Vancouver, September 1, 2015 - Scorpio Gold Corporation ("Scorpio Gold" or the "Company") (TSX-V: SGN) reports the re-election of Peter J. Hawley, Brian Lock, Luc Pelchat, David W. Smalley, Andrew Lee Smith and Peter Brieger as Directors of the Company at the Company's annual and special meeting of shareholders held August 31, 2015. At the meeting, the Company's shareholders also approved the renewal of the Company's stock option plan and re-appointment of Deloitte LLP as auditors of the Company, as set out in the Company's management information circular dated July 27, 2015.
In addition, Scorpio Gold is pleased to announce the appointment of Paul A. Parisotto to its Board of Directors. Mr. Parisotto, HBA Economics, brings over 30 years of public company and capital markets experience to the Company. He is currently President and CEO of Calico Resources Corp., which is advancing the PEA-level Grassy Mountain gold project located in Oregon, USA. Mr. Parisotto is also the current Chairman and former CEO of Noront Resources Ltd., a nickel-copper-platinum-palladium company with near-term development projects in Ontario. From 2004 to 2008, he was President and CEO of Arizona Star Resource Corp., leading the sale of that company to Barrick Gold Corporation in December 2007 for $773 million. Earlier in his career, Paul built and headed up the mining corporate finance business for a Canadian investment dealer, prior to which he served as the Manager, Original Listing, at the Toronto Stock Exchange.
Peter J. Hawley, President & CEO comments, "We are very pleased to have Paul join Scorpio Gold's Board of Directors. He brings tremendous depth to the Company in both mining and investment strategies and will be a valuable asset in raising Scorpio Gold's profile in the mining and investment community."
The Company has granted Mr. Parisotto stock options to purchase up to 100,000 common shares, pursuant to the Company's stock option plan, at an exercise price of $0.10 per share (based on the closing market share price on August 31, 2015) for a period of 5 years.
Scorpio Gold is also pleased to announce the engagement of San Diego Torrey Hills Capital, Inc. ("Torrey Hills Capital") to provide market awareness and investor relations services to the Company. Established in 1998, Torrey Hills Capital is headquartered in Rancho Santa Fe, California and is a leading investor and financial public relations firm specializing in small and microcap companies.
Torrey Hills Capital has been engaged for an initial term of four months at a monthly fee of US$4,000, which may be extended at the Company's discretion. In addition, Scorpio Gold has agreed to a one-time grant of 200,000 incentive stock options exercisable at a price of $0.10 per share for a period of three years. Such options will vest in four equal quarterly tranches over a period of 12 months from the date of grant and shall be subject to the terms of the Company's stock option plan and the policies of the TSX Venture Exchange.
Torrey Hills, through its officers, directors, employees, and consultants, currently controls 0.8 million common shares of stock of Scorpio Gold, which were purchased on the open market.
The engagement of Torrey Hills Capital as an investor relations consultant of Scorpio Gold and the granting of stock options remain subject to regulatory acceptance of applicable filings with the TSX Venture Exchange.
About Scorpio Gold
Scorpio Gold holds a 70% interest in the producing Mineral Ridge gold mining operation located in Esmeralda County, Nevada with joint venture partner Waterton Global Value L.P. (30%). Mineral Ridge is 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 in Manhattan, Nevada, with a fully permitted underground mine and 400 ton per day mill facility. The Goldwedge mill facility has been placed on a care and maintenance basis for the near-term and can be restarted immediately when needed.
ON BEHALF OF THE BOARD
SCORPIO GOLD CORPORATION
Peter J. Hawley,
President & CEO
For further information contact:
Peter J. Hawley, CEO
Tel: (819) 825-7618
Jim Macdonald, Torrey Hills Capital
Tel: (858) 456-7300
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.