Clarification of Media Reports

Scotgold Resources Limited ("Scotgold" or the "Company")

Clarification of Media Reports

In an article published in the WA Business News on 16 July 2010 reference was made to the Company's intentions to undertake a capital raising to fund exploration over the next 18 months.

While the Company is likely to raise capital within the next 12 months for the purposes of working capital and to fund the Company's future exploration programs, at this time no decision has been made as to terms, means or timing of such capital raising.

About Scotgold:

Scotgold Resources Limited is a gold exploration and development company with projects in the Grampian region of Central Scotland. The Company's assets include the Cononish gold and silver deposit and exploration licences covering 3,200km² of central Scotland. Scotgold is quoted on both the ASX and AIM.

For further information:

United Kingdom:

Australia: