Royal Standard Minerals Inc. announced that it and its wholly-owned subsidiary Manhattan Mining Co. have entered into a definitive asset purchase and sale agreement with Scorpio Gold Corporation and Scorpio's wholly-owned subsidiary Goldwedge LLC dated October 10, 2012, to sell its Goldwedge and Pinon property interests and the assets related thereto. The Asset Purchase Agreement replaces a non-binding letter of intent entered into by the Company and Scorpio dated August 28, 2012, as amended, previously announced in the Company's news release dated August 29, 2012.

The Assets are being sold pursuant to a sale process led by an independent strategic committee of the company's board of directors and organized by Royal Standard's independent financial advisors. Royal Standard has also accepted the resignation of John Fitzgerald from its board of directors effective October 4, 2012.