Scorpio Gold Retains Investor Relations Services

VANCOUVER, July 24, 2020 - Scorpio Gold Corp. ("Scorpio Gold" or the "Company") (TSXV:SGN) as subject to regulatory approval, retained each of Connect2Investors Corp. ("Connect2"), Simone Capital Corp. ("Simone") and Tufford Client Relations Group ("Tufford") to implement a marketing campaign to increase awareness of and interest in Scorpio Gold using the specific roles and experience that each of the parties provide.

Marketing Campaign:

Connect 2, out of Vancouver, B.C., role will be to utilize its proprietary data base to contact, with information provided by Scorpio Gold, stock brokers, portfolio managers, analysts, individual investors, letter writers and media contacts. For its services, the Company has agreed to pay Connect2 $2,500 per month for a renewable term of 6 months. After the 6-month term, the agreement may be terminated by either party on 10 business days notice or if renewed then termination will be 30 days. The Company and Connect2 act at arm's length, and Connect2 has no present interest, directly or indirectly in Scorpio Gold or its securities. The fee paid by Scorpio Gold to Connect2 is for services only

Simone, out of Toronto, Ontario, role will be to provide Scorpio Gold with consulting services consisting of investor relations and corporate communications using its propriety data base to contact, with information provided by Scorpio Gold, stock brokers, portfolio managers, analysts, individual investors, letter writers and media contacts. For its services the Company has agreed to pay Simone $5,000 per month for a renewable term of 6 months. After the 6-month term, the agreement may be terminated by either party on 10 business days notice or if renewed then termination will be 30 days. The Company and Simone act at arm's length, and Simone has no present interest, directly or indirectly in Scorpio Gold or its securities. The fee paid by Scorpio Gold to Simone is for services only.

Tufford, out of Nova Scotia, role will be to contact the Company's list of subscribers and shareholders, both past and present, to update contact information and confirm interest in the Company. For its services, the Company has agreed to pay Tufford $2,500 per month for a renewable term of 6 months. After 3 months, the agreement may be terminated by either party on 30 days notice. The Company and Tufford act at arm's length, and Tufford has no present interest, directly or indirectly in Scorpio Gold or its securities. The fee paid by Scorpio Gold to Tufford is for services only.

The Company will pay all contracts from existing working capital.

Stock Options:

The Company has granted 100,000 stock options to each of Connect2 and Simone at a price of $0.155 and to vest 25% on grant and 25% each quarter thereafter for a term of 2 years. In addition, the Company granted 150,000 stock options to officers of the Company at a price of $0.155 for a term of 5 years.

About Scorpio Gold

Scorpio Gold 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. Scorpio Gold also 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. On July 20, 2020, the Company announced signing of a letter of intent to acquire a 100% interest in the Manhattan Project Properties (the "Property") situated adjacent and proximal to the Company's Goldwedge property.

ON BEHALF OF THE BOARD
Scorpio Gold Corp.

Brian Lock, CEO

For further information contact:

Brian Lock
Tel: (604) 889-2543
Email: block@scorpiogold.com

Chris Zerga, President
Tel: (604) 536-2711
Email: czerga@scorpiogold.com

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 similar 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 completion of the Transaction. Such forward-looking statements involve known and unknown risks, uncertainties and other 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 that either party will not be satisfied with its due diligence review and will terminate the Transaction, that the parties will fail to negotiate and enter into a binding agreement in respect of the Transaction, or that either party will not be able to meet any of the conditions precedent to the completion of the Transaction, including the requirement for regulatory approval. 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 or 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.

SOURCE: Scorpio Gold Corp.