Press release from Marketwire
Scorpio Gold Commences Leach Pad Operations at Mineral Ridge
Monday, February 14, 2011
Scorpio Gold Commences Leach Pad Operations at Mineral Ridge12:30 EST Monday, February 14, 2011VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 14, 2011) - Scorpio Gold Corporation (the "Company") (TSX VENTURE:SGN) today announced that leach pad operations are underway at its 70% owned, fully funded, Mineral Ridge Gold Project in Nevada.Peter J. Hawley, President & CEO reports, "This is a monumental step for the Company as it enters the stage of becoming a gold producer. Due to the hard work of our operations team the Company expects to commence gold production in March of this year, approximately one year after buying the project, rehabbing, rebuilding and completing mine planning."Leach pad operations began last week following the Company receiving the final piece of permitting from the Bureau of Land Management (BLM) and the Nevada Division of Environmental Protection agency (NDEP). With this approval the Company has completed all requirements in order to proceed with mining of the open pits and processing of materials.Crushing, agglomeration and stacking of gold-bearing material mined by the previous owners is currently taking place with the application of leaching solution scheduled to begin during the last week of February. There are presently some 280,000 tons of material available to be treated on the pad, after which, ore for the balance of 2011 will be mined from the Drinkwater Pit.It is expected that the initial processing of pregnant solution through the ARD circuit to recover gold will take place in March. Processing contracts to treat the loaded carbon from the circuit have been put in place. Gold production, which is completely un-hedged, is expected to reach a steady state by June and then continue to track positively in the second half of 2011.The Company's interest in the Mineral Ridge project is expected to increase to 80% before year end based on Mineral Ridge achieving two quarters of commercial production, pursuant to its agreement with Golden Phoenix Minerals.Peter J. Hawley, PGeo, President and CEO, is the Company's 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 BOARDSCORPIO GOLD CORPORATIONPeter J. Hawley, President & CEOThe 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 development and commencement of production at its Mineral Ridge property. 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. Factors that may cause actual results to vary materially include, but are not limited to, changes in general economic conditions or conditions in the financial markets, fluctuations in gold prices and currency exchange rates and unanticipated operational or technical difficulties. Such forward looking information is based on a number of assumptions, including but not limited to, the continuing availability of financing, no significant decline in existing general business and economic conditions, the level and volatility of the gold price, the accuracy of our resource estimates and of the geological, metallurgical, price and other assumptions on which the estimates are based. 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: Peter J. HawleyScorpio Gold CorporationPresident & CEO(819) firstname.lastname@example.orgNeither 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.