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Press release from Marketwire

Scorpio Gold's Rehab of the Mineral Ridge Pregnant/Barren Pond Facility Reveals High-Grade Gold Values

Thursday, July 08, 2010

Scorpio Gold's Rehab of the Mineral Ridge Pregnant/Barren Pond Facility Reveals High-Grade Gold Values08:30 EDT Thursday, July 08, 2010VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 8, 2010) - Scorpio Gold Corporation (TSX VENTURE:SGN) is pleased to announce initial sample results of material contained within the pregnant/barren solution ponds at the Mineral Ridge gold deposit leach facility, Nevada.Peter J. Hawley, CEO, Director, reports, "While de-watering the pregnant and barren ponds for inspection and testing of the pond liners, company representatives were quite surprised to see that the barren pond design did not include a carbon fines pond. Typical pond design would include a settling pond for carbon fines created from attrition of the loaded carbons in the carbon adsorption circuit. Sampling of the barren pond sludge has returned significant results (Table 1)."Since the initial collection of these samples, water levels have been lowered and the gold-bearing sludge in the barren pond is estimated to range from 9 to 12 inches deep. The pregnant pond material averages 3 feet in depth and looks to be material from the heap leach pad that was allowed to wash into the pregnant pond. This material will be pumped into a "geotube" fabric tube and utilized as a berm in the barren pond to create a settling pond for future carbon fines segregation. Numerous samples have been taken from both ponds with the results listed in Table 1.The company is in the process of contacting companies experienced with this type of carbonaceous material for the potential processing and recovery of the precious metals. At this time it is unknown if it will be economic to process the sludge material.Table 1. Pregnant Pond/Barren Pond Assay Results ---------------------------------------------------------------------------- Gold Gold FA Sample Description FAAA(OPT) GRAV(OPT) ---------------------------------------------------------------------------- North End Pregnant Pond 0.058 ---------------------------------------------------------------------------- North End Pregnant Pond Re-Check 0.060 ---------------------------------------------------------------------------- Center Pregnant Pond 0.037 ---------------------------------------------------------------------------- Center Pregnant Pond Re-Check 0.037 ---------------------------------------------------------------------------- South End Pregnant Pond 0.021 ---------------------------------------------------------------------------- South End Pregnant Pond Re-Check 0.021 ---------------------------------------------------------------------------- North End Barren Pond 0.456 0.496 ---------------------------------------------------------------------------- North End Barren Pond Re-Check 0.488 ---------------------------------------------------------------------------- Center Barren Pond 1.845 1.830 ---------------------------------------------------------------------------- Center Barren Pond Re-Check 1.834 ---------------------------------------------------------------------------- South End Barren Pond 0.572 0.539 ---------------------------------------------------------------------------- South End Barren Pond Re-Check 0.529 ---------------------------------------------------------------------------- Pregnant Composite(1) 0.031 ---------------------------------------------------------------------------- Pregnant Composite Re-Check 0.033 ---------------------------------------------------------------------------- Blank Sample 0.001 ---------------------------------------------------------------------------- Barren Composite(2) 0.778 0.785 ---------------------------------------------------------------------------- Barren Composite Re-Check 0.778 ---------------------------------------------------------------------------- Standard 0.120 ---------------------------------------------------------------------------- Barren Pond Composite(3) 1.178 1.186 ---------------------------------------------------------------------------- 1. Composite of north end, center and south end samples from pregnant pond. 2. Composite of north end, center and south end samples from barren pond. 3. Re-sampled composite from barren pond. 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 at: www.scorpiogold.com/Documents/QAQC-MR.pdf. For additional information please see the Company's website at www.scorpiogold.com. CEO, Mr. Peter J. Hawley, PGeo, is the Company's Qualified Person for the various Company projects. Mr. Hawley is responsible for the current exploration and development programs and has reviewed the content of this release.ON BEHALF OF THE BOARDSCORPIO GOLD CORPORATIONPeter J. Hawley, Chief Executive Officer and DirectorThe 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 statements regarding the estimation of mineral resources and the Company's plans with respect to the exploration and development of its projects. 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. 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 therein.FOR FURTHER INFORMATION PLEASE CONTACT: Scorpio Gold Corporation Jag Sandhu JNS Capital Corp. (604) 306-1950 jagsandhu@telus.net 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.