Scorpio Gold Corp. (SRCRF)

[Belgie24]

Scorpio Gold Provides Corporate Update

Vancouver, September 25, 2012 - Scorpio Gold Corporation ("Scorpio Gold" or the "Company") (TSX-V: SGN) is pleased to provide Company shareholders with an update on the following activities:
¦Debt retirement
¦Mineral Ridge NI 43-101 Technical Report on Life of Mine Plan
¦Leach pad stacking height study
¦Exploration drilling at the Vulcan target
¦Toronto Resource Investment Conference - September 27-28

On September 28, 2012, the Company will make its final payment to fully retire the $8M debt to Waterton Global Resource Management.

Scorpio Gold is expecting to release the Mineral Ridge NI 43-101 Technical Report on Life of Mine Plan the week of October 1, 2012. The Company is engaged in a final review with the report's authors (AMEC) and the sign-off process is underway.

Recently the Company took receipt of a separate AMEC study, commissioned to determine the stacking height increase at the leach pad. The study concluded that it is feasible to stack material 190 feet above the liner, thereby increasing the leach pad capacity to 7.6 million tonnes from its currently permitted 5.5 million tonnes; an increase of 38%.

A second drill rig was mobilized to the property and has commenced drilling at the highly prospective Vulcan target, located 3.9 km northwest of the Mary and Drinkwater pits. Exploration drilling is targeting mineralized structures exposed in the historical mine workings and in surface showings where high-grade gold and silver assays were returned in select grab samples. The drill program will help determine if the Vulcan target is the potential down-dip extension of mineralization in the Mary and Drinkwater pits.

Scorpio Gold is pleased to announce its attendance at this week's Toronto Resource Investment Conference taking place September 27-28 at the Sheraton Centre, 123 Queen St. West, Toronto. Please drop by booth #319 and meet the Company's new President, Mr. Steve Roebuck.

Scorpio Gold's CEO, Peter J. Hawley, P.Geo., is a Qualified Person for the Mineral Ridge project 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 Ridge

The 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 CORPORATION

Peter J. Hawley,
CEO

For further information contact:
Steve Roebuck Tel: [phone]
Email:[e-mail]

Investor Relations:
Jim Macdonald, Torrey Hills Capital
Tel: [phone]
Email:[e-mail]

http://www.scorpiogold.com/s/news.asp?ReportID=549361