January 14, 2011 / 1:37 PM / in 7 years

UPDATE 2-Scorpio Mining says mill throughput up 58 pct in Q4

* Q4 recovered silver 274,735 ounces vs 202,451 ounces yr ago

* Recovered zinc 4,136,424 pounds

* Silver equivalent ounces totalled 659,614 ounces

* Expects 22 pct rise in 2011 mill throughput (Adds outlook, shares)

Jan 14 (Reuters) - Canada’s Scorpio Mining Corp SPM.TO said fourth-quarter mill throughput rose 58 percent and it is expecting further “significant improvements” in 2011 performance.

Vancouver-based Scorpio said 2011 recovered silver in all concentrates is estimated to be up 51 percent, while mill throughput is expected to be 464,600 tonnes.

The company forecast an 86 percent increase in recovered copper in copper concentrate in 2011.

Scorpio -- mainly focused on the development of its silver-zinc-copper-lead Nuestra Senora project in Mexico -- said the project has proven to be a low-cost operation.

Scorpio Mining’s wholly owned Mexican mining unit, Minera Cosala SA de CV, has 100 percent ownership of the Nuestra Senora mineral rights.

In the fourth quarter, mill throughput rose to 112,783 tonnes from 71,378 tonnes processed in the year-ago quarter.

Recovered silver was up 36 percent at 274,735 ounces, while recovered copper rose 24 percent to 626,295 pounds.

Scorpio Mining shares, which have gained more than half of their value in the last six months, closed at 99 Canadian cents on Thursday on the Toronto Stock Exchange. (Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Prem Udayabhanu)

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