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Feb 03, 2014

Scorpio Gold Intersects 6.06 g/t Gold over 10.67 meters at the Solberry Satellite Deposit, Mineral Ridge Project, Nevada

Vancouver, February 3, 2014 - Scorpio Gold Corporation ("Scorpio Gold" or the "Company") (TSX-V: SGN) reports further results from its 2013 satellite deposit drilling program at the 70% owned Mineral Ridge project, located in Nevada. The Solberry deposit lies west of the currently producing Drinkwater and Mary pits and 600 meters northwest of the leach pad.

The Solberry is one of the least explored of the satellite deposits on the Mineral Ridge property. Limited past drilling has outlined a small shallow resource and floating cone pit shell (as reported in the Company's August 16, 2013 news release). Twelve holes drilled in 2013 have provided further evidence that Solberry is not an isolated zone but forms part of a semi-continuous trend of mineralization within a shallow-dipping stratigraphic horizon. This horizon hosts the Oromonte and Wedge deposits to the southeast and the Bluelite and Brodie deposits to the south. All of these deposits lie on the western flank of an anticlinal fold structure and are considered to be related to mineralization within the Drinkwater-Mary trend, which lies on the eastern flank.

The upcoming 2014 exploration drilling program is designed to trace known mineralization at Solberry to the south and southeast toward the Oromonte deposit, and northwestward into untested ground. The current resource and pit shell at Solberry appear to be constrained by the extent of historic drilling rather than any demonstrated termination of the mineralized trend, and the proposed drill program is targeted at increasing the size and enhancing the confidence level of the current resource.

Highlights from the 2013 drilling program on the Solberry deposit include:
  • MR13693: 7.03 g/t gold over 7.62 meters
  • MR13894: 6.06 g/t gold over 10.67 meters
  • MR13698: 1.97 g/t gold over 4.57 meters

A drill hole location map is available at: View Drill Plan.

Table 1. Solberry Area - Significant Drill Results
Hole No. Azm (deg) Dip (deg) From (ft) To (ft) Width (ft) From (m) To (m) Width (m) Gold (OPT) Gold (g/t)
MR13690 0 -90 15 20 5 4.57 6.10 1.52 0.015 0.51
40 50 10 12.19 15.24 3.05 0.016 0.55
565 570 5 172.21 173.74 1.52 0.010 0.34
MR13691 0 -90 70 75 5 21.34 22.86 1.52 0.021 0.72
MR13692 0 -90 0 5 5 0.00 1.52 1.52 0.012 0.41
25 30 5 7.62 9.14 1.52 0.016 0.55
MR13693 0 -90 30 55 25 9.14 16.76 7.62 0.205 7.03
65 75 10 19.81 22.86 3.05 0.013 0.45
MR13694 0 -90 35 40 5 10.67 12.19 1.52 0.035 1.20
70 105 35 21.34 32.00 10.67 0.177 6.06
MR13695 0 -90 No Significant Results
MR13696 0 -90 10 15 5 3.05 4.57 1.52 0.040 1.37
90 95 5 27.43 28.96 1.52 0.018 0.62
115 135 20 35.05 41.15 6.10 0.040 1.36
MR13697 0 -90 No Significant Results
MR13698 0 -90 65 80 15 19.81 24.38 4.57 0.057 1.97
MR13699 0 -90 0 5 5 0.00 1.52 1.52 0.052 1.78
15 25 10 4.57 7.62 3.05 0.047 1.59
170 180 10 51.82 54.86 3.05 0.023 0.79
MR13700 0 -90 25 30 5 7.62 9.14 1.52 0.031 1.06
40 50 10 12.19 15.24 3.05 0.026 0.87
MR13701 0 -90 10 15 5 3.05 4.57 1.52 0.023 0.79

All holes presented in Table 1 were completed by reverse circulation ("RC") drilling. True width is estimated at 90-100% of downhole width. Analytical results were performed by American Assay Laboratory Inc. in Sparks, Nevada, an ISO/IEC 17025:2005 accredited facility. External check assays to verify lab accuracy are routinely completed by ALS Chemex, an ISO 9001:2000 certified and ISO/IEC 17025:2005 accredited facility. Further details are presented in the Company's quality assurance and quality control program for the Mineral Ridge project at: View PDF.

About Scorpio Gold

Scorpio Gold holds a 70% interest in the Mineral Ridge gold mining operation located in Esmeralda County, Nevada with joint venture partner Waterton Global Value L.P. (30%), and is currently entitled to receive 80% of cash flow generated. Mineral Ridge is currently in production as a conventional open pit mining and heap leach operation. The Mineral Ridge property is host to multiple gold-bearing structures, veins and lenses at exploration, development and production stages. Scorpio Gold also holds a 100% interest in the advanced exploration-stage Goldwedge property and processing facility in Manhattan, Nevada, and is currently in process of selling the advanced exploration-stage Pinon gold property near Carlin, Nevada. The Company is assessing its exploration plans for the Goldwedge property as well as the potential for toll milling at the Goldwedge plant, which is currently permitted for 400 tons per day.

Scorpio Gold's CEO, Peter J. Hawley, PGeo, is a Qualified Person as defined by National Instrument 43-101 and has reviewed and approved the content of this release.

ON BEHALF OF THE BOARD
SCORPIO GOLD CORPORATION


Peter J. Hawley,
CEO

For further information contact:
Steve Roebuck Tel: (819) 825-7618
Email:

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

Website: www.scorpiogold.com

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, including future drilling, future resource estimates and other exploration activities on the satellite deposits. 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 involved in 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.