Per the Twitter feed of Seattle Mariners beat writer Larry Stone.

MLB draft order released today. Mariners pick third overall, but after all the compensation-round picks, don't select again until No. 64.
The Mariners only compensation pick is after third round (No. 126) for not signing last year's third-rounder, Kevin Cron

The 2012 MLB Draft is coming up. Unlike most sports drafts, the First-Year Player Draft is held mid-season, in June.

The Seattle Mariners first five draft picks are No. 3, 64, 98, 126, 131.

From wiki. The First-Year Player Draft, also known as the Rule 4 Draft, is Major League Baseball's primary mechanism for assigning amateur baseball players, from high schools, colleges, and other amateur baseball clubs, to its teams.

The draft order is determined based on the previous season's standings.

To be drafted a player must fit the following criteria.

  • Be a resident of the United States,
  • Canada,
  • or a U.S. territory such as Puerto Rico.
  • Players from other countries are not subject to the draft