Vancouver, June 13, 2011 - Scorpio Gold Corporation ("Scorpio Gold" or the "Company") (TSX-V: SGN) is pleased to announce that all resolutions were passed at the Company's Annual General and Special Meeting of Shareholders held on June 10, 2011. The number of directors has been set at five and includes the re-election of Peter J. Hawley, Brian Lock, Luc Pelchat, David W. Smalley and Andrew Lee Smith. Deloitte & Touche LLP, Chartered Accountants, have been appointed as auditors of the Company for the ensuing year and the directors have been authorized to fix their remuneration. Also passed was the approval of the Company's stock option plan.
Management and the Board would like to thank Scorpio Gold's shareholders for their continued support and approval as the Company works diligently towards delivering on its commitment to bring the Mineral Ridge gold project into commercial production.
The Company also announces the granting of 3,350,000 incentive stock options to directors, officers, consultants and employees, exercisable at a price of $0.75 per share for a period of five (5) years.
For additional information please see the Company's website at www.scorpiogold.com.
ON BEHALF OF THE BOARD
SCORPIO GOLD CORPORATION
Peter J. Hawley,
President & CEO
For further information contact:
Peter J. Hawley Tel: (819) 825-7618
Torrey Hills Capital
Andrew Hoffman Tel: (858) 456-7300
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The Company relies on litigation protection for "forward-looking" statements. This news release contains forward-looking statements that are based on the Company's current expectations and estimates, including statements as to future sales. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur, and include, without limitation, statements regarding the Company's plans with respect to the exploration and development of its projects. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements, including those risk factors outlined in the Company's Management Discussion and Analysis for the year ended December 31, 2010 as filed on Sedar. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.