Scorpio Gold Announces Stock Option Grants

TSX-V: SGN

News Release No. 57

January 26, 2012

Scorpio Gold Announces Stock Option Grants

Vancouver, January 26, 2012 - Scorpio Gold Corporation (the “Company”) (TSX-V: SGN) 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.

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

For further information contact:

Peter J. Hawley Tel: (819) 825-7618 Email: [email protected]

Investor Relations:

Jim Macdonald, Torrey Hills Capital Tel: (858) 456-7300 Email: [email protected]

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.

995, rue Germain, Val-d’Or Qc, J9P 7H7 T :(819) 825-7618 F : (819) 825-0977