Placing and Exploration Update

GREATLAND GOLD PLC

                    Exploration Update & Placing


22 May 2009





Greatland Gold plc ("Greatland" or the "Company"), the mineral
exploration and development company focused on gold projects in
Tasmania and Western Australia, is pleased to provide an update on
exploration activities.

Sampling and mapping activities have been completed at the  Tasmanian
properties. The board is pleased to announce we can now move  forward
with drilling programmes at  the Firetower and Warrentinna  projects.
Drilling programs  are  scheduled to  start  in August  2009  at  the
Firetower and Warrentinna properties.


Firetower

The Company has completed mapping and sampling activities at the  CRA
Anomaly 1 and Asarco West areas, totalling over 1.4km of strike. More
than 150 surface  samples have  been collected from  these areas  and
dispatched to Genalysis  Laboratories in Adelaide.  We expect  sample
results by the end of June 2009.

The sample  results  will  guide the  drilling  activities.  Targeted
drilling of  specific anomalies  will  commence during  August  2009,
weather conditions permitting. Currently, drilling equipment is being
sourced for the programme.

In particular, drilling will test targets where up to 916ppb gold  in
surface samples has been previously returned from sampling  completed
by the  Company. At  least two  diamond holes  will be  drilled to  a
maximum depth of 125m each  with provision for further diamond  holes
dependent on results.


Warrentinna

The Company has completed mapping and sampling activities over  three
areas, totalling over  2.4km of strike,  at its Warrentinna  project.
Over 300  samples have  been collected  and dispatched  to  Genalysis
Laboratories in Adelaide. Sample results  are expected by the end  of
June 2009.

Drilling  activities  are  scheduled  to  commence  in  August  2009.
Specifically, drilling  is planned  for Derby  North to  test  strike
extensions to gold mineralisation intersected in previous drilling by
the Company. Results will determine the viability of an open pittable
gold resource at Derby  North. Other targets may  be tested based  on
results from surface sampling at other areas. It is planned to  drill
nine reverse circulation (RC) holes to  a maximum depth of 100m  each
with provision for further RC holes dependent on results.


East Lisle

Data compilation and desktop studies have been completed for this
property. Several hard rock gold targets have been identified. Follow
up ground reconnaissance on these areas is expected to commence in
the second half of 2009.


Lackman Rock

Greatland is awaiting grant of title to this tenement. Field
activities are expected to commence in the second half of 2009.


Corporate

The gold  price remains  buoyant  particularly following  the  recent
depreciation of the US dollar. This  has made gold attractive in  the
local currencies  of  key  buyer countries  including  India,  China,
Australia and South Africa.

We are  encouraged by  evidence of  central bank  buying of  physical
gold. The  announcement  by the  Chinese  central bank  that  it  had
increased its gold  reserves from  600 tonnes  to 1,054  tonnes is  a
major endorsement for gold investment.

According to GFMS Limited, gold prices are forecast to trade with the
range of $860 to $960 per ounce from May to June 2009.

The Company has a very active period immediately ahead with  drilling
programs at its Firetower and Warrentinna properties.

Greatland continues  to  pursue possible  funding  alternatives  from
partners. Although  to date,  these have  not been  forthcoming,  our
board believes  partner funding  may be  encouraged by  our  drilling
plans.


Placing

Mindful of the current investment climate for small AIM listed
exploration companies, and Greatland's plans which will involve an
increase in its exploration expenditure during our next financial
year to June 2010, the board is encouraged to have received offers
for further equity financing from City institutions. We welcome new
investment and the opportunity to widen our investor base.

The board is pleased to announce the successful placing of 43,000,000
new ordinary shares at a price of 0.7p each raising the gross sum of
£301,000 before expenses. The funds raised will be used to provide
additional working capital for the Company.
Application has been  made for  the admission  to trading  on AIM  of
these shares, with admission expected to take place on 29 May 2009.

Following the issue of these shares, Greatland's capital will consist
of 239,550,000 ordinary shares of 0.1p with voting rights.  Greatland
does not hold any shares in treasury.

Therefore,  the  total  number  of  voting  rights  in  Greatland  is
239,550,000.

The above figure may be used by shareholders as the denominator for
the calculations by which they will determine if they are required to
notify their interest in, or a change to their interest in, Greatland
under the FSA's Disclosure and Transparency Rules.


Callum Baxter, Managing Director, commented: "Our work so far this
year remains on track to deliver drilling programs at our Tasmanian
properties in the second half of 2009. We look forward to positive
results from the surface sampling and drilling programs. The
acceleration in Greatland's activities will lead to a higher rate of
expenditure over the 2010 financial year hence we are pleased to have
positioned Greatland with a comfortable level of capital reserves
ahead of the accelerated exploration activity and increased
expenditure."


Competent Persons

The information in this announcement that relates to Exploration
Results is based on information compiled by Mr Paul Askins and Mr
Callum Baxter, directors of Greatland Gold plc, who are both members
of the Australasian Institute of Mining and Metallurgy. Paul Askins
and Callum Baxter have sufficient experience which is relevant to the
style of mineralisation and type of deposit under consideration and
to the activity that they are undertaking to qualify as Competent
Persons as defined in the 2004 Edition of the 'Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore
Reserves'. Paul Askins and Callum Baxter consent to the inclusion in
the announcement of the matters based on their information in the
form and context in which it appears.


Enquiries:

Greatland Gold plc
Callum Baxter
Tel  [phone]
Email:  [e-mail]
www.greatlandgold.com


Grant Thornton UK LLP
Gerry Beaney / Colin Aaronson
Tel  [phone]

---END OF MESSAGE---




This announcement was originally distributed by Hugin. The issuer is 
solely responsible for the content of this announcement.