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Jan 13, 2010

Scorpio Gold Drills 10.67 metres grading 31.39 g/t Gold at the Mineral Ridge Gold Property, Nevada

Vancouver, January 13, 2010 - Scorpio Gold Corporation (TSX-V: SGN) is pleased to announce additional surface reverse circulation ("RC") 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; "We are very pleased with drill results to date, which exceed expected grades and widths and offer the potential for quickly expanding the resource base with an aggressive surface drill program this summer. Any mineralization reporting 0.3 g/t gold or greater is considered of potential economic interest to the Company. Of particular interest is drill hole MR-09-024, which targeted the central portion of the Mary Liz pit and returned a high-grade intersection of 31.39 g/t gold over 10.67 metres. The presence of high-grade lenses within wide-spread, lower-grade mineralization could allow for selective mining should gold prices warrant. All information collected to date from surface sampling, mapping and RC and core drilling, as well as re-evaluation of the previous operator's data, supports Scorpio Gold's theory that the majority of the mineralization is confined to the Mary Limestone unit. Management believes there is considerable potential for discovering other mineralized bodies within the Mary unit outside of the known deposit areas."

The RC drill holes presented in Table 1 were drilled to confirm the existing Golden Phoenix resource block model and test existing boundaries for potential extension of the known mineralization. Holes MR-09-23, 25 and 26 (not reported) were drilled to confirm sterile ground for the location of future pit waste rock. Assay results from core diamond drilling of holes MR-09-31 to 34 have just been received and will be released once compiled into the drill database.

Of particular note are the exploration drill holes designed to determine if mineralization extends outside of the current defined pits. Hole MR-09-021, drilled at the south pit wall of the Mary LC deposit, returned 6.10 metres grading 1.45 g/t gold and will be followed up this summer to potentially expand the pit in a southerly direction. Hole MR-09-28 targeted the northwest pit wall of the Drinkwater deposit and reported 10.67 metres grading 0.51 g/t gold. This will also be followed up to potentially expand the northwest mineral trend of the pit. Hole MR-09-030, targeting the mineralization trend of the Brodie pit, returned an impressive 13.71 metres grading 2.98 g/t gold. Follow up drilling as well as a compilation of drill results by previous operators in this area will also be conducted in summer 2010 for possible expansion of the overall resource base. The Company notes that the exploration holes drilled only represent a small portion of the mineralized unit and as such the actual mineralized unit appears greater in extent than intersected.

Table 1. RC Surface Drill Results

Drill Hole Location From (m) To (m) Width (m) Gold (g/t)
MR-09-018 Northwest Drinkwater Pit Wall 0.00 1.52 1.52 0.75
    3.05 6.10 3.05 0.37
MR-09-019 Mary Liz North Pit Sector 10.67 12.19 1.52 0.81
    18.29 19.81 1.52 0.87
    25.91 30.48 4.57 0.68
MR-09-020 Mary Liz South Pit Sector 10.67 18.29 7.62 2.74
    38.10 39.62 1.52 0.40
MR-09-021 Mary LC South Wall Pit Area 12.19 13.72 1.53 0.59
    22.86 28.96 6.10 1.45
MR-09-022 Mary LC North Pit Area 4.57 7.62 3.05 2.36
    28.96 33.53 4.57 1.16
    36.58 38.10 1.52 3.51
MR-09-024 Mary Liz South Pit Sector 25.91 36.58 10.67 31.39
MR-09-027  Mary Liz South Pit Sector 12.19 13.72 1.53 0.31
MR-09-028 Northwest Drinkwater Pit Wall 18.29 19.81 1.52 0.35
    24.38 35.05 10.67 0.51
MR-09-029 Northwest Drinkwater Pit 25.91 27.43 1.52 5.38
    44.20 59.44 15.24 1.50
Includes   44.20 48.77 4.57 2.12
Includes   51.82 56.39 4.57 1.67
Includes   57.91 59.44 1.53 3.45
MR-09-030 West of Drinkwater Pit 0.00 1.52 1.52 0.68
    3.05 4.57 1.52 0.31
    25.91 27.43 1.52 0.81
    32.00 33.53 1.53 0.84
    56.39 65.53 9.14 1.63
Includes   56.39 59.44 3.05 0.70
Includes   60.96 65.53 4.57 2.76
MR-09-041 North of Brodie Pit, Exploration 33.53 47.24 13.71 2.98
Includes   33.53 39.62 6.09 5.32
Includes   42.67 44.20 1.53 0.65
Includes   45.72 47.24 1.52 1.80
    53.34 54.86 1.52 0.50

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.

Mineral Ridge has had a clean operating history and no environmental, permitting, legal, taxation, marketing or political factors are known that could impact future operations. A mineral resource estimate and related NI 43-101 compliant technical report are under preparation, intended to be followed by a full feasibility study. Completion of the joint venture transaction with Golden Phoenix remains subject to regulatory approval and financing.

All RC 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.