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Jan 05, 2012

Scorpio Gold Intersects 10.67 metres grading 3.65 g/t Gold on Mary Zone, Mineral Ridge Project

Vancouver, January 5, 2012 - Scorpio Gold Corporation ("Scorpio Gold" or the "Company") (TSX-V: SGN) announces initial drill results from the Mary Zone, located southwest of the current mining in the Drinkwater pit at the 70% owned Mineral Ridge project, Nevada.

Peter J. Hawley, President and CEO reports, "In November 2011, the Company commenced pre-stripping of the Mary Zone in preparation for commencing open pit mining. The Mary Zone is located immediately southwest of the Drinkwater Pit where mining is currently in progress. A 58 hole drill program to define the extent of mineralization for final pit design is underway. Results to date have increased the width of the Mary Zone and also confirm that gold mineralization extends southwest from the Mary Zone to the adjacent Mary LC Zone, encompassing a strike length of 780 metres. Mining of the Mary Zone is expected to commence later in January 2012, adding to current production from the Drinkwater Pit and increasing the overall production at Mineral Ridge."

Table 1. Mary Zone - Significant Drill Results

Hole No. From (ft) To (ft) Width (ft) From (m) To (m) Width (m) Gold (OPT) Gold (g/t)
MR11275 40 50 10 12.20 15.24 3.05 0.024 0.81
MR11276 10 15 5 3.05 4.57 1.52 0.020 0.69
  140 155 15 42.68 47.26 4.57 0.245 8.41
  165 175 10 50.30 53.35 3.05 0.069 2.37
MR11277 130 135 5 39.63 41.16 1.52 0.022 0.75
MR11278 25 30 5 7.62 9.15 1.52 0.016 0.55
  100 120 20 30.49 36.59 6.10 0.068 2.31
MR11279 10 45 35 3.05 13.72 10.67 0.105 3.59
MR11281 15 20 5 4.57 6.10 1.52 0.018 0.62
  140 145 5 42.68 44.21 1.52 0.043 1.47
MR11282 40 55 15 12.20 16.77 4.57 0.381 13.06
  115 120 5 35.06 36.59 1.52 0.024 0.82
  140 145 5 42.68 44.21 1.52 0.045 1.54
MR11285 125 130 5 38.11 39.63 1.52 0.062 2.13
MR11287 100 115 15 30.49 35.06 4.57 0.111 3.79
MR11291 55 65 10 16.77 19.82 3.05 0.136 4.66
MR11293 165 200 35 50.30 60.98 10.67 0.107 3.65
MR11294 15 20 5 4.57 6.10 1.52 0.015 0.51
MR11295 0 10 10 0.00 3.05 3.05 0.015 0.51
MR11298 90 95 5 27.44 28.96 1.52 0.021 0.72
  100 115 15 30.49 35.06 4.57 0.066 2.27

A longitudinal section of current mining and exploration in the Drinkwater Pit and Mary Zone is on the Company's website: View Map.

All holes presented in the above tables were completed by reverse circulation (RC) drilling. True width is estimated at ~90% downhole width. 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: View PDF. 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.

President & CEO, Peter J. Hawley, PGeo, is the Qualified Person for the Mineral Ridge project and has reviewed the content of this release. 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
Email:

Investor Relations:
Jim Macdonald, Torrey Hills Capital
Tel: (858) 456-7300
Email:

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. 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 Mineral Ridge project. 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 thereof.