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Strategies & Market Trends : Ride the Tiger with CD
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To: Rocket Red who wrote (213985)4/4/2012 4:17:19 PM
From: Rocket Red  Read Replies (1) of 313878
 
Scorpio Gold subject of Golden Phoenix litigation

 2012-04-04 16:10 ET - News Release
Shares issued 114,081,569
SGN Close 2012-04-03 C$ 1.01



Mr. Peter Hawley reports

LITIGATION COMMENCED BY SCORPIO GOLD'S JOINT VENTURE PARTNER

Scorpio Gold Corp. understands that Golden Phoenix Minerals Inc., its joint venture partner on the Mineral Ridge project located in Nevada, has commenced legal proceedings against Scorpio Gold, Scorpio Gold (U.S.) Corp. (Scorpio Gold's U.S. subsidiary) and Waterton Global Value LP (Golden Phoenix's lender). Scorpio Gold learned of the proceedings through a news release disseminated by Golden Phoenix this morning which provides no details of the litigation, and Scorpio Gold has not yet received any documents supporting the proceedings.

Scorpio Gold believes that the proceedings have been commenced as a result of Golden Phoenix being in default under the terms of the credit facility advanced by Waterton to Golden Phoenix.

As Scorpio Gold has not received or reviewed any of the documents relating to the proceedings, Scorpio Gold is not currently aware of the nature of Golden Phoenix's allegations in the proceedings. Scorpio Gold has been operating the Mineral Ridge project in accordance with good mining practices and the terms of the joint venture operating agreement between it and Golden Phoenix, and Scorpio Gold intends to vigorously defend itself from any claim made by Golden Phoenix. Scorpio Gold will issue a further news release once the nature of Golden Phoenix's claims in the proceedings becomes known.

We seek Safe Harbor.
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