Americas Silver Corporation - News - Scorpio's Underground Drilling of Santa Teresa Deposit Reports 32.8 metres grading 324 g/t Ag, 5.32% Zn, 0.30% Cu, 1.45% Pb and 10.1 metres grading 0.085 g/t Au and 269 g/t Ag, 7.04% Zn, 0.46% Cu, 7.26% Pb and 0.086 g/t Au

News

Jan 16, 2009

Scorpio's Underground Drilling of Santa Teresa Deposit Reports 32.8 metres grading 324 g/t Ag, 5.32% Zn, 0.30% Cu, 1.45% Pb and 10.1 metres grading 0.085 g/t Au and 269 g/t Ag, 7.04% Zn, 0.46% Cu, 7.26% Pb and 0.086 g/t Au

Vancouver, January 16, 2008 - Scorpio Mining Corporation (TSX:SPM) is pleased to report the first underground drill results targeting the Santa Teresa body from the 9th level of the Nuestra Senora ramp on its 100% owned Nuestra Senora project, Sinaloa State, Mexico.

The Santa Teresa deposit mineralization is exposed at river level approximately 150 metres northeast of the Santo Domingo and 250 metres east of the Nuestra Señora deposit, both of which also outcrop at river level. The Candelaria deposit outcrops on the canyon wall 150 metres above the river level between the Santa Teresa and the Nuestra Señora.

Peter J. Hawley, Chairman, CEO reports, "The previously reported surface drilling of the Santa Teresa deposit (see May 30, 2007 and June 27, 2007 news releases) was from one drill set up with holes drilled at various azimuths and dips to outline the preliminary extent of the mineralization and guide underground drilling. Surface hole NSS-07-81 intercepted 16.5 metres grading 116 g/t Au, 5.30% Zn, 0.28% Cu, 3.44% Pb and 0.207 g/t Au followed by 14.7 metres of 132 g/t Au, 3.61% Zn, 0.36% Cu, 3.02% Pb and 0.199 g/t Au."

"Today's reported results are located approximately 180 metres vertically below surface and drilled horizontally from the 9th level. The intercepted mineralization lies only 17 metres from the haulage ramp and can be easily accessed for extraction. The exploration team is very excited by the results received and is focusing on follow-up drilling at the various levels based on three dimensional modelling of the mineralized zone."

"The Company continues to focus on defining the known mineralized bodies to be incorporated into an integrated mine extraction plan while also successfully exploring at depth and peripheral to these bodies. Based on these early results, the Santa Teresa may have a size and grade similar to that of the Hoag Zone which is presently being extracted."

Table 1. Previously Reported Surface Drill Results - Santa Teresa

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Hole #	From (m)	To (m)	Length (m)	Ag (g/t)	Au (g/t)	Cu %	Pb %	Zn %
NSS-07-67	5.50	8.20	2.70	92	0.098	0.33	4.34	8.24
	11.50	13.90	2.40	53	0.055	0.10	2.81	3.71
	21.20	23.50	2.30	109	0.078	0.23	5.15	7.83
	27.80	28.80	1.00	24	0.048	0.01	1.37	1.99
	31.40	33.60	2.20	204	0.351	0.29	3.17	0.72
	34.70	36.70	2.00	109	0.142	0.22	3.68	3.31
	49.10	50.30	1.20	85	0.020	0.18	4.68	6.47
NSS-07-68	11.30	12.90	1.60	77	0.103	0.14	4.12	6.01
	13.80	17.00	3.20	82	0.113	0.15	3.93	5.09
	21.70	22.90	1.20	145	0.476	0.35	6.45	7.59
	25.60	26.60	1.00	34	0.046	0.08	2.00	2.70
NSS-07-69	9.20	11.00	1.80	38	0.068	0.10	1.63	3.06
	12.20	13.70	1.50	73	0.099	0.14	3.75	5.19
	15.80	18.50	2.70	127	0.177	0.14	6.12	8.49
	24.20	25.30	1.10	63	0.086	0.04	1.96	2.03
NSS-07-70	5.80	7.40	1.60	87	0.115	0.13	4.12	8.18
	22.20	31.30	9.10	97	0.320	0.41	2.15	4.05
NSS-07-71	18.00	19.80	1.80	70	0.227	0.04	2.22	3.26
	20.50	27.30	6.80	54	0.116	0.16	2.22	3.27
	28.40	29.80	1.40	55	0.083	0.17	1.91	2.15
NSS-07-72	24.40	25.50	1.10	66	0.140	0.18	2.55	6.67
	26.10	30.20	4.10	62	0.079	0.18	2.84	3.98
NSS-07-80	2.80	12.00	9.20	46	0.142	0.09	1.92	3.40
	13.00	14.00	1.00	47	0.376	0.08	2.02	2.07
	15.00	16.30	1.30	54	0.083	0.10	2.46	4.75
	44.20	50.00	5.80	95	0.132	0.26	4.30	5.61
	51.00	53.00	2.00	80	0.237	0.11	3.10	3.40
NSS-07-81	2.40	6.00	3.60	85	0.173	0.13	3.58	4.79
	16.50	18.00	1.50	40	0.061	0.06	1.73	2.45
	21.00	37.50	16.50	116	0.207	0.28	3.44	5.30
	39.00	53.70	14.70	132	0.199	0.36	3.02	3.61

Table 2. 9th Level Underground Drill Results - Santa Teresa

Hole #	From (m)	To (m)	Length (m)	Ag (g/t)	Au (g/t)	Cu %	Pb %	Zn %
NS9L-07-77	49.00	50.00	1.00	215	0.226	0.61	1.37	0.22
NS9L-07-79	0.00	4.00	4.00	96	0.024	0.58	2.54	3.36
	40.50	50.50	10.00	108	0.103	0.17	0.68	0.69
NS9L-07-81	9.00	22.00	13.00	98	0.021	0.30	1.30	1.27
	37.00	38.00	1.00	127	0.018	0.44	3.04	2.35
NS9L-07-96	12.00	13.30	1.30	84	0.012	0.09	4.37	2.98
	17.10	22.10	5.00	113	0.006	0.10	3.51	4.42
	28.40	61.20	32.80	324	0.084	0.30	1.45	5.32
NS9L-07-97	17.10	27.20	10.10	269	0.085	0.46	7.26	7.04

Drillhole data in the table reflects down hole core lengths and actual (uncut) grades. True widths cannot be reliably estimated at this time. Further information on the Company and the Nuestra Señora project is available on the Scorpio Mining web site at: www.scorpiomining.com.

President, Mr. D. Roger Scammell, PGeo, is the Company's Qualified Person for the Nuestra Señora project. Mr. Scammell is responsible for the current exploration and development program and has reviewed the content of this release. All technical information for the Nuestra Señora property is obtained and reported under a formal quality assurance and quality control (QA/QC) program. Samples are shipped to the ALS Chemex preparation laboratory in Hermosillo, Mexico for drying, crushing and pulverizing. ALS Chemex, Hermosillo then sends the pulps by air-freight to ALS Chemex, Vancouver for assaying. Systematic assaying of standards and blanks are performed for the precision and accuracy; check assays are regularly conducted by SGS Lakefield Research. Details of the QA/QC program are available on the Company's website.

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: [email protected]
Rich Kaiser, YES International: 1-800-631-8127; 001-757-306-6090 (outside North America)
Email: [email protected]

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.