Mr. Peter Hawley reports

SCORPIO GOLD REPORTS FOURTH QUARTER AND PROVIDES YEAR-END FINANCIAL RESULTS FOR 2013

Scorpio Gold Corp. has released its financial results for the fourth quarter and the year ended Dec. 31, 2013. This press release should be read in conjunction with the company's consolidated financial statements for the year ended Dec. 31, 2013, and management's discussion and analysis for the same period, available on the company's website and under the company's name on SEDAR. (All monetary amounts are expressed in U.S. dollars unless otherwise specified.)

                           PERFORMANCE HIGHLIGHTS
                               (in U.S. dollars)

                                     Q4 2013    Q4 2012     2013       2012
                                          
Revenue ($000s)                      $13,739    $15,498  $54,646    $52,615
Mine operating earnings ($000s)        1,819      5,041   10,841     17,086
Net earnings (loss) ($000s)           (1,976)     3,673   (6,843)    12,601
Basic and diluted earnings (loss)                                          
per share                              (0.02)      0.02    (0.05)      0.07
Adjusted net earnings (000s)             774      4,515    6,346     13,759
Adjusted basic and diluted net                                             
earnings per share                      0.00       0.03     0.03       0.08
Adjusted EBITDA (000s)                 4,829      7,996   25,248     25,710
Adjusted basic and diluted EBITDA                                          
per share                               0.03       0.05     0.14       0.15
Total cash cost per ounce of gold                                          
sold                                     732        815      734        890
Gold ounces produced                  11,348     10,812   39,160     32,066

Peter J. Hawley, the company's chief executive officer, commented: "Our 2013 financial results are solid despite a very challenging year for the gold sector. The lower gold price realized in 2013 created our biggest challenge resulting in a loss for the year due to a non-cash impairment charge, but the Mineral Ridge team responded with record high production levels, driving the cost per ounce of gold sold down to record low levels. The mine is running very well, and we are forecasting production of 40,000 to 45,000 ounces of gold in 2014 at a conservative estimate of cash costs of $800 to $850 per ounce of gold sold."

Highlights and subsequent events for 2013:

• A total of 39,160 ounces of gold produced at the Mineral Ridge mine, compared with 32,066 ounces during 2012, an increase of 22 per cent;
• Increased revenue of $54.6-million compared with $52.6-million during 2012, mainly due to a 24-per-cent increase in ounces of gold sold, offset by a lower average gold price during 2013;
• Improved total cash cost per ounce of gold sold of $734 compared with $890 during 2012; this reduction of 18 per cent is mainly attributable to higher production levels;
• Mine operating earnings of $10.8-million compared with $17.1-million during 2012, mainly due to increased depletion and amortization during 2013, as a result of increased production levels;
• Net loss of $6.8-million (five cents, basic and diluted, per share) after non-cash impairment charges of $12.6-million (eight cents, basic and diluted, per share), compared with net earnings of $12.6-million (seven cents, basic and diluted, per share) during 2012;
• Adjusted net earnings of $6.3-million (three cents, basic and diluted, per share) compared with $13.8-million (eight cents, basic and diluted, per share) during 2012, mainly due to increased depletion and amortization during 2013;
• Adjusted earnings before interest, taxes, depreciation and amortization of $25.2-million (14 cents, basic and diluted, per share) compared with $25.7-million (15 cents, basic and diluted, per share) during 2012;
• Adjusted cash flow from operating activities of $22.9-million compared with $24.7-million during 2012;
• Receipt of approval for the new plan of operations at the Mineral Ridge mine in February, 2014, which allows for expansion of the Mary pit;
• Sale of the Pinon property on March 5, 2014, with approximately $5.2-million of the proceeds applied to reduce the company's long-term debt (see the company's news release of March 5, 2014, for more details).

Fourth quarter 2013 highlights:

• A total of 11,348 ounces of gold produced at the Mineral Ridge mine compared with 10,812 ounces in fourth quarter of 2012, an increase of 5 per cent;
• Revenue of $13.7-million compared with $15.5-million during fourth quarter of 2012; this 12-per-cent decrease is mainly due to the significant decrease in gold price for ounces sold despite an 18-per-cent increase in gold ounces sold during fourth quarter of 2013;
• Improved total cash cost per ounce of gold sold of $732 compared with $815 during fourth quarter of 2012; this reduction of 14 per cent is mainly attributable to higher production levels during fourth quarter of 2013;
• Improved cash cost per ounce and higher production levels not completely offsetting the decrease in the average gold price;
• Mine operating earnings of $1.8-million compared with $5.0-million during fourth quarter of 2012;
• Net loss of $2.0-million (two cents, basic and diluted, per share), compared with earnings of $3.7-million (two cents, basic and diluted, per share) during fourth quarter of 2012; during fourth quarter of 2013, a non-cash impairment charge of $2.7-million has been recorded;
• Adjusted net earnings of $800,000 (nil, basic and diluted, per share) compared with $4.5-million (three cents, basic and diluted, per share) during fourth quarter of 2012;
• Adjusted earnings before interest, taxes, depreciation and amortization of $4.8-million (three cents, basic and diluted, per share) compared with $8.0-million (five cents, basic and diluted, per share) during fourth quarter of 2012;
• Adjusted cash flow from operating activities of $4.8-million compared with $6.1-million in fourth quarter of 2012.

Scorpio Gold's chief executive officer, Peter J. Hawley, PGeo, is a qualified person as defined in National Instrument 43-101 and has reviewed and approved the content of this release.

We seek Safe Harbor.