Scorpio Gold Board Appointments

VANCOUVER, British Columbia, Oct. 30, 2019 (GLOBE NEWSWIRE) — Scorpio Gold Corporation (“Scorpio Gold” or the “Company”) (TSX-V: SGN) is pleased to announce the appointment of Ian Dawson and Murray Bockhold to the board of directors of the Company, subject to approval of the TSX Venture Exchange. Luc Pelchat has retired from the board of directors and the Company thanks him for his contribution to the Company during his tenure.

Ian G. Dawson BA, MBA, President Dawson Group Limited. The Dawson Group is primarily involved in Construction (1922), Road Maintenance (1988) and Truck Sales, Service and Leasing (1991).

Murray Bockhold, BCom, CIM, Founder and CEO of Bockhold Investment Management (“BIM”). BIM provides portfolio investment advice exclusively to the BIM Group at CIBC Wood Gundy Park Place. He began his career 35 years ago at Burns Fry where in 1989, together with two colleagues, they created the Sigma Account, the first non-discretionary fee-based brokerage account that went on to become an industry standard. Mr Bockhold previously served on the Board of an Intel Corporation Portfolio Company and the Board of Richardson GMP. He is a strong advocate for shareholder/investor rights. As the Chair of the Ad Hoc Committee of Twin Butte Energy, and working with Bennett Jones and Macquarie Capital, the Ad Hoc successfully unlocked $100 million of value on behalf of debenture holders. Mr Bockhold currently serves as the Court appointed Trustee for Gryphon Gold Corporation.

The appointments of Mr. Dawson and Mr. Bockhold were made pursuant to the Board Composition Requirement of the Convertible Secured Subordinated Debenture Indenture made as of April 26, 2019 between the Company and Computershare Trust Company of Canada (the “Debenture Indenture”). The Lead Debentureholders mean collectively Ianco Holdings Ltd., a company owned by Ian Dawson and Matco Holdings Ltd., a company controlled by Bruce Dawson (the “Lead Debentureholders”). The Board Composition Requirements are now met as at least half of the Board are nominees of the Lead Debentureholders given that Peter Tegart, Ian Dawson and Murray Bockhold are Lead Debentureholder board nominees.

With the two appointments and one resignation the board of directors of the Company is now comprised of six members including Peter Hawley, Brian Lock, Peter Brieger, Peter Tegart, Ian Dawson and Murray Bockhold.

About Scorpio Gold Corporation