Exercise of Options & Director Shareholding

SCOTGOLD RESOURCES LIMITED

("SCOTGOLD" OR THE "COMPANY")

EXERCISE OF OPTIONS & CHANGE OF DIRECTOR'S INTEREST

Scotgold (ASX:SGZ, AIM: SGZ) wishes to announce that it has issued and allotted 221,574 new ordinary shares of zero nominal value ("New Shares") in the Company following the exercise of options with an exercise price of AUS$0.08 per share.

Of the 221,574 new ordinary shares, 112,500 were issued to Mr John Bentley, Executive Director of the Company. John Bentley is now interested in 1,462,500 ordinary shares representing 0.75% of the issued capital of the Company.

An application for admission of the New Shares to trading on AIM will be submitted and trading is expected to commence on 26 April 2012.

The total number of shares in issue following the issue of the New Shares is 194,371,529.

For further information please contact:

United Kingdom:

Australia: