Director/PDMR 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 406,250 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 406,250 New Shares, 281,250 were issued to Mr Chris Sangster, Chief Executive, and 125,000 were issued to Mr Shane Sadleir, a non-executive director.

Following the issue of the New Shares, Chris Sangster is now interested in 6,438,250 ordinary shares representing 3.31% of the issued capital of the Company and Shane Sadleir is now interested in 14,603,481 ordinary shares representing 7.50% 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 2 May 2012.

The total number of shares in issue following the issue of the New Shares is 194,777,779.

For further information please contact:

United Kingdom:

Australia: