Scorpio Mining Corporation

Scorpio Provides Nuestra Senora Project Update, Sinaloa State, Mexico

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

Vancouver, August 8, 2007 - Scorpio Mining Corporation (TSX:SPM) is pleased to provide an update on its progress toward production at the 100% owned Nuestra Senora project, Sinaloa State, Mexico.

Peter J. Hawley, Chairman, CEO comments, "We are very pleased with the progress made to date and the support we are receiving from the Sinaloa State Government. As indicated below, the construction and underground development is being aggressively pushed forward. The recent success in underground and surface drilling can only add to the project's longevity. We look forward to providing ongoing updates of our surface exploration results, underground development and exploration work and our progress on the mill facility construction as we approach production start up."

On August 2, 2007, the Company hosted a Conference call to investors and the general public to answer any questions relating to the Pre-Feasibility Study ("PFS") (see news release of June 14, 2007). If you were unable to attend the conference call, a replay is available until August 31, 2007 at the following number:

Date:	Until Friday August 31, 2007
Local Dial-In Number	(416) 695-5800
Toll Free Dial-In Number (North America)	1-800-408-3053
Pass Code:	3230777 followed by # key

Progress Update

Construction

Construction of the Company's 100% owned, dedicated 34 kilometre power line from the main hydro dam to the mill facility is still on schedule for completion in late August 2007, including the building of an electrical sub-station.
The 4.3 kilometre Cosala by-pass road has been completed and final cement work on culverts is nearing completion. This private Company-owned road is intended to be used for moving oversized mill equipment, trailers, etc. for installation at the mill facility and the transfer of daily metal concentrates to smelters without impacting the town of Cosala with heavy traffic.
All mill equipment required for the construction of the processing facility is currently located in M�xico at one of the three re-furbish/storage yards and shops the Company has in Mazatlan, Cannea and Cosala.
The first 800-horsepower 10x10 ball mill has been re-furbished and is now at the Cosala storage yard awaiting installation.
The second 800-horsepower 10x10 ball mill and mill regrind are in the process of being re-furbished and rebuilt at the Cannea shop and are expected to be shipped to the Cosala yard by late August 2007. In addition, the primary jaw crusher and main pump are being re-furbished in Cannea.
The various electrical motors have been re-furbished and are in Cosala. Conveyor roller and floatation cells are also in the Cosala yard and re-furbishment is being completed there.
At the Cosala re-furbish yard a repair shop has been constructed, stockpiling of storage containers containing various pipes, fittings, welding machines, etc. is ongoing, and the primary jaw crusher, main pumps and the Company-owned 70 tonne crane have been re-furbished and are ready for use.
In the fall of 2006, the Company purchased 118 hectares of land for the building of the mill facility, offices, hospital, ore storage pads, concentrate storage and tailing dam installation and storage of waste by-products. The area has now been stripped and surveyed at 1-metre intervals. Since March 2007, the Company has been excavating the various sites in preparation for construction. To date, the mill site has been blasted and is ready for foundations, the primary crusher location has been blasted, office and building locations have been excavated, and ore stockpiling has been ongoing for the past eight weeks. Waste material from the mine is being used as road ballast and fill.
A mill construction schedule has been established with two 10-hour shifts per day which will have up to 260 men on the mill site at any one time advancing completion of the mill facility and supporting infrastructure.
The Company has installed five office trailers joined as one unit with a working space of 230 m3 to supply temporary accommodations for the base camp, warehouse and office-construction-supervision personnel during the construction of the mill facility.
In addition to the trailers, construction work on the permanent facility camp has begun, which will consist of 64 four-person dorm rooms and a 40 metre by 9.2 metre dining hall for mill facility workers.
Foundation work started on July 25, 2007 with over 70 tons of reinforcing steel on site. Work includes the foundations for the jaw and cone crushers, the two 10x10 ball mills, regrind ball mill, the flotation area, the conveyor columns and all the intermediate levels in all buildings.
Drilling of a 14-inch diameter water well located approximately 300 metres from the site is presently being completed.
The Company has entered into an agreement to purchase an additional 14 hectares of land ideally situated on both sides of the Company's Cosala by-pass road, which has the Cosala water line and is between the Company's power line and the power line for Cosala. The purchase of the land is a cost effective measure allowing the Company to build houses for personnel and construct its own core logging and equipment storage facilities rather than rent these facilities.
Telecom of M�xico has completed the installation of a main communications tower at the mill site facility which will supply telephone lines, internet connections and video feed for mill site surveillance.
Installation of the electrical grounding system is scheduled for mid August 2007.
Set up of a cement plant on site is nearing completion in anticipation of pouring footings and foundations.
Ore stockpile inventory as of the end of June 2007 consists of 23,496 tonnes at the mill site, 5,000 tonnes at the Nuestra Senora portal and 10,000 tonnes within the mine.

Underground Development

The month of July 2007 saw the Company set a record with 312 metres of underground development completed, including 137 metres in ore and 175 metres of development in waste in preparation for mining.
During one 10-hour shift, the Company is currently capable of moving 1,536 tonnes of waste/ore from stope development and preparation activities from the Hoag zone to the mill site. This consists of eight 24-tonne trucks completing eight trips per shift. This supports management's view that the Company can easily haul from underground the initial 1,000 tonnes per day (TPD) initially projected for mill feed, and, with two shifts per day hauling, could supply a 2,000 TPD mill facility.
The initial full-scale mining is planned to start from the lower grade Hoag zone where primary and secondary blocks have been outlined. Primary blocks contain approximately 56,000 tonnes and long-hole drilling of the blocks from the 9th level to the 10th level (30 metres) will begin in August 2007, with the first blasting of blocks slated for October 2007.
As of the end of July 2007, total underground development at Nuestra Senora includes 1,469.8 metres (1.4 kilometres) on the main 4.5 x 5 metre ramp and 2,300 metres of 4 x 4 metre cross-cuts and access points.
The Alimak ventilation raise from the 6th Level of the Nuestra Senora mine to the Candelaria mine has advanced 51.7 metres
The Company currently has four underground diamond drills performing in-fill delineation drilling for areas of exploitation as well as exploration drilling which is also targeting the zones outlined by the successful surface drilling of the Santa Teresa and Santo Domingo satellite deposits.
The Company continues to evaluate various commercial smelter alternatives, which could improve the net smelter returns received.

President, Mr. D. Roger Scammell, PGeo, is the Company's Qualified Person for the Nuestra Se�ora 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". 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.