Exercise of Warrants

Shanta Gold Limited
14 June 2006

                                                                    14 June 2006

                              SHANTA GOLD LIMITED

                              Exercise of Warrants

Shanta Gold Limited ("the Company") confirms that, on 12 June 2006, following
receipt of cleared funds, the directors of the Company approved an allotment of
ordinary shares of 0.01p in the share capital of the Company (the "Ordinary
Shares"), as set out below. The shares were issued pursuant to the exercise of
certain of the warrants granted at the time of the Company's admission to AIM
(the "Warrants"):


Registered Holder  Number of      Subscription     No. of Ordinary    Exercise 
                   Warrants       Price             Shares            Price

David Lyall        220,000         30p             220,000            £66,000.00


Application will be made for the new Ordinary Shares issued pursuant to the
exercise of the Warrants (the "New Ordinary Shares") to be admitted to AIM and
dealings in the New Ordinary Shares are expected to commence on 19 June 2006.


The total number of issued ordinary shares in the Company, including the New
Ordinary Shares, is now 64,893,634 ordinary shares.



For further information contact:


David Youngman, W.H. Ireland Ltd.                Tel:  [phone]
Walter Vorwerk, Shanta Gold Limited              Tel:  [phone]



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