Funds Managed by Libra Advisors, LLC Acquire Common Shares of Scorpio Gold
Corporation for Investment Purposes

TORONTO, Aug. 5 /CNW/ - Libra Advisors, LLC ("Libra") announced today that Libra Fund, L.P. and Libra Offshore Master Fund, L.P. (the "Funds") acquired 2,000,000 common shares of Scorpio Gold Corporation ("Scorpio") at a price of $0.52 per share.

As a result of the acquisition together with the previously held common shares, the Funds now hold 6,450,000 common shares representing approximately 8.30% of the outstanding common shares of Scorpio, and 2,225,000 warrants of Scorpio that, if exercised, would result in the Funds holding approximately 10.85% of the outstanding common shares of Scorpio.

The Funds acquired the common shares for investment purposes and may, from time to time, acquire additional securities of Scorpio or dispose of such securities as they may deem appropriate.

Libra is the investment advisor to Libra Fund, L.P. and Libra Offshore Master Fund, L.P. with principal offices at 909 Third Avenue, 29th Floor, New York, NY 10022.

For further information: Mr. Ranjan Tandon, Managing Member, at [phone]