Scorpio Mining Corporation (SPM.TO) went up by more than 4% to $1.19 with more than 1.1 million shares traded on Wednesday afternoon after reporting an updated mineral resource and reserve estimate below the 4750 level at its Nuestra Senora mine in Sinaloa State, Mexico.

Parviz Farsangi, President and CEO said, “We are very pleased with this latest estimate. Reserves alone at Nuestra Senora now support approximately six years of production at our existing processing facility. The mineral resources at Nuestra Senora and other nearby projects are expected to provide additional years of production and are all open to expansion. An aggressive 10,500-meter drilling program to test the exploration potential at Nuestra Senora is scheduled to commence in March 2011. Together with the known and expanding resources in our other mineral concessions in the district, we are building a solid base from which to support growth.”