Scorpio Gold Pays Interest to Debentureholders

TSX-V: SGN

Unit 1 – 15782 Marine Drive

White Rock, B.C. V4B1E6

T: +1 (604) 536-2711

www.scorpiogold.com

News Release No. 278

Scorpio Gold Pays Interest to Debentureholders

Vancouver, October 28, 2019 – Scorpio Gold Corporation (“Scorpio Gold” or the “Company”) (TSX -V:

SGN) on October 28, 2019 paid a total of US$359,733 to settle its semi -annual interest payment to its

debentureholders.

As announced on April 29, 2019 the Company closed a non-brokered private placement offering of a total

of US$7,175,000 secured subordinated convertible debentures. The debentures have a term of three years

and bear interest at the rate of 10% per annum, payable semi -annually. The Company did not exercise its

option to pay this interest in shares and instead elected to settle this first interest payment in cash.

About Scorpio Gold Corporation

Scorpio Gold holds a 100% interest in the Mineral Ridge gold mining operation located in Esmeralda

County, Nevada. Mineral Ridge is a conventional open pit mining and heap leach operation. Mining at

Mineral Ridge was suspended in November 2017; however, the Company continues to generate limited

revenues from residual but diminishing recoveries from the leach pads. Scorpio Gold also holds a 100%

interest in the advanced exploration-stage Goldwedge property in Manhattan, Nevada with a fully permitted

underground mine and 400 ton per day mill facility. The Goldwedge mill facility has been placed on a care

and maintenance basis and can be restarted immediately when needed.

Scorpio Gold’s Chairman, Peter J. Hawley, P.Geo., is a Qualified Person as defined in National Instrument

43-101 and has reviewed and approved the content of this release.

ON BEHALF OF THE BOARD

SCORPIO GOLD CORPORATION

Brian Lock,

Chief Executive Officer

For further information contact:

Brian Lock, Chief Executive Officer

Tel: (604) 889-2543

Email: [email protected]

Chris Zerga, President

Tel: (604) 536-2711

Email: [email protected]

Website: www.scorpiogold.com

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.

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 sim ilar

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 of its Goldwedge project. Such forward -looking statements involve known

and unknown risks, uncertainties and oth er 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 involved in mineral

exploration programs 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 o r 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.