Scorpio Gold Intersects 12.20 Metres Grading 3.99 g/t Gold Followed by 7.62 Metres Grading 3.71 g/t Gold on Mary Zone, Mineral Ridge Project

VANCOUVER, BRITISH COLUMBIA -- (Marketwire - Jan. 17, 2012) - Scorpio Gold Corporation (“Scorpio Gold“ or the “Company“) (TSX VENTURE: SGN) 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 of 780 metres. Commencement of open pit mining at the Mary Zone is on schedule for later in January 2012, adding to current production from the Drinkwater Pit and increasing the overall production at Mineral Ridge.“


Table 1. Mary Zone - Significant Drill Results

Hole No.  From (ft)  To (ft)  Width (ft)  From (m)  To (m)  Width (m)  Gold (OPT)  Gold (g/t)
MR11300 	0 	20 	20 	0.00 	6.10 	6.10 	0.032 	1.08
MR11301 	100 	105 	5 	30.49 	32.01 	1.52 	0.027 	0.93
MR11302 	85 	90 	5 	25.91 	27.44 	1.52 	0.161 	5.52
	155 	175 	20 	47.26 	53.35 	6.10 	0.037 	1.27
MR11303 	110 	115 	5 	33.54 	35.05 	1.52 	0.087 	2.98
	135 	140 	5 	41.16 	42.68 	1.52 	0.628 	21.53
	160 	165 	5 	48.78 	50.30 	1.52 	0.02 	0.69
MR11307 	35 	40 	5 	10.67 	12.20 	1.52 	0.035 	1.20
	55 	60 	5 	16.77 	18.29 	1.52 	0.169 	5.79
	105 	125 	20 	32.01 	38.11 	6.10 	0.028 	0.94
	165 	175 	10 	50.30 	53.35 	3.05 	0.044 	1.49
MR11308 	125 	130 	5 	38.11 	39.63 	1.52 	0.105 	3.58
	155 	190 	35 	47.26 	57.93 	10.67 	0.039 	1.33
MR11309 	210 	215 	5 	64.02 	65.55 	1.52 	0.036 	1.23
MR11310 	165 	190 	25 	50.30 	57.93 	7.62 	0.091 	3.11
MR11312 	115 	150 	35 	35.06 	45.73 	10.67 	0.012 	0.41
MR11313 	10 	15 	5 	3.05 	1.57 	1.52 	0.027 	0.93
	30 	35 	5 	9.15 	10.67 	1.52 	0.024 	0.82
	120 	145 	25 	36.59 	44.21 	7.62 	0.081 	2.78
MR11314 	145 	150 	5 	44.21 	45.73 	1.52 	0.029 	0.99
MR11315 	115 	150 	35 	35.06 	45.73 	10.67 	0.056 	1.93
MR11317 	60 	100 	40 	18.29 	30.49 	12.20 	0.117 	3.99
	130 	155 	25 	39.63 	47.26 	7.62 	0.108 	3.71

A longitudinal section of current mining and exploration in the Drinkwater Pit and Mary Zone is available at: www.scorpiogold.com/i/maps/mr/DW-Mary_LS.jpg.

All holes presented in the above tables were completed by reverse circulation (RC) drilling. True width is estimated at ~90% downhole width. 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. External check assays to verify lab accuracy are routinely completed by ALS Chemex, an ISO 9001:2000 certified and ISO/IEC 17025:2005 accredited laboratory.

President & CEO, Peter J. Hawley, PGeo, is the 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 BOARD SCORPIO GOLD CORPORATION

Peter J. Hawley
President & CEO



The 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 and development including expansion of open pit mining at its Mineral Ridge project. 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 risk related to open pit mining and those risk factors outlined in the Company's Management Discussion and Analysis for the year ended December 31, 2010 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.

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.



Contact Information

Scorpio Gold Corporation
Peter J. Hawley
President & CEO
(819) 825-7618
phawley@scorpiogold.com
www.scorpiogold.com

Torrey Hills Capital
Jim Macdonald
Investor Relations
(858) 456-7300
jm@sdthc.com