Interim Results

28
September 2007

                         SHANTA GOLD LIMITED
                   "Shanta Gold" or the "Company"
                 Interim Results for the 6 months to
                            30 June 2007
Overview
Shanta Gold has
continued with exploration activities in Central and Southern
Tanzania. The main focus was on the delineation of strike
extensions to mineralised targets identified during Phase 1  drilling
at
Singida.

In addition,
the Company finalised contractual arrangements to implement a Reverse
Circulation  Drilling  programme  at  its  Chunya-Saza  property   in
Southern
Tanzania, following encouraging exploration results achieved
during first pass reconnaissance activities earlier in 2007.

Regional
reconnaissance exploration continued on  newly acquired tenements  in
the Singida
area,  and  encouraging  gold-in-soil  anomalism  results  have  been
achieved.

The Company has
also completed the verification of drilling data generated during the
extensive
Phase 1 Drilling  Programme at Singida,  and independent  consultants
are finalising
the compilation of a JORC compliant resource statement.

An extensive
Induced Polarisation Survey, aimed at delineating strike  extensions,
  of
mineralised targets, was undertaken at the Singida Project.


Singida Gold Project

Exploration activities, prior
to the commencement of  a phase 2  drilling programme, undertaken  at
Shanta Gold's
exploration targets in Singida during the second quarter of 2007  may
be
summarised as follows:

*
  Geophysics
  and Remote Sensing:
o
Extensive
Induced  Polarisation  grid  establishment   in  areas  adjacent   to
identified
mineralised shear-hosted targets.
o
The
completion  of  106  line   kilometres  of  gradient  array   Induced
Polarisation
surveying, with an additional  19.9 line kilometres of  dipole-dipole
array
surveying completed to aid with interpretative work.
*
  Completion
  of 215 pits, over an area covering approximately 220km2 to the west
  of the Singida Project, resulting in the delineation of anomalous
  gold-in-soil
  concentrations along a strike length in excess of 1km.
*
  Completion
  of regional mapping on the Singida Project.
*
  Completion
  of drill data verification.
*
  Commissioning
  of block modelling of verified drill data.


Induced Polarisation surveys conducted over
areas  adjacent   to  mineralised   zones   have  resulted   in   the
identification of
several  zones   characterised  by   chargeability  and   resistivity
anomalism
consistent  with   sulphide  mineralization   and  possible   ductile
shearing. The
Company  plans  to  commission  an  extensive  mechanised   trenching
programme
targeting all zones of  Induced Polarisation anomalism. Trenching  is
planned for
the first week of October 2007.

Shanta Gold has also commenced block modelling
of mineralised zones  discovered during Phase  1 drilling at  Singida
conducted by
independent consultants, GeoLogix MRC (Pty) Ltd. The consultants  are
currently
finalising inferred resource findings for the six mineralised bodies,
and
results are expected  in near  future. The company  plans to  include
these figures
in a JORC compliant statement shortly after block modelling has  been
completed.

Gold mineralisation at Singida occurs in
altered and mineralised brittle-ductile shear zones developed in a
meta-basaltic-, and meta-sedimentary Archaean succession.

Shanta Gold is conducting reconnaissance
exploration activities on other prospective tenements in the  Singida
Area on an
ongoing basis.

Saza Gold Target (Chunya
Project)

Field crews have been mobilised to start
preparation for an upcoming Phase 1 Reverse Circulation (RC) drilling
programme
comprising 3000m at the Chunya - Saza Project. Drilling equipment has
been
sourced, and it is envisaged that the programme will commence in  the
first week
of October 2007.

RC drilling will be focused on four target
areas identified  during reconnaissance-  and follow-up  exploration.
The primary
drilling target areas are listed below:
*
  Jamhuri
  Creek-gold zone >1200m strike length
*
  Elizabeth
  Hill Northwest-gold zone >600m strike length
*
  Black
  Tree Hill North-gold zone >400m strike length
*
  Bauhinia
  Creek-gold zone >400m strike length

The Elizabeth Hill Northwest-gold zone is
adjacent to  a portion  of the  Saza goldfield,  known as  Razorback,
currently
being explored by Helio Resource Corp.

Songea Gold-Base
Metal Project

Shanta Gold plans to conduct
follow-up exploration on its Songea portfolio of properties in  areas
where
anomalous gold-copper-zinc concentrations were identified earlier  in
2007
during a regional drainage  sampling programme. The Company  believes
that the area
is prospective for gold, copper, zinc, uranium and coal.

The Company's  portfolio in Songea is underlain by Late
Proterosoic metamorphic  rocks  of the  Usagaran  System and  a  Late
Paleaozoic to
Mesozoic age sedimentary succession (Karoo
Basin sedimentary rocks), the Ruhuhu Basin.
This basin  is  prospective  for  coal  and  sandstone-style  uranium
deposits. Review
of the coal-uranium potential  (in addition to the  copper-gold-zinc)
within
Shanta Gold's ground will  form part of  exploration activity in  the
ensuing
period.

Mgusu Project
The Mgusu gold
project  is  situated  in  the  well-known  Lake  Victoria   district
greenstone belt
adjacent to AngloGold Ashanti's
Ridge 8 prospect and in the  vicinity of the Geita mine. Shanta  Gold
anticipates
commencing confirmatory exploration activity  on this project in  the
near
future.


INTERIM REPORT

The Company is
pleased to announce the interim results  for the 6 months to 30  June
2007.

Consolidated
results for the Company have been prepared using the same  accounting
policies
and principles as the financial statements as at 31 December 2006.


+-------------------------------------------------------------------+
| CONSOLIDATED                                                      |
| INCOME STATEMENT                                                  |
|-------------------------------------------------------------------|
|                                | 6 months | 6 months | Year ended |
|                          Notes |       to |       to |         31 |
|                                |  30 June |  30 June |   December |
|                                |     2007 |     2006 |       2006 |
|                                |   US$000 |   US$000 |     US$000 |
|--------------------------------+----------+----------+------------|
| Revenue                        |        - |        - |          - |
|--------------------------------+----------+----------+------------|
| Cost                           |        - |        - |          - |
| of Sales                       |          |          |            |
|--------------------------------+----------+----------+------------|
| Other                          |        - |        2 |          2 |
| operating income               |          |          |            |
|--------------------------------+----------+----------+------------|
| Exploration costs              |   (1905) |  (1 599) |    (7 395) |
|--------------------------------+----------+----------+------------|
| Administrative                 |    (915) |    (965) |    (1 606) |
| expenses                       |          |          |            |
|--------------------------------+----------+----------+------------|
| Share option costs             |    (259) |    (227) |      (726) |
|--------------------------------+----------+----------+------------|
| Operating                      |  (3 079) |  (2 789) |    (9 725) |
| loss                           |          |          |            |
|--------------------------------+----------+----------+------------|
| Investment                     |      343 |      105 |        455 |
| revenue                        |          |          |            |
|--------------------------------+----------+----------+------------|
| Net                            |  (2 736) |  (2 684) |    (9 270) |
| loss for the period/year       |          |          |            |
|--------------------------------+----------+----------+------------|
| Loss per share basic (US       |     2,82 |     4.23 |      12.27 |
| cents)  1                      |          |          |            |
|--------------------------------+----------+----------+------------|
| Loss                           |     2.50 |     3.12 |       9.54 |
| per share diluted(US cents)    |          |          |            |
| 2                              |          |          |            |
+-------------------------------------------------------------------+


Notes

 1. Calculated on the loss for the period divided
    by the weighted average number of shares in issue (97 145 061)
 2. Calculated on the loss for the period divided
    by the weighted average fully diluted number of shares in issue
    (109 580
    867)



+-------------------------------------------------------------------+
| CONSOLIDATED                                                      |
| BALANCE SHEET                                                     |
|-------------------------------------------------------------------|
|                          |           At |      At |         At 31 |
|                          | 30 June 2007 | 30 June | December 2006 |
|                          |       US$000 |    2006 |        US$000 |
|                          |              |  US$000 |               |
|--------------------------+--------------+---------+---------------|
| Assets                   |              |         |               |
|--------------------------+--------------+---------+---------------|
| Non                      |              |         |               |
| current assets           |              |         |               |
|--------------------------+--------------+---------+---------------|
| Intangible               |        1 530 |   1 312 |         1 431 |
| assets                   |              |         |               |
|--------------------------+--------------+---------+---------------|
| Property,                |          509 |     270 |           359 |
| plant and equipment      |              |         |               |
|--------------------------+--------------+---------+---------------|
| Goodwill                 |        3,318 |   3 318 |         3,318 |
|--------------------------+--------------+---------+---------------|
|                          |        5 357 |   4 900 |         5 108 |
|--------------------------+--------------+---------+---------------|
| Current                  |              |         |               |
| assets                   |              |         |               |
|--------------------------+--------------+---------+---------------|
| Receivables              |          221 |     158 |           289 |
|--------------------------+--------------+---------+---------------|
| Cash                     |       13 607 |   6 864 |       15  546 |
| and cash equivalents     |              |         |               |
|--------------------------+--------------+---------+---------------|
|                          |       13 828 |   7 022 |        15 835 |
|--------------------------+--------------+---------+---------------|
| Total assets             |       19 185 |  11 922 |        20 943 |
|--------------------------+--------------+---------+---------------|
|                          |              |         |               |
|--------------------------+--------------+---------+---------------|
| Equity                   |              |         |               |
| and liabilities          |              |         |               |
|--------------------------+--------------+---------+---------------|
| Equity                   |              |         |               |
|--------------------------+--------------+---------+---------------|
| Share                    |           18 |      12 |            17 |
| capital                  |              |         |               |
|--------------------------+--------------+---------+---------------|
| Share                    |       30 918 |  14 371 |        29 557 |
| Premuim                  |              |         |               |
|--------------------------+--------------+---------+---------------|
| Share                    |        1 407 |     649 |         1 148 |
| option reserve           |              |         |               |
|--------------------------+--------------+---------+---------------|
| Warrant                  |          306 |     306 |           306 |
| reserve                  |              |         |               |
|--------------------------+--------------+---------+---------------|
| Translation              |          492 |     396 |           400 |
| reserve                  |              |         |               |
|--------------------------+--------------+---------+---------------|
| Accumulated              |     (14 534) | (5 212) |      (11 798) |
| loss                     |              |         |               |
|--------------------------+--------------+---------+---------------|
|                          |       18 607 |  10 522 |        19 630 |
|--------------------------+--------------+---------+---------------|
|                          |              |         |               |
|--------------------------+--------------+---------+---------------|
| Non current liabilities  |              |         |               |
|--------------------------+--------------+---------+---------------|
| Loans                    |          340 |     508 |           340 |
| payable to related       |              |         |               |
| parties                  |              |         |               |
|--------------------------+--------------+---------+---------------|
| Current                  |              |         |               |
| liabilities              |              |         |               |
|--------------------------+--------------+---------+---------------|
| Other payables and       |          238 |     892 |           973 |
| accruals                 |              |         |               |
|--------------------------+--------------+---------+---------------|
| Total                    |       19 185 |  11 922 |        20 943 |
| equity and liabilities   |              |         |               |
+-------------------------------------------------------------------+




+-------------------------------------------------------------------+
| CONSOLIDATED                                                      |
| CASH FLOW STATEMENT                                               |
|-------------------------------------------------------------------|
|                               |          |          |             |
|                               | 6 months | 6 months |  Year ended |
|                               |       to |       to | 31 December |
|                               |  30 June |  30 June |        2006 |
|                               |     2007 |     2006 |      US$000 |
|                               |   US$000 |   US$000 |             |
|-------------------------------+----------+----------+-------------|
| Cash outflow from operations  |  (3 060) |  (1 476) |     (7 680) |
|-------------------------------+----------+----------+-------------|
| Cash flows from investing     |          |          |          (1 |
| activities                    |    (237) |    (958) |        205) |
| (net)                         |          |          |             |
|-------------------------------+----------+----------+-------------|
| Cash flows from financing     |          |          |             |
| activities                    |    1 362 |    3 997 |      19 023 |
| (net)                         |          |          |             |
|-------------------------------+----------+----------+-------------|
| Increase/decrease)            |  (1 935) |    1 563 |      10 138 |
| in cash                       |          |          |             |
|-------------------------------+----------+----------+-------------|
| Cash                          |          |    5 301 |             |
| and cash equivalents at the   |   15 546 |          |       5 301 |
| beginning of the period/year  |          |          |             |
|-------------------------------+----------+----------+-------------|
| Foreign                       |      (4) |          |         107 |
| exchange adjustment           |          |          |             |
|-------------------------------+----------+----------+-------------|
| Cash and cash equivalents     |   13 607 |    6 864 |      15 546 |
| at the end of the period/year |          |          |             |
+-------------------------------------------------------------------+



+--------------------------------------------------------------------------------------------+
|CONSOLIDATED                                                                                |
|STATEMENT OF CHANGES IN EQUITY                                                              |
|For the periods to 30 June 2007                                                             |
|--------------------------------------------------------------------------------------------|
|                            |Share  |Share  |Share  |Warrant|Translation|Accumulated|TOTAL  |
|                            |Capital|Premium|Option |Reserve|Reserve    |Loss       |       |
|                            |       |       |Reserve|       |           |           |       |
|                            |US$000 |US$000 |US$000 |US$000 |US$000     |US$000     |US$000 |
|----------------------------+-------+-------+-------+-------+-----------+-----------+-------|
|Balance at 31 December 2005 |     11| 10 009|    422|    672|        119|    (2 528)|  8 705|
|----------------------------+-------+-------+-------+-------+-----------+-----------+-------|
|Shares issued               |      1|   4001|       |       |           |           |  4 002|
|----------------------------+-------+-------+-------+-------+-----------+-----------+-------|
|Shares issue expenses       |       |    (5)|       |       |           |           |    (5)|
|----------------------------+-------+-------+-------+-------+-----------+-----------+-------|
|Share option costs          |       |       |    227|       |           |           |    227|
|----------------------------+-------+-------+-------+-------+-----------+-----------+-------|
|Trf. on exercise of warrants|       |    366|       |  (366)|           |           |      -|
|----------------------------+-------+-------+-------+-------+-----------+-----------+-------|
|Translation on consolidation|       |       |       |       |        277|           |    277|
|----------------------------+-------+-------+-------+-------+-----------+-----------+-------|
|Loss for the period         |       |       |       |       |           |    (2 684)|(2 684)|
|----------------------------+-------+-------+-------+-------+-----------+-----------+-------|
|Total equity                |       |     14|       |       |           |         (5|     10|
|at 30 June 2006             |     12|    371|    649|    306|        396|       212)|    522|
|----------------------------+-------+-------+-------+-------+-----------+-----------+-------|
|Shares issued               |      5|  15230|       |       |           |           | 15 235|
|----------------------------+-------+-------+-------+-------+-----------+-----------+-------|
|Shares issue expenses       |       |   (44)|       |       |           |           |   (44)|
|----------------------------+-------+-------+-------+-------+-----------+-----------+-------|
|Share option costs          |       |       |    499|       |           |           |    499|
|----------------------------+-------+-------+-------+-------+-----------+-----------+-------|
|Translation on consolidation|       |       |       |       |          4|           |      4|
|----------------------------+-------+-------+-------+-------+-----------+-----------+-------|
|Loss for the period         |       |       |       |       |           |    (6 586)|(6 586)|
|----------------------------+-------+-------+-------+-------+-----------+-----------+-------|
|Total equity                |       |     29|      1|       |           |        (11|     19|
|at 31 December 2006         |     17|    557|    148|    306|        400|       798)|    630|
|----------------------------+-------+-------+-------+-------+-----------+-----------+-------|
|Shares issued               |      1|   1361|       |       |           |           |  1 362|
|----------------------------+-------+-------+-------+-------+-----------+-----------+-------|
|Shares issue expenses       |       |       |       |       |           |           |      -|
|----------------------------+-------+-------+-------+-------+-----------+-----------+-------|
|Share option costs          |       |       |    259|       |           |           |    259|
|----------------------------+-------+-------+-------+-------+-----------+-----------+-------|
|Translation on consolidation|       |       |       |       |         92|           |     92|
|----------------------------+-------+-------+-------+-------+-----------+-----------+-------|
|Loss for the period         |       |       |       |       |           |    (2 736)|(2 736)|
|----------------------------+-------+-------+-------+-------+-----------+-----------+-------|
|Total equity                |       |     30|      1|       |           |           |     18|
|at 30 June 2007             |     18|    918|    407|    306|        492|   (14 534)|    607|
+--------------------------------------------------------------------------------------------+


For further information please contact:

Richard Shead
Shanta Gold Limited
Tel [phone]

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