Progress Report Including Drill Results from Ch...

SHANTA GOLD LIMITED
                        ("Shanta Gold" or "the Company")

          PROGRESS REPORT INCLUDING DRILL RESULTS FROM CHUNYA PROJECT

                                11 November 2010

Shanta Gold announces encouraging results from the third drilling campaign at
Chunya, where the detailed design of the proposed mining operation is in
progress. The results include additional holes at the Black Tree Hill prospect,
drill holes at Ilunga, one of the targets discovered through mapping and
trenching in late 2009, and from Shamba which is a recently discovered target.
The drill programme to test the extensions of the known prospects and new
targets identified during the 2009 and 2010 field programmes are expected to be
completed before the end of the year. Furthermore the Company advises that the
latest drill results from Bauhinia Creek as announced on 22 September 2010 have
been submitted to the Company's ore resource consultants, Geologix for modelling
and resource estimation. The Company has completed a drill hole programme to
sample and test the Saza dump and has submitted the results for testing.

HIGHLIGHTS
  * The highlights of the Black Tree Hill ("BTH") results are 4.41 g/t over
    3.0m, 4.89 g/t over 3.0m, 1.76 g/t over 5.0m, 3.47 g/t over 2.0m, 2.85 g/t
    over 2.0m, and 2.33 g/t over 2.0m. The drilling suggests that the BTH
    mineralised zones are discontinuous and patchy with locally enriched blows.
  * Ilunga RC drilling returned best results of 1.97 g/t over 3.0m, 1.95 g/t
    over 6.0m, 25.78 g/t over 3.0m, 2.06 g/t over 3.0m, 19.92 g/t over
    2.0m, 7.7 g/t over 12.0m, 5.28 g/t over 14.0m, and 7.15 g/t over 3.0m.
    Although generally narrow and low grade, the Ilunga does have high grade
    wide blows.
  * Shamba, a previously unknown series of small colonial excavations was
    discovered by mapping and trenching in the third quarter. RC drilling
    returned best results of 2.55 g/t over 5m, 2.84 g/t over 2.0m, 1.81 g/t over
    5.0m, 7.74 g/t over 6.0m, 4.53 g/t over 6.0m and 1.97 g/t over 4.0m.


BLACK TREE HILL
On 30 June 2010 Shanta announced that a further 500m of strike had been
identified at Black Tree Hill to the west of the 600m that had been previously
drilled and which has a resource of 77,000 ounces at 1.66 g/t (1g/t cut off).
Trenching of these extensions returned gold values generally over narrow widths
which have been followed up with this RC drilling programme. The following drill
grades were returned:

+--------+------+----+--------+--------------------+--------------------+
|        |      |    | AU_AVE | INTERSECTION_WIDTH | INTERSECTION_GRADE |
|  BHID  | FROM | TO |  g/t   |         m          |        g/t         |
+--------+------+----+--------+--------------------+--------------------+
| CSR134 |  20  | 21 |   1.23 |                    |                    |
+--------+------+----+--------+                    |                    |
| CSR134 |  21  | 22 |   8.78 |        3.0         |        4.41        |
+--------+------+----+--------+                    |                    |
| CSR134 |  22  | 23 |   3.23 |                    |                    |
+--------+------+----+--------+--------------------+--------------------+
| CSR135 |  63  | 64 |   1.56 |        1.0         |        1.56        |
+--------+------+----+--------+--------------------+--------------------+
| CSR136 |  24  | 25 |   7.02 |                    |                    |
+--------+------+----+--------+                    |                    |
| CSR136 |  25  | 26 |   2.96 |        3.0         |        4.89        |
+--------+------+----+--------+                    |                    |
| CSR136 |  26  | 27 |   4.69 |                    |                    |
+--------+------+----+--------+--------------------+--------------------+
| CSR137 |  28  | 29 |   1.32 |        1.0         |        1.32        |
+--------+------+----+--------+--------------------+--------------------+
| CSR137 |  75  | 76 |   0.64 |                    |                    |
+--------+------+----+--------+        2.0         |        1.24        |
| CSR137 |  76  | 77 |   1.84 |                    |                    |
+--------+------+----+--------+--------------------+--------------------+
| CSR138 |  42  | 43 |   1.27 |        1.0         |        1.27        |
+--------+------+----+--------+--------------------+--------------------+
| CSR141 |  65  | 66 |   1.35 |                    |                    |
+--------+------+----+--------+                    |                    |
| CSR141 |  66  | 67 |   1.86 |                    |                    |
+--------+------+----+--------+                    |                    |
| CSR141 |  67  | 68 |   0.25 |        5.0         |        1.76        |
+--------+------+----+--------+                    |                    |
| CSR141 |  68  | 69 |   3.29 |                    |                    |
+--------+------+----+--------+                    |                    |
| CSR141 |  69  | 70 |   2.04 |                    |                    |
+--------+------+----+--------+--------------------+--------------------+
| CSR142 |  27  | 28 |   4.36 |                    |                    |
+--------+------+----+--------+        2.0         |        3.47        |
| CSR142 |  28  | 29 |   2.58 |                    |                    |
+--------+------+----+--------+--------------------+--------------------+
| CSR143 |  57  | 58 |   0.82 |                    |                    |
+--------+------+----+--------+        2.0         |        2.85        |
| CSR143 |  58  | 59 |   4.87 |                    |                    |
+--------+------+----+--------+--------------------+--------------------+
| CSR143 |  75  | 76 |   1.05 |                    |                    |
+--------+------+----+--------+        2.0         |        1.41        |
| CSR143 |  76  | 77 |   1.76 |                    |                    |
+--------+------+----+--------+--------------------+--------------------+
| CSR144 |  35  | 36 |   1.04 |        1.0         |        1.04        |
+--------+------+----+--------+--------------------+--------------------+
| CSR145 |  64  | 65 |    1.4 |        1.0         |        1.40        |
+--------+------+----+--------+--------------------+--------------------+
| CSR146 |  6   | 7  |   0.59 |                    |                    |
+--------+------+----+--------+                    |                    |
| CSR146 |  7   | 8  |   1.56 |                    |                    |
+--------+------+----+--------+                    |                    |
| CSR146 |  8   | 9  |   1.01 |        5.0         |        1.07        |
+--------+------+----+--------+                    |                    |
| CSR146 |  9   | 10 |   1.14 |                    |                    |
+--------+------+----+--------+                    |                    |
| CSR146 |  10  | 11 |   1.03 |                    |                    |
+--------+------+----+--------+--------------------+--------------------+
| CSR146 |  27  | 28 |   0.81 |                    |                    |
+--------+------+----+--------+        2.0         |        1.15        |
| CSR146 |  28  | 29 |   1.49 |                    |                    |
+--------+------+----+--------+--------------------+--------------------+
| CSR147 |  57  | 58 |   1.05 |                    |                    |
|        |      |    |        |        2.0         |        2.33        |
| CSR147 |  58  | 59 |    3.6 |                    |                    |
+--------+------+----+--------+--------------------+--------------------+
| CSR150 |  34  | 35 |   1.04 |        1.0         |        1.04        |
+--------+------+----+--------+--------------------+--------------------+


The Black Tree Hill drilling intersected 300m of mineralisation of marginal
grade along a north western splay and 100m of low grade mineralisation along the
main structure.

ILUNGA
The Ilunga structure was mapped and trenched and returned good results which
identified a potential mineralised strike of 850m. RC drilling during the
current programme tested 350m of the strike including a central zone of
approximately 70m within which the zone has been disrupted by cross cutting
structural displacement. The following results were returned:

+--------+------+----+--------+--------------------+--------------------+
|        |      |    | AU_AVE | INTERSECTION_WIDTH | INTERSECTION_GRADE |
|  BHID  | FROM | TO |  g/t   |         m          |        g/t         |
+--------+------+----+--------+--------------------+--------------------+
| CSR164 |  25  | 26 |   2.38 |        1.0         |        2.38        |
+--------+------+----+--------+--------------------+--------------------+
| CSR164 |  29  | 30 |   1.12 |                    |                    |
+--------+------+----+--------+--------------------+--------------------+
| CSR167 |  20  | 21 |   0.59 |                    |                    |
+--------+------+----+--------+                    |                    |
| CSR167 |  21  | 22 |   0.97 |                    |                    |
+--------+------+----+--------+        4.0         |        1.07        |
| CSR167 |  22  | 23 |   2.14 |                    |                    |
+--------+------+----+--------+                    |                    |
| CSR167 |  23  | 24 |   0.56 |                    |                    |
+--------+------+----+--------+--------------------+--------------------+
| CSR168 |  25  | 26 |   0.58 |                    |                    |
+--------+------+----+--------+                    |                    |
| CSR168 |  26  | 27 |   3.93 |        3.0         |        1.97        |
+--------+------+----+--------+                    |                    |
| CSR168 |  27  | 28 |    1.4 |                    |                    |
+--------+------+----+--------+--------------------+--------------------+
| CSR169 |  11  | 12 |   1.02 |        1.0         |        1.02        |
+--------+------+----+--------+--------------------+--------------------+
| CSR169 |  15  | 16 |   1.61 |        1.0         |        1.61        |
+--------+------+----+--------+--------------------+--------------------+
| CSR169 |  17  | 18 |   0.82 |                    |                    |
+--------+------+----+--------+        2.0         |        1.08        |
| CSR169 |  18  | 19 |   1.33 |                    |                    |
+--------+------+----+--------+--------------------+--------------------+
| CSR169 |  30  | 31 |   1.47 |                    |                    |
+--------+------+----+--------+                    |                    |
| CSR169 |  31  | 32 |   2.07 |                    |                    |
+--------+------+----+--------+                    |                    |
| CSR169 |  32  | 33 |    1.2 |                    |                    |
+--------+------+----+--------+        6.0         |        1.95        |
| CSR169 |  33  | 34 |   0.72 |                    |                    |
+--------+------+----+--------+                    |                    |
| CSR169 |  34  | 35 |   4.79 |                    |                    |
|        |      |    |        |                    |                    |
| CSR169 |  35  | 36 |   1.47 |                    |                    |
+--------+------+----+--------+--------------------+--------------------+
| CSR172 |  32  | 33 |   27.4 |                    |                    |
+--------+------+----+--------+                    |                    |
| CSR172 |  33  | 34 |     48 |        3.0         |       25.78        |
+--------+------+----+--------+                    |                    |
| CSR172 |  34  | 35 |   1.95 |                    |                    |
+--------+------+----+--------+--------------------+--------------------+
| CSR173 |  58  | 59 |   0.99 |                    |                    |
+--------+------+----+--------+                    |                    |
| CSR173 |  59  | 60 |   3.91 |        3.0         |        2.06        |
+--------+------+----+--------+                    |                    |
| CSR173 |  60  | 61 |   1.29 |                    |                    |
+--------+------+----+--------+--------------------+--------------------+
| CSR174 |  39  | 40 |   1.18 |        1.0         |        1.18        |
+--------+------+----+--------+--------------------+--------------------+
| CSR175 |  51  | 52 |   0.65 |                    |                    |
+--------+------+----+--------+                    |                    |
| CSR175 |  52  | 53 |   2.17 |        3.0         |        1.12        |
+--------+------+----+--------+                    |                    |
| CSR175 |  53  | 54 |   0.55 |                    |                    |
+--------+------+----+--------+--------------------+--------------------+
| CSR175 |  56  | 57 |   2.98 |                    |                    |
|        |      |    |        |        2.0         |        1.84        |
| CSR175 |  57  | 58 |    0.7 |                    |                    |
+--------+------+----+--------+--------------------+--------------------+
| CSR176 |  32  | 33 |   3.38 |                    |                    |
+--------+------+----+--------+        2.0         |        1.93        |
| CSR176 |  33  | 34 |   0.48 |                    |                    |
+--------+------+----+--------+--------------------+--------------------+
| CSR177 |  18  | 19 |   0.54 |                    |                    |
+--------+------+----+--------+        2.0         |       16.92        |
| CSR177 |  19  | 20 |   33.3 |                    |                    |
+--------+------+----+--------+--------------------+--------------------+
| CSR178 |  28  | 29 |   1.62 |        1.0         |        1.62        |
+--------+------+----+--------+--------------------+--------------------+
| CSR179 |  17  | 18 |   0.73 |                    |                    |
+--------+------+----+--------+                    |                    |
| CSR179 |  18  | 19 |   2.54 |                    |                    |
+--------+------+----+--------+                    |                    |
| CSR179 |  19  | 20 |   2.14 |                    |                    |
+--------+------+----+--------+                    |                    |
| CSR179 |  20  | 21 |   7.29 |                    |                    |
+--------+------+----+--------+                    |                    |
| CSR179 |  21  | 22 |   1.66 |                    |                    |
+--------+------+----+--------+                    |                    |
| CSR179 |  22  | 23 |   1.77 |                    |                    |
+--------+------+----+--------+        12.0        |        7.7         |
| CSR179 |  23  | 24 |   1.25 |                    |                    |
+--------+------+----+--------+                    |                    |
| CSR179 |  24  | 25 |   6.36 |                    |                    |
+--------+------+----+--------+                    |                    |
| CSR179 |  25  | 26 |   25.6 |                    |                    |
+--------+------+----+--------+                    |                    |
| CSR179 |  26  | 27 |   9.32 |                    |                    |
+--------+------+----+--------+                    |                    |
| CSR179 |  27  | 28 |   32.8 |                    |                    |
+--------+------+----+--------+                    |                    |
| CSR179 |  28  | 29 |   1.04 |                    |                    |
+--------+------+----+--------+--------------------+--------------------+
| CSR180 |  18  | 19 |   0.85 |                    |                    |
+--------+------+----+--------+                    |                    |
| CSR180 |  19  | 20 |   2.04 |                    |                    |
+--------+------+----+--------+                    |                    |
| CSR180 |  20  | 21 |   0.85 |                    |                    |
+--------+------+----+--------+                    |                    |
| CSR180 |  21  | 22 |   2.02 |                    |                    |
+--------+------+----+--------+                    |                    |
| CSR180 |  22  | 23 |   1.14 |                    |                    |
+--------+------+----+--------+                    |                    |
| CSR180 |  23  | 24 |   2.59 |                    |                    |
+--------+------+----+--------+                    |                    |
| CSR180 |  24  | 25 |   2.05 |                    |                    |
+--------+------+----+--------+        14.0        |        5.28        |
| CSR180 |  25  | 26 |   0.66 |                    |                    |
+--------+------+----+--------+                    |                    |
| CSR180 |  26  | 27 |   2.46 |                    |                    |
+--------+------+----+--------+                    |                    |
| CSR180 |  27  | 28 |   40.5 |                    |                    |
+--------+------+----+--------+                    |                    |
| CSR180 |  28  | 29 |    7.3 |                    |                    |
+--------+------+----+--------+                    |                    |
| CSR180 |  29  | 30 |   2.88 |                    |                    |
+--------+------+----+--------+                    |                    |
| CSR180 |  30  | 31 |   5.14 |                    |                    |
+--------+------+----+--------+                    |                    |
| CSR180 |  31  | 32 |   3.54 |                    |                    |
+--------+------+----+--------+--------------------+--------------------+
| CSR182 |  16  | 17 |   4.99 |                    |                    |
+--------+------+----+--------+                    |                    |
| CSR182 |  17  | 18 |   1.87 |        3.0         |        7.15        |
+--------+------+----+--------+                    |                    |
| CSR182 |  18  | 19 |   14.6 |                    |                    |
+--------+------+----+--------+--------------------+--------------------+


SHAMBA
The Shamba target, a series of shallow colonial diggings, was discovered during
the 2010 field mapping and trenching programme in the third quarter. The
trenching exposed a 250m long zone of prominent quartz veins which contained
sulphide mineralisation. The zone is truncated by faulting at both ends and the
extensions have not been located. In anticipation of good trench results a
limited programme of RC drilling targeted the zone beneath the trenches. The
drilling results are as follows:

+--------+------+----+--------+--------------------+--------------------+
|        |      |    | AU_AVE | INTERSECTION_WIDTH | INTERSECTION_GRADE |
|  BHID  | FROM | TO |  g/t   |         m          |        g/t         |
+--------+------+----+--------+--------------------+--------------------+
| CSR151 |  15  | 16 |   1.17 |        1.0         |        1.17        |
+--------+------+----+--------+--------------------+--------------------+
| CSR151 |  18  | 19 |    1.1 |                    |                    |
+--------+------+----+--------+        2.0         |        1.17        |
| CSR151 |  19  | 20 |   1.23 |                    |                    |
+--------+------+----+--------+--------------------+--------------------+
| CSR151 |  21  | 22 |   1.06 |                    |                    |
+--------+------+----+--------+                    |                    |
| CSR151 |  22  | 23 |   1.53 |                    |                    |
+--------+------+----+--------+        4.0         |        1.07        |
| CSR151 |  23  | 24 |   0.46 |                    |                    |
+--------+------+----+--------+                    |                    |
| CSR151 |  24  | 25 |   1.22 |                    |                    |
+--------+------+----+--------+--------------------+--------------------+
| CSR152 |  53  | 54 |   1.37 |                    |                    |
+--------+------+----+--------+        2.0         |        1.06        |
| CSR152 |  54  | 55 |   0.74 |                    |                    |
+--------+------+----+--------+--------------------+--------------------+
| CSR152 |  63  | 64 |   1.08 |                    |                    |
+--------+------+----+--------+        2.0         |        1.09        |
| CSR152 |  64  | 65 |    1.1 |                    |                    |
+--------+------+----+--------+--------------------+--------------------+
| CSR153 |  21  | 22 |      3 |                    |                    |
+--------+------+----+--------+                    |                    |
| CSR153 |  22  | 23 |   3.06 |                    |                    |
+--------+------+----+--------+                    |                    |
| CSR153 |  23  | 24 |   2.14 |        5.0         |        2.55        |
+--------+------+----+--------+                    |                    |
| CSR153 |  24  | 25 |   3.38 |                    |                    |
+--------+------+----+--------+                    |                    |
| CSR153 |  25  | 26 |   1.18 |                    |                    |
+--------+------+----+--------+--------------------+--------------------+
| CSR154 |  53  | 54 |   1.21 |        1.0         |        1.21        |
+--------+------+----+--------+--------------------+--------------------+
| CSR155 |  30  | 31 |   0.99 |                    |                    |
+--------+------+----+--------+        2.0         |        2.84        |
| CSR155 |  31  | 32 |   4.69 |                    |                    |
+--------+------+----+--------+--------------------+--------------------+
| CSR156 |  65  | 66 |   1.01 |                    |                    |
+--------+------+----+--------+                    |                    |
| CSR156 |  66  | 67 |   1.32 |        3.0         |        1.12        |
+--------+------+----+--------+                    |                    |
| CSR156 |  67  | 68 |   1.02 |                    |                    |
+--------+------+----+--------+--------------------+--------------------+
| CSR157 |  22  | 23 |   1.04 |                    |                    |
+--------+------+----+--------+                    |                    |
| CSR157 |  23  | 24 |   0.23 |                    |                    |
+--------+------+----+--------+                    |                    |
| CSR157 |  24  | 25 |   1.29 |        5.0         |        1.81        |
+--------+------+----+--------+                    |                    |
| CSR157 |  25  | 26 |   3.62 |                    |                    |
+--------+------+----+--------+                    |                    |
| CSR157 |  26  | 27 |   2.89 |                    |                    |
+--------+------+----+--------+--------------------+--------------------+
| CSR158 |  64  | 65 |   2.73 |        1.0         |        2.73        |
+--------+------+----+--------+--------------------+--------------------+
| CSR159 |  26  | 27 |   0.45 |                    |                    |
+--------+------+----+--------+                    |                    |
| CSR159 |  27  | 28 |   3.55 |                    |                    |
+--------+------+----+--------+                    |                    |
| CSR159 |  28  | 29 |   3.96 |                    |                    |
+--------+------+----+--------+        6.0         |        7.74        |
| CSR159 |  29  | 30 |   31.6 |                    |                    |
+--------+------+----+--------+                    |                    |
| CSR159 |  30  | 31 |   2.36 |                    |                    |
+--------+------+----+--------+                    |                    |
| CSR159 |  31  | 32 |   4.57 |                    |                    |
+--------+------+----+--------+--------------------+--------------------+
| CSR160 |  27  | 28 |   1.32 |                    |                    |
+--------+------+----+--------+                    |                    |
| CSR160 |  28  | 29 |   1.83 |                    |                    |
+--------+------+----+--------+                    |                    |
| CSR160 |  29  | 30 |   13.7 |                    |                    |
+--------+------+----+--------+        6.0         |        4.53        |
| CSR160 |  30  | 31 |      4 |                    |                    |
+--------+------+----+--------+                    |                    |
| CSR160 |  31  | 32 |   1.22 |                    |                    |
+--------+------+----+--------+                    |                    |
| CSR160 |  32  | 33 |   5.13 |                    |                    |
+--------+------+----+--------+--------------------+--------------------+
| CSR161 |  77  | 78 |    1.1 |                    |                    |
+--------+------+----+--------+                    |                    |
| CSR161 |  78  | 79 |   4.56 |                    |                    |
+--------+------+----+--------+        4.0         |        1.97        |
| CSR161 |  79  | 80 |   0.73 |                    |                    |
+--------+------+----+--------+                    |                    |
| CSR161 |  80  | 81 |   1.48 |                    |                    |
+--------+------+----+--------+--------------------+--------------------+

RESOURCE MODELLING
The Phase III drilling results achieved at Bauhinia Creek were announced on 22
September 2010 with best values of 3.72g/t over 14.0m, 14.07g/t over
6m, 4.21g/t over 15.0m, 22.58g/t over 16m, 3.5g/t over 13.0m and 16.44g/t over
10m. The full database of Bauhinia Creek results has been provided to the
Company's resource consultants, Geologix for modelling and resource estimation.
These results are expected early in December.

SAZA DUMP
On the Saza dump, the agreement to evaluate and possibly treat having been
announced recently (28 September 2010), a programme of 23 holes was drilled to
provide complete sampled sections through the Saza dump. Approximately 500
metres were drilled with samples collected metre by metre with holes designed to
test the full depth of the dump and across the entire volume. Drilling was
conducted with an Aircore blade and drilling was stopped when the hole
intersected non-tailings material. The samples have been delivered to the Mintek
laboratory where assay and metallurgical test work will be conducted under the
supervision of EPMC, the Company's project managers for the Chunya feasibility
study, mine design and construction. Successful outcomes of the testing have the
potential to improve returns from the New Luika Mine which is currently under
construction


Walton Imrie, the Company Executive Chairman commented:

"The ongoing good shallow drilling results from Chunya auger well for an
increase in the near surface resource potential and we anticipate that the
resources once determined, will make an impact on the long and short term
planning of the New Luika Gold Mine project. The Company's resource consultants
are being provided with the results on a target by target basis and will be
determining the revised project resources which we expect to announce early in
the new year. "


For further information:

Santa Gold Limited 

http://www.shantagold.com

David Scott
Mobile: [phone]()

Walton Imrie
Moblie: [phone]


Fairfax I.S. PLC
Ewan Leggat/Laura Littley
[phone]

Qualified Person Statement
David Scott, Executive Director of the Company has a wealth of experience in the
mining sector, having spent his whole career working in the industry. David is a
qualified geologist and a member of the Geological Society of South Africa,
having earned a Bachelor of Science (Geology) from the University of the
Witwatersrand and a Masters of Science (Geology) from the Stellenbosch
University. In the past five years David has worked as an independent geologist
focused on exploration project management in Tanzania and Madagascar and was the
Technical Services Manager at the Bulyanhulu Mine of Barrick Gold in Tanzania.
The information in this announcement has been reviewed by David Scott.



[HUG#1461297]








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