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Feb 03, 2010

Scorpio Gold Drills 11.90 metres grading 3.61 g/t Gold at the Mineral Ridge Gold Property, Nevada

Vancouver, February 3, 2010 - Scorpio Gold Corporation (TSX-V: SGN) is pleased to announce surface diamond drill results on the Mineral Ridge Gold Property, Nevada. Scorpio Gold recently announced the execution of a joint venture agreement with Golden Phoenix Minerals Inc. ("Golden Phoenix"), providing for Scorpio Gold to acquire an initial 70% interest in the Mineral Ridge property (see news release of January 5, 2010 for more details).

Peter J. Hawley, CEO, Director reports, "The drill results continue to confirm and expand the known mineralization and demonstrate the potential for expanding the resource base this summer with an aggressive surface drill program. The Company continues to move ahead with the rehabilitation of the processing plant and facilities with an expected re-start targeted for later this year."

The core holes presented in Table 1 were drilled to confirm the existing resource block model and test existing boundaries for potential extension of the known mineralization. Hole MR-09-033 (not reported) was drilled to confirm sterile ground in the area designated for future pit waste rock.

Drill holes MR-09-031, 032, 034, 035 and 036 targeted various areas of the Mary Liz Pit and continue to verify and expand the known resource limits in this area. Holes MR-09-037 and 038, drilled in the southern area of the Drinkwater Pit, returned grades and widths that support the previous resource base for the pit area as defined.

Of particular note are exploration drill holes MR-09-039 and 040, designed to test continuity of the Brodie Pit mineralization outside of the pit area. Hole MR-09-039 reported 3.05 metres grading 21.63 g/t gold, following up the previously released reverse circulation drill hole (MR-09-041) that tested the same extension and returned 13.71 metres of 2.98 g/t gold.

Table 1. Surface Sampling Results

Sample Number Sample Wt. (kg) Gold (g/t) Re-check (g/t) Sample Number Sample Wt. (kg) Gold (g/t) Re-check (g/t)
DH-172 7.27 0.99   DH-230 3.64 0.44  
DH-173 7.27 7.99 9.14 DH-232 3.64 1.96  
DH-174 6.36 6.50 6.47 DH-233 5.91 0.19  
DH-176 5.45 10.32 10.23 DH-234 3.64 0.25  
DH-177 6.36 2.18   DH-238 4.55 0.16  
DH-178 4.55 5.41 5.56 DH-239 5.45 1.09  
DH-179 6.36 5.63 4.79 DH-240 4.09 0.16  
DH-180 6.82 3.67 5.25 DH-241 4.55 1.74  
DH-185 5.45 5.38 6.34 DH-242 3.64 3.48 3.33
DH-186 5.00 1.24   DH-248 3.64 1.43  
DH-187 6.36 0.19   DH-249 4.09 4.26 4.35
DH-193 6.36 0.22   DH-250 2.73 1.06  
DH-194 6.36 0.28   DH-251 5.00 1.80  
DH-195 4.55 0.90   DH-252 3.18 0.19  
DH-196 6.36 0.19   DH-256 5.00 1.62  
DH-197 5.00 0.78   DH-257 5.00 0.12  
DH-198 5.91 1.62   DH-258 5.00 0.31  
DH-200 4.09 0.12   DH-276 5.00 0.40  
DH-207 5.00 0.25   DH-277 3.64 9.82 9.54
DH-211 5.00 0.16   DH-278 4.09 0.53  
DH-215 3.64 0.62   DH-279 4.55 0.12  
DH-216 3.18 4.63 5.50 DH-286 6.82 2.61  
DH-217 4.09 4.79 5.13 DH-287 5.00 1.09  
DH-220 5.45 17.87 17.03 DH-288 5.45 1.71  
DH-221 5.45 10.85 11.13 DH-289 5.45 0.44  
DH-222 4.09 1.93   DH-290 3.64 0.12  
DH-223 4.09 4.41 4.60 DH-299 4.55 0.19  
DH-224 3.18 2.33 2.55 MI-306 5.00 0.16  
DH-225 3.64 9.70 10.91 MI-307 4.09 0.62  
DH-226 5.45 26.58 27.85 MI-308 4.09 0.44  
DH-227 3.64 10.97 11.19 DH-316 3.18 0.44  
DH-228 4.09 0.12   DH-322 4.55 0.37  
DH-229 5.45 0.34   DH-323 3.64 0.25  

About the Project

The Mineral Ridge project, a former producer, is located about 30 miles west of Tonopah, Nevada and has historically produced almost 575,000 ounces of gold, including ~170,000 ounces from open pit and ~405,000 ounces from underground mining operations. The property is currently bonded and has been permitted for heap leach gold processing and production, and was in production as recently as 2005. The mine project hosts multiple gold bearing structures, veins and bodies. It features a well-developed infrastructure consisting of roadways, power grid, heap leach pad, crushing circuit, ADR plant, water supply, maintenance shop, refuelling and storage facilities and administrative buildings. The dry climate and non-acid generating character of the rock should offer favourable conditions for mining and reclamation operations.

All drill holes presented in the above table were drilled at 90º vertical dip; true width is estimated at ~90% downhole width. Analytical results were performed by American Assay Laboratory Inc., an ISO/IEC 17025 accredited laboratory, in Sparks, Nevada, USA. Samples were fire assayed with an AA finish at one assay ton (30 grams). Results of 0.29 opt (10 ppm) and greater were repeated with a gravimetric (weighed) finish. Standard Quality control procedures were followed which included random insertion of certified standards and blanks in the sample stream as well as routine duplicate sample analysis. Check assays were completed by ALS Chemex, an ISO 9001:2000 accredited laboratory, on ~5% of the gold bearing assays.

For additional information please see the Company's website at www.scorpiogold.com.

CEO, Mr. Peter Hawley, PGeo, is the Company's Chief Executive Officer and Qualified Person for the various Company projects. He is responsible for the current exploration and development programs and has reviewed the content of this release.


Peter J. Hawley,
Chief Executive Officer and Director

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.