Scorpio Gold Corp.

Scorpio Gold announces that an affiliate of Waterton Global Value, the Company's lender and the lender to Golden Phoenix Minerals, has acquired Golden Phoenix's 30% joint venture interest in the Mineral Ridge project, located in Nevada, at a public auction that was held on April 30, following Golden Phoenix's failure to make a repayment required under its loan with Waterton.

Scorpio Gold is pleased to present its 2012 production guidance and operating, development and exploration budgets for the 70% owned Mineral Ridge Gold Mine, Nevada. 2012 Production and Operating Guidance: 2012 gold production at the Mineral Ridge operation is forecast at 35,000 to 40,000 ounces at a cash operating cost of US$650 to US$700 per ounce of gold sold.

Scorpio Gold wishes to respond to a letter it received today from its joint venture partner Golden Phoenix Minerals and GP's news release of today, purporting to replace Scorpio as manager of the Mineral Ridge gold mine. Scorpio has instructed its legal counsel in Nevada to take immediate action to stop this ridiculous notion in its tracks. GP has no basis or authority under the joint venture operating agreement to remove [...]

Scorpio Gold commenced by Golden Phoenix Minerals its joint venture partner on the Mineral Ridge project located in Nevada, against Scorpio Gold, its U.S. subsidiary, and Waterton Global Value LP, Golden Phoenix's lender. Scorpio Gold initially announced the Proceedings in a news release dated April 4, 2012, at which time Scorpio Gold's management had not received any of the documents relating to the Proceedings.

Scorpio Gold understands that Golden Phoenix Minerals Inc. ("Golden Phoenix"), its joint venture partner on the Mineral Ridge project located in Nevada, has commenced legal proceedings against Scorpio Gold, Scorpio Gold (US) Corp., and Waterton Global Value LP, Golden Phoenix's lender. Scorpio Gold learned of the Proceedings through a news release disseminated by Golden Phoenix this morning which provides no details of [...]

Scorpio Gold announces final results of the 2011 drilling program on the Mary Zone, located southwest of the current mining in the Drinkwater pit at the 70% owned Mineral Ridge project, Nevada. Peter J. Hawley, President and CEO reports, "The 2011 drilling program has successfully defined the extent of mineralization for the final pit design over the Mary Zone. In addition, drill results have increased the overall width [...]

Scorpio Gold Corporation announces additional drill results from the Mary Zone, located southwest of the current mining in the Drinkwater pit at the 70% owned Mineral Ridge project, Nevada. Peter J. Hawley, President and CEO reports, “Drill results continue to support an increase in the overall width of the Mary Zone and to confirm that gold mineralization extends southwest from the Mary Zone to the adjacent Mary LC Zone [...]

Scorpio Gold is pleased to report on the 2011 operations performance and major milestones accomplished with the commencement of mining operations at the 70% owned Mineral Ridge Gold Mine, Nevada. Peter J. Hawley, President and CEO reports, “2011 was a milestone year for the Company, with the Mineral Ridge Gold Mine coming on line approximately one year from acquisition. Our success in such a short period of time is a [...]

Scorpio Gold announces that it has granted an aggregate of 1,885,000 stock options under the Company's stock option plan, of which 1,075,000 of the options have been granted to directors and officers of the Company. The stock options are exercisable to acquire common shares of the Company at an exercise price of $0.91 per common share for a period of five years from the date of grant.

Scorpio Gold announces additional drill results from the Mary Zone, located southwest of the current mining in the Drinkwater pit at the 70% owned Mineral Ridge project, Nevada. Peter J. Hawley, President and CEO reports, “Drill results continue to expand the width of the Mary Zone and further confirm that gold mineralization extends southwest from the Mary Zone to the adjacent Mary LC Zone, encompassing a strike length [...]