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include metal prices, exploration success, continued availability of capital and financing, and general economic, market or business conditions.