Completion of Waterton Buyout And Acquire 100% Interest In Mineral Ridge Property

VANCOUVER, BC - Scorpio Gold Corporation reported that further to the Company’s press release dated January 28, 2019, the Company has completed the Waterton Buyout, as a result of which, among other things, the Company’s senior secured debt owing to an affiliate of Waterton Global Resources Management in the amount of US$6,103,562 has been extinguished, and the Company now holds a 100% interest in the Mineral Ridge project, located in Nevada. Brian Lock, the interim CEO and a director said, "This is a great day for Scorpio Gold, having eliminated its US$6-million senior secured debt with Waterton in exchange for an upfront payment of US$3-million in cash, and increasing its ownership of the Mineral Ridge Gold Mine to 100%.  Scorpio Gold is finalizing the previously-announced US$6-million convertible debenture financing.  We can now focus our efforts on re-engaging with lenders who had previously expressed interest in funding our new processing facility at the Mineral Ridge project. This will allow us to capture the value in the gold reserves contained in the heap leach pad and unmined portions of the mine. We see potential to increase those resources by further exploration within and outside our area of operations. Our operating team at Mineral Ridge has proved its excellence over the past eight years and once financed, will build and operate the new process facility with an expected mine life of at least seven years."