Vancouver, April 26, 2011 - Scorpio Gold Corporation ("Scorpio Gold" or the "Company") (TSX-V: SGN) is pleased to announce that on April 18, 2011, Mineral Ridge Gold LLC shipped its first production batch of gold and silver in loaded gold carbon produced from the Mineral Ridge gold deposit, Nevada.
Peter J. Hawley, President & CEO reports, "This shipment marks the start of precious metal production following just 13 months from completion of the purchase of the Mineral Ridge property. At today's metal prices, each ton of loaded carbon has an estimated value of approximately US$100,000. The Company would like to thank the operations team for its dedication and hard work during the past year to make this happen, and extends its gratitude to its investors for their continued support."
Approximately 10,000 pounds or 5 tons of loaded wet carbon from the heap leach carbon columns 1 &2 were placed into carbon bags and shipped to Metals Research in Kimberley, Idaho for processing into dore. The Company has contracted Metals Research to custom strip its carbon and produce dore bars by April 27, 2011. The dore bars will then be delivered to Johnson Matthey's refinery in Salt Lake City for further refining of the precious metals into separate 99.9% pure gold and silver bars. Carbon columns 3, 4 and 5 continue to be loaded and columns 1 and 2 are being restarted.
The Company expects to make a substantially larger second shipment of loaded gold carbon in early May 2011, as the activated leach pads at Mineral Ridge become more mature in the leaching cycle.
Details of the initial loaded gold carbon shipment are presented in Table 1.
Table 1. Loaded Gold Carbon Shipment to Refinery
Metal estimates remain subject to final assays at refinery. Analytical results were performed by American Assay Laboratory Inc. (AAL) in Sparks, Nevada, USA. AAL does not have ISO/IEC 17025 accreditation but implements a quality management system following ISO/IEC 17025 standards and maintains a paperwork trail for ISO/IEC 17025 accreditation. AAL participates in a number of testing and certification programs, details of which are presented in the Company's quality assurance and quality control (QA/QC) program for the Mineral Ridge project here
. External check assays to verify lab accuracy are routinely completed by ALS Chemex, an ISO 9001:2000 certified and ISO/IEC 17025:2005 accredited laboratory.
For additional information please see the Company's website at www.scorpiogold.com.
President & CEO, Peter J. Hawley, PGeo, is the Qualified Person for the Mineral Ridge project and has reviewed the content of this release.
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.