Scorpio Closes Williams de Broe Private Placement, C$5.2 Million available for development of Nuestra Senora Silver Project

Scorpio Mining Corpoation closes the Williams de Broe (London) private placement to net C$5.2 million. The funds are being used to develop Scorpio's Nuestra Senora Silver Project north of Mazatlan, Mexico. Installation of new underground workings will begin by the end of November and shipment of the high-grade silver-zinc mineralization to the local mill is expected to begin by the end of the first quarter 2004.

News Release No. 71
October 23, 2003

SCORPIO CLOSES WILLIAMS de BROË PRIVATE PLACEMENT
C$5.25 MILLION AVAILABLE FOR NUESTRA SENORA SILVER PROJECT

Chairman and CEO, Peter J. Hawley, is pleased to report that Scorpio Mining Corporation has closed the private-placement financing arranged through Williams de Broё Plc (London). The placement of Scorpio shares is fully subscribed at C$5,346,900. Approximately C$5.25 million has been transferred to Scorpio. The remainder awaits clearance by the Quebec Securities Commission, which is expected shortly. The private placement comprises 11,882,000 Units at C$0.45 per Unit. Each Unit consists of a common share and a full warrant, exercisable for 2 years, each of which may be used to purchase one additional common share of Scorpio at a strike price of C$0.75 per share. An agency fee of five percent was paid to Williams de Broё and a finders fee of approximately five percent was paid to Wellstar Capital Ltd. (Vancouver).
The funds will be used to advance Scorpios Nuestra Senora Silver Project located 10 kilometres southeast of Cosala, Sinaloa, Mexico. Reconstruction of the road to accommodate heavy equipment from Cosala to the Candelaria Mine is well underway with over five kilometres completed to date. The majority of the mining equipment required to operate and service the mine has been ordered and will arrive on site in early November. Underground development, working from the main portal entry of the Candelaria Mine, is scheduled to commence in mid-November of this year.
The goal of the Candelaria Mine start-up operation is three fold: 1. The profitable development and production of known resources at the Candelaria Mine. 2. The development of further Candelaria Mine resources. 3. The provision of the data necessary to complete a positive feasibility study of a larger Nuestra Senora Project mining operation, which would bring into production the four known Nuestra Senora deposits and explore for additional deposits on the highly prospective adjoining ground.

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.

FOR INFORMATION, CONTACT:
Vancouver, BC -- (604) 678-9639, birdwill@aol.com
      Western Canada -- Wayne Marsden (877) 366-4464, jwmarsden@aol.com
Eastern Canada -- Andre Vezina (418) 670-1422, nilyfe@globetrotter.net
         Val dOr, QC -- (819) 825-7618, phawley.scorpio@sympatico.ca
Website: www.scorpiomining.com