Mr. Peter Hawley reports

SCORPIO GOLD REPORTS FINANCIAL RESULTS FOR THIRD QUARTER OF 2015

Scorpio Gold Corp. has released its financial results for the third quarter ended Sept. 30, 2015. This press release should be read in conjunction with the company's condensed consolidated interim financial statements for the third quarter of 2015 and management 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                                                     
                                                                    Nine           Nine
                                                                  months         months
                                           Q3 2015   Q3 2014        2015           2014

Revenue (000s)                              $9,333   $14,754     $33,759        $38,649
Mine operating earnings (000s)               1,766     1,192       6,239          3,570
Net (loss) earnings (000s)                (15,823)       275    (13,321)          1,261
Basic and diluted (loss) earnings per
share                                       (0.11)      0.00      (0.10)           0.00
Adjusted net earnings (000s)                 1,128       457       3,879          1,367
Adjusted basic and diluted net
earnings per share                            0.01      0.00        0.02           0.00
Adjusted EBITDA (000s)                       3,208     3,551       7,946         10,792
Adjusted basic and diluted EBITDA per
share                                         0.02      0.02        0.04           0.06
Cash flow from operating activities
(000s)                                       2,271     5,006      11,223         10,368
Total cash cost per ounce of gold
sold                                           732       859         779            825
Gold ounces produced                         9,497    11,228      30,187         30,556

Peter Hawley, chief executive officer, commented: "After three strong quarters of production at Mineral Ridge in 2015, Scorpio Gold remains on track to meet its forecast of 38,000 to 40,000 ounces gold produced for the current year. In the face of the ongoing decline in gold prices, the company continues to deliver positive adjusted financial results while decreasing its total cost per ounce produced. The company expects a strong fourth quarter and as a result expects to be in the upper range of its guidance for ounces produced and in the lower end of guidance for total cash cost per ounce produced. The company continues to look at lowering any cost metrics that will not affect operational excellence."

Highlights for the third quarter ended Sept. 30, 2015, and subsequent events

• 9,497 ounces of gold were produced at the Mineral Ridge mine, compared with 11,228 produced during the third quarter of 2014;
• Revenue of $9.3-million compared with $14.8-million during the third quarter of 2014;
• Total cash cost per ounce of gold sold of $732 compared with $859 during the third quarter of 2014;
• Mine operating earnings of $1.8-million compared with $1.2-million during the third quarter of 2014;
• Net loss of $15.8-million (11 cents basic and diluted per share), compared with net earnings of $300,000 (nil basic and diluted per share) during the third quarter of 2014 following non-cash impairment charge of $16.9-million;
• Adjusted net earnings of $1.1-million (one cent basic and diluted per share) compared with $500,000 (nil basic and diluted per share) during the third quarter of 2014;
• Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) of $3.2-million (two cents basic and diluted per share) compared with $3.6-million (two cents basic and diluted per share) during the third quarter of 2014;
• Cash flow from operating activities of $2.3-million compared with $5.0-million during the third quarter of 2014;
• On Aug. 14, 2015, the company closed a $6-million principal amount debt financing mainly used to finance the exploration and development of the company's Mineral Ridge property and for general working capital purposes. The debt bears interest at a rate of 10 per cent per annum, paid quarterly in arrears, has a three-year term and is secured against all of the assets of the company.

Highlights for the nine months ended Sept. 30, 2015

• 30,187 ounces of gold were produced at the Mineral Ridge mine, compared with 30,556 during the nine months ended Sept. 30, 2014;
• Revenue of $33.8-million compared with $38.6-million during the nine months ended Sept. 30, 2014;
• Total cash cost per ounce of gold sold of $779 compared with $825 during the nine months ended Sept. 30, 2014;
• Mine operating earnings of $6.2-million compared with $3.6-million during the nine months ended Sept. 30, 2014;
• Net loss of $13.3-million (10 cents basic and diluted per share) compared with net earnings of $1.3-million (nil basic and diluted per share) following non-cash impairment charge of $16.9-million;
• Adjusted net earnings of $3.9-million (two cents basic and diluted per share) compared with $1.4-million (nil basic and diluted per share) during the nine months ended Sept. 30, 2014;
• Adjusted EBITDA of $7.9-million (four cents basic and diluted per share) compared with $10.8-million (six cents basic and diluted per share) during the nine months ended Sept. 30, 2014;
• Cash flow from operating activities of $11.2-million, up from $10.4-million during the nine months ended Sept. 30, 2014.

We seek Safe Harbor.