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Jul 30, 2012

Scorpio Gold Drilling Intersects 7.62 metres grading 2.67 g/t Gold on the Mary LC Zone, Mineral Ridge Project

Vancouver, July 30, 2012 - Scorpio Gold Corporation ("Scorpio Gold" or the "Company") (TSX-V: SGN) announces additional drill results from its 2012 drilling program on the Mary LC Zone, located adjacent to the Mary pit which is currently undergoing pre-stripping in advance of commencing full-scale open pit production at the 70% owned Mineral Ridge project, Nevada. Production from the Mary pit will add to and supplement current production from the Drinkwater pit.

Peter J. Hawley, President, CEO reports; "Results from the current drilling program continue to support modification of the Mary pit design and extending the pit wall from its current planned location, which is based on drilling up to the end of 2011, to the southwest to include the continuation of mineralization into the Mary LC Zone."

Scorpio Gold's exploration work to date has determined that the Drinkwater, Mary and Mary LC zones represent one continuous zone of mineralization, with the LC area being the least defined to date. The results presented in Table 1 are from infill and step out holes to historical drilling on the Mary LC zone by previous operators. A drill hole plan is available on the Company's website: View Map.

Table 1. Mary LC Zone - Significant Drill Results

Hole No. From (ft) To (ft) Width (ft) From (m) To (m) Width (m) Gold (OPT) Gold (g/t)
MR12401 90 115 25 27.44 35.06 7.62 0.078 2.67
  205 210 5 62.50 64.02 1.52 0.014 0.48
MR12402 45 50 5 13.72 15.24 1.52 0.012 0.41
MR12403 45 50 5 13.72 15.24 1.52 0.020 0.69
  65 70 5 19.82 21.34 1.52 0.017 0.58
MR12404 5 25 20 1.52 7.62 6.10 0.019 0.65
  85 90 5 25.91 27.44 1.52 0.010 0.34
  100 105 5 30.49 32.01 1.52 0.013 0.45
MR12405 150 165 15 45.73 50.30 4.57 0.010 0.35
MR12406 Nil              
MR12407 Nil              
MR12408 Nil              
MR12409 125 140 15 38.11 42.68 4.57 0.018 0.62
  195 205 10 59.45 62.50 3.05 0.018 0.60
  210 215 5 64.02 65.55 1.52 0.016 0.55
MR12410 80 100 20 24.39 30.49 6.10 0.017 0.58
MR12411 150 155 5 45.73 47.26 1.52 0.017 0.58
  190 195 5 57.93 59.45 1.52 0.026 0.89
MR12412 110 115 5 33.54 35.06 1.52 0.020 0.69
  260 265 5 79.27 80.79 1.52 0.045 1.54
MR12413 110 120 10 33.54 36.59 3.05 0.061 2.07
  140 145 5 42.68 44.21 1.52 0.031 1.06
  215 225 10 65.55 68.60 3.05 0.020 0.69
MR12414 110 120 10 33.54 36.59 3.05 0.164 5.62
  155 165 10 47.26 50.30 3.05 0.014 0.46


All holes presented in the above table were completed by reverse circulation (RC) drilling. True width is estimated at ~90% of 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.

Scorpio Gold's President & CEO, Peter J. Hawley, PGeo, is a Qualified Person for the Mineral Ridge project and has reviewed and approved 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, development and exploitation 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 risks such as delays related to completion of exploration programs and those risk factors outlined in the Company's Management Discussion and Analysis 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.