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Feb 28, 2012

Scorpio Gold Drilling Intersects 12.20 metres grading 4.22 g/t Gold on Mary Zone, Mineral Ridge Project

Vancouver, February 28, 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 support an increase in the overall width of the Mary Zone and to confirm that gold mineralization extends southwest from the Mary Zone to the adjacent Mary LC Zone, encompassing a strike length of 780 metres. Assays for the final 11 holes of the Mary Zone drill program are pending and will be incorporated into the overall database for a NI 43-101 compliant mineral resource and reserve estimate in conjunction with a Mine Plan Study by AMEC. Completion of the study is expected in Q2 2012."

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)
MR11318 130 170 40 39.63 51.83 12.20 0.088 3.03
MR11319 10 15 5 3.05 4.57 1.52 0.018 0.62
MR11320 105 115 10 32.01 35.06 3.05 0.016 0.53
  140 145 5 42.68 44.21 1.52 0.043 1.47
MR11321 55 85 30 16.77 25.91 9.15 0.084 2.88
  95 100 5 28.96 30.49 1.52 0.018 0.62
MR11322 135 145 10 41.16 44.21 3.05 0.040 1.37
MR11323 45 55 10 13.72 16.77 3.05 0.026 0.89
  125 135 10 38.11 41.16 3.05 0.015 0.50
MR11324 10 15 5 3.05 4.57 1.52 0.075 2.57
  60 70 10 18.29 21.34 3.05 0.033 1.11
MR11325 15 30 15 4.57 9.15 4.45 0.060 2.06
MR11327 0 5 5 0.00 1.52 1.52 0.022 0.75
MR11328 95 105 10 28.96 32.01 3.05 0.025 0.84
MR11329 35 40 5 10.67 12.20 1.52 0.017 0.58
  110 115 5 33.54 35.06 1.52 0.031 1.06
MR11331 125 145 20 38.11 44.21 6.10 0.21 7.12
MR11332 135 145 10 41.16 44.21 3.05 0.071 2.42
MR11333 125 140 15 38.11 42.68 4.57 0.253 8.67
MR11334 110 150 40 33.54 45.73 12.20 0.123 4.22
MR11337 90 95 5 27.44 28.96 1.52 0.038 1.30
MR11339 135 160 25 41.16 48.78 7.62 0.200 6.85

A longitudinal section of current mining and exploration in the Drinkwater Pit and Mary and Mary LC Zones 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 and completion of economic studies. 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 risks such as delays related to completion of economic studies 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.