Atlantic Gold Elects to Exercise Right to Purchase Cochrane Hill Gold Deposit

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.

Vancouver, April 20, 2011 - Scorpio Gold Corporation ("Scorpio Gold" or the "Company") (TSX-V: SGN) has been advised by Atlantic Gold that it intends to exercise its right of first refusal to purchase the Cochrane Hill gold deposit, as triggered by the recent offer received by the Company from Steeple Holdings Limited (see April 11, 2011 news release).

Atlantic Gold has not provided a formal notice of acceptance and once it does so, the Company will provide further details.

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: phawley@scorpiogold.com

Investor Relations:
Torrey Hills Capital
Andrew Hoffman Tel: (858) 456-7300
Email: ahoffman@torreyhillscapital.com

We seek free harbour.