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Oct 20, 2009

Scorpio Gold's Surface RC Drilling on the Mineral Ridge Gold Deposit, Nevada Reports 45 feet grading 0.352 oz per ton Gold in Surface Pit Area

Vancouver, October 20, 2009 - Scorpio Gold Corporation (TSX-V: SGN) is pleased to announce initial drill results from reverse circulation (RC) drilling in the pit areas of the Mineral Ridge gold deposit, Nevada. Additional results of RC and diamond drilling will be reported on a timely basis once received and compiled.

Peter J. Hawley, CEO, Director, reports; "We are very pleased with the initial assay results from our re-confirmation drilling, which to date are presenting higher grades that the average historical mined grade of 0.056 ounces per ton (OPT). The Company believes that the lower historical grade was a result of excessive dilution by the previous operators. The initial higher grades bode well for enhancing the economics of this project, especially in light of the recent strength in the gold price, currently in excess of US$1,000 per ounce, and the Company's recent purchase of the underlying 8% net smelter royalty."

The Mineral Ridge project is located ~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 permitted for heap leach gold processing and production, and was in production as recently as 2005. The mine project comprises 54 patented and 279 unpatented mining claims covering 5,921 acres, and hosts multiple gold bearing structures, veins and bodies. It features a well-developed infrastructure including roadways, power grid, heap leach pad, crushing circuit, ADR plant, water supply, maintenance shop, refuelling and storage facilities and administrative buildings.

Drill Program

A total of 8,911 feet consisting of 2,026 feet of core diamond drilling and 6,885 feet of RC drilling was completed on the Mineral Ridge pit areas in summer 2009. Systematic drill spacing was employed from the near pit floor mineralization toward the down strike/dip mineralized extensions. The drill program was designed to reconfirm previously reported mineralization and build a database in compliance with NI 43-101 standards for resource estimation. In addition, the program has delineated sterile areas where pit waste material can be placed.

Drinkwater Deposit Overview

The Drinkwater Deposit is the largest known mineral deposit and is located on the northeastern side of the metamorphic and intrusive core complex. It was partially mined by underground methods from the 1860s to the early 1940s and by open pit methods from 1989 to 2005. The mineralized zones in the Drinkwater deposit have a general strike of N45W and dip ~20-25º to the northeast. Drill-defined mineralized zones have a strike length of 2,500 feet, down dip extension of over 2,000 feet, two or more gold bearing shear zones with an individual thickness of 5 to 40 feet and an overall thickness of more than 100 feet.

Reverse circulation ("RC") drill holes reported in Table 1 were designed to target the main mineralized pit area to re-confirm previous drilling and resource estimates:

Table 1. Drinkwater Deposit - Mineralized Pit area

Drill Hole Location From (ft) To (ft) Width (ft) Gold (OPT)
MR-09-006 Drinkwater Pit 0 50.0 50.0 0.078
MR-09-16 Drinkwater Pit 20.0 40.0 20.0 0.087
MR-09-13 Drinkwater Pit 25.0 65.0 40.0 0.117
MR-09-14 Drinkwater Pit 25.0 70.0 45.0 0.352
MR-09-001 Drinkwater Pit 35.0 120.0 85.0 0.155
150.0 165.0 15.0 0.024
MR-09-002 Drinkwater Pit 0 10.0 10.0 0.019
35.0 100.0 65.0 0.219
115.0 165.0 50.0 0.070

Reverse circulation ("RC") drill holes reported in Table 2 were designed to target low grade and sterile areas in the pit area to determine new, tighter pit design shells:

Table 2. Drinkwater Deposit - Low Grade or Sterile Pit Area

Drill Hole Location From (ft) To (ft) Width (ft) Gold (OPT)
MR-09-003 Drinkwater Pit 140.0 145.0 5.0 0.015
Edge of Pit 155.0 180.0 25.0 0.020
205.0 215.0 10.0 0.042
245.0 255.0 10.0 0.054
MR-09-004 Drinkwater Pit No Values Reported
MR-09-005 Drinkwater Pit 0 20.0 20.0 0.014
MR-09-007 Drinkwater Pit 0 15.0 15.0 0.037
40.0 50.0 10.0 0.013
65.0 70.0 5.0 0.018
MR-09-008 Drinkwater Pit 15.0 30.0 15.0 0.045
70.0 90.0 20.0 0.037
MR-09-009 Drinkwater Pit 30.0 40.0 10.0 0.021
50.0 55.0 5.0 0.054
135.0 150.0 15.0 0.042
MR-09-010 Drinkwater Pit 0 5.0 5.0 0.015
55.0 60.0 5.0 0.088
165.0 200.0 35.0 0.026
MR-09-011 Drinkwater Pit 35.0 40.0 5.0 0.022
55.0 140.0 85 0.037
MR-09-012 Drinkwater Pit 125.0 155.0 30.0 0.041
MR-09-015 Drinkwater Pit 50 55 5.0 0.017
175 190 15.0 0.093
195 210 15.0 0.026

Mary Deposit Overview

The Mary deposit is the southeast continuation of the Drinkwater, with the connection eroded away by Elizabeth Canyon. The drill-defined mineralized zones have a strike length of 2,000 feet, down dip extension of over 1,500 feet, with mineralized zones generally thinner and less continuous but higher in grade than those in Drinkwater

Reverse circulation ("RC") drill holes reported in Table 3 were designed to target the main mineralized pit area to re-confirm previous drilling and mineralized estimates:

Table 3. Mary Deposit - Mineralized Pit area

Drill Hole Location From (ft) To (ft) Width (ft) Gold (OPT)
MR-09-17 Mary Pit 0 55.0 55.0 0.193

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

All RC holes presented in the above tables were drilled at 90º vertical dip; true width is estimated at ~95% downhole width. Analytical results were performed by American Assay Laboratory Inc. in Sparks, Nevada, USA. All samples were submitted as bulk RC drill samples and standard preparation procedures were utilized to create a homogeneous sample. 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. American Assay Laboratories Inc. is an ISO/IEC 17025 accredited assay laboratory.

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

ON BEHALF OF THE BOARD
SCORPIO GOLD CORPORATION


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.