|By Marketwired .||
|June 12, 2014 09:00 PM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 06/13/14 -- Scorpio Mining Corporation (TSX:SPM) ("Scorpio" or the "Company") is pleased to announce that each of the seven nominees proposed as directors and listed in its management information circular dated May 2, 2014 was elected as a director of the Company at the Company's Annual & Special Meeting of shareholders held on June 12, 2014. The detailed results of the vote are set out below.
---------------------------------------------------------------------------- Votes Director Nominee Votes For % For Withheld % Withheld ---------------------------------------------------------------------------- Ewan Mason 34,818,159 35.91% 62,142,065 64.09% Pierre Lacombe 95,954,510 98.97% 996,714 1.03% Peter J. Hawley 95,579,359 98.58% 1,371,865 1.42% Jonathan A. Berg 34,078,842 35.15% 62,872,382 64.85% Thomas Weng 93,195,120 96.13% 3,756,104 3.87% Thomas McGrail 95,775,410 98.79% 1,175,814 1.21% Bradley R. Kipp 35,086,100 36.19% 61,865,124 63.81% ----------------------------------------------------------------------------
The Company believes that the above voting results include substantially all of the 33,066,810 common shares that Tocqueville Asset Management, L.P. claimed in its dissident proxy circular dated May 23, 2014 to have had the authority to exercise control or direction over as of such date. The Company believes such shares were withheld from voting for Messrs. Mason, Berg and Kipp in accordance with Tocqueville's stated recommendations in its June 2, 2014 amendment to its dissident proxy circular. Excluding these shares would result in each management nominee receiving in excess of 50% of the shares voted in favour of his election.
In addition, a resolution appointing Deloitte LLP, Chartered Accountants as auditors of the Company until the Company's next annual meeting of shareholders and authorizing the directors to set the auditor's remuneration was approved by a majority of the votes cast.
Scorpio Mining Corporation is a silver producer operating in Mexico with significant base metal by-product credits. The 100% owned Nuestra Senora Mine located in the Cosala District of Sinaloa State, has flexible mining methods and diversified metal production. It has a fully mechanized underground operation and a 1,600 tonnes per day processing facility with permitted capacity for expansion to 4,000 tonnes per day. The plant produces zinc, copper and lead concentrates, with a significant payable silver component in the copper and lead concentrates.
In addition, the Company has numerous exploration targets in the vicinity of its current operations as well as the advanced El Cajon and San Rafael development projects. The Company's strategy for near-term growth is currently focused on mine development of the fully- permitted El Cajon deposit.
ON BEHALF OF SCORPIO MINING CORPORATION
Pierre Lacombe, President & CEO
Scorpio Mining Corporation
Vice President Investor Relations
and Corporate Communications
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