VANCOUVER – Scorpio Mining Corp. (TSX: SPM) says it booked a net loss of $1 million in the fourth quarter of 2011 with no corresponding loss in share price.

The Vancouver-based company recorded net earnings of $15 million, or eight cents per share, in the fourth quarter of 2010. That figure includes a $11.5 million deferred income tax recovery adjustment.

For all of 2011, Scorpio Mining saw its net earnings decrease 59 per cent to $12.6 million compared to net earnings of $30.7 million in 2010.

Included in the net earnings for 2010 is a $20.2 million gain on dilution and deconsolidation of Scorpio Gold Corp. and a $9.9 million deferred income tax recovery adjustment.

Mine operating earnings in 2011 increased 271 per cent to a record of $33.2 million compared to $9 million in 2010.

Scorpio Mining is a silver producer operating in Mexico.