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Scorpio Mining Provides Update on Its Annual Meeting

TORONTO, ONTARIO -- (Marketwired) -- 05/26/14 -- Scorpio Mining Corporation (TSX:SPM) (the "Company") announced today that on Friday, May 23, 2014, Tocqueville Asset Management, L.P. and The Tocqueville Gold Fund (collectively, "Tocqueville") filed a dissident proxy circular with respect to the Company's upcoming annual meeting of shareholders, currently scheduled for June 12, 2014.

On May 12, 2014, Tocqueville delivered to the Company a notice of The Tocqueville Gold Fund's intention to nominate three new individuals for election to the Company's board of directors at the annual meeting. The notice does not comply with the advance notice provisions of the Company's By-Laws respecting the nomination of directors and is therefore invalid. As a result, the only individuals who are eligible to be nominated for election to the Company's board of directors at the meeting are the management nominees set forth in the Company's information circular dated May 2, 2014, a copy of which has been filed on SEDAR and is available at www.sedar.com.

This news release includes certain statements that may be deemed "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the Company's operations, exploration and development plans, expansion plans, estimates, expectations, forecasts, objectives, predictions and projections of the future. Generally, these forward-looking statements can be identified by the forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "projects", "intends", "anticipates", or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "can", "could", "would", "might", or "will" "be taken", "occur" or "be achieved". Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Scorpio Mining Corporation to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the exploration and development and operation of the Company's projects in Mexico, risks related to international operations, construction delays and cost overruns, the actual results of current exploration, development and construction activities, conclusions of economic evaluations, changes in project parameters as plans continue to be refined, future prices of silver, zinc, copper, lead and gold, risks relating to completing acquisition transactions as well as those factors discussed in the sections relating to risk factors of our business filed in Scorpio Mining Corporation's required securities filings on SEDAR, including its Annual Information Form dated March 13, 2014. Although Scorpio Mining Corporation has attempted to identify important factors that could cause results to differ materially from those contained in forward-looking statements, there may be other factors that cause results to be materially different from those anticipated, described, estimated, assessed or intended.

There can be no assurance that any forward-looking statements will prove accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Scorpio Mining Corporation does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws.

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