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Jan 17, 2012

Scorpio Gold Intersects 12.20 metres grading 3.99 g/t Gold Followed by 7.62 metres grading 3.71 g/t Gold on Mary Zone, Mineral Ridge Project

Vancouver, January 17, 2012 - Scorpio Gold Corporation ("Scorpio Gold" or the "Company") (TSX-V: SGN) announces additional 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, "Drill results continue to expand the width of the Mary Zone and further confirm that gold mineralization extends southwest from the Mary Zone to the adjacent Mary LC Zone, encompassing a strike length of 780 metres. Commencement of open pit mining at the Mary Zone is on schedule for 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)
MR11300 0 20 20 0.00 6.10 6.10 0.032 1.08
MR11301 100 105 5 30.49 32.01 1.52 0.027 0.93
MR11302 85 90 5 25.91 27.44 1.52 0.161 5.52
  155 175 20 47.26 53.35 6.10 0.037 1.27

MR11303

110 115 5 33.54 35.05 1.52 0.087 2.98
  135 140 5 41.16 42.68 1.52 0.628 21.53
  160 165 5 48.78 50.30 1.52 0.02 0.69

MR11307

35 40 5 10.67 12.20 1.52 0.035 1.20
  55 60 5 16.77 18.29 1.52 0.169 5.79
  105 125 20 32.01 38.11 6.10 0.028 0.94
  165 175 10 50.30 53.35 3.05 0.044 1.49

MR11308

125 130 5 38.11 39.63 1.52 0.105 3.58
  155 190 35 47.26 57.93 10.67 0.039 1.33
MR11309 210 215 5 64.02 65.55 1.52 0.036 1.23
MR11310 165 190 25 50.30 57.93 7.62 0.091 3.11
MR11312 115 150 35 35.06 45.73 10.67 0.012 0.41
MR11313 10 15 5 3.05 1.57 1.52 0.027 0.93
  30 35 5 9.15 10.67 1.52 0.024 0.82
  120 145 25 36.59 44.21 7.62 0.081 2.78
MR11314 145 150 5 44.21 45.73 1.52 0.029 0.99
MR11315 115 150 35 35.06 45.73 10.67 0.056 1.93
MR11317 60 100 40 18.29 30.49 12.20 0.117 3.99
  130 155 25 39.63 47.26 7.62 0.108 3.71

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 including expansion of open pit mining at 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 risk related to open pit mining and 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.