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Press release from Marketwire

Scorpio Gold Announces Third Quarter 2012 Operating Results for the Mineral Ridge Project, Nevada

Monday, October 15, 2012

Scorpio Gold Announces Third Quarter 2012 Operating Results for the Mineral Ridge Project, Nevada08:00 EDT Monday, October 15, 2012VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 15, 2012) - Scorpio Gold Corporation ("Scorpio Gold" or the "Company") (TSX VENTURE:SGN) today announced its operating results for the third quarter of 2012 ("Q3") at its 70% owned Mineral Ridge project, Nevada. Peter J. Hawley, CEO reports, "The Company continued to ramp up operations and track positively in Q3, with ore production from the Drinkwater pit remaining close to static and ore production from the developing Mary pit increasing by 176% compared to the second quarter 2012 ("Q2"). Throughput per day and tons of ore processed increased by 15% and 16% respectively, resulting in an increase in gold-in-process inventory compared to Q2. During Q3, the Company retired its remaining long-term debt and continues with an aggressive growth strategy both internally and by acquisition of two of Royal Standard Minerals' properties in Nevada, currently in process."Key Operating Statistics Q3Q2Q1Year to DateMining operationsDrinkwater pitOre tonnes mined156,007160,664122,995439,666Waste tonnes mined738,890700,523656,7702,096,183Total mined894,897861,187779,7652,535,849Mary pitOre tonnes mined8,7273,156-11,883Waste tonnes mined282,157244,927280,205807,289Total mined290,884248,083280,205819,172ProcessingTonnes processed186,858160,759126,668474,285Gold head grade (g/t)2.102.092.342.16Ounces producedGold6,6637,3947,19721,254Silver2,9002,9303,1749,004Throughput (tonnes per day)2,4272,1151,6672,071Precious Metal Sales (ounces)Gold7,2347,8037,77422,811Silver3,1352,9563,4299,520Exploration DrillingHoles356351149Meters5,8806,4365,10417,420Scorpio Gold's CEO, Peter J. Hawley, P.Geo., is a Qualified Person for the Mineral Ridge operation and has reviewed and approved the content of this release. For additional information, please see the Company's website at www.scorpiogold.com. About Mineral RidgeThe Mineral Ridge gold mining operation is located in Esmeralda County, Nevada. Scorpio Gold holds a 70% interest with joint venture partner Waterton Global Value L.P. (30%), and is 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 property is host to multiple gold-bearing structures, veins and bodies at exploration, development and production stages.ON BEHALF OF THE BOARD SCORPIO GOLD CORPORATIONPeter J. Hawley, 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 exploration, development and exploitation of its Mineral Ridge project and acquisition of additional properties. 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, risks and uncertainties of completing acquisitions, 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. FOR FURTHER INFORMATION PLEASE CONTACT: Steve RoebuckScorpio Gold CorporationPresident(819) 825-7618sroebuck@scorpiogold.comwww.scorpiogold.comORTorrey Hills CapitalInvestor Relations:Jim Macdonald(858) 456-7300jm@sdthc.comNeither 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.