Chunya Project Resource Assessment

CHUNYA PROJECT RESOURCE ASSESSMENT

17 April 2009

Shanta Gold is pleased to announce that a total in situ gold resource
of greater than 845,000 ounces, at a cutoff grade of 0.0 g/t, has
been delineated at its Chunya-Saza property in southern Tanzania.
This brings the company's total in situ resource in Tanzania to more
2.1 million ounces.
A JORC compliant resource assessment has been completed and signed
off by independent consultants, GeoLogix MRC (Pty) Ltd, represented
by Deon van der Heever. The gold resource at a cutoff grade of 0.0
g/t has been categorised into indicated (357,000at a grade of
1.12g/t) and inferred (488,000 at a grade of 1.12g/t) categories.
Limited additional infill drilling will be required to upgrade a
portion of the resource to the measured category. All requirements
pertaining to exploration protocols, QA/QC procedures and data
integrity have been scrutinised and approved by the independent
consultants above.
The gold resource has been defined by means of reverse circulation
("RC") and diamond drilling, and is shared between five mineralised
prospects, all located with a 3km radius on the Chunya-Saza licence
on the 7.83 km2 Saza licence (a further 7.83 km2 is under
reapplication in terms of the mining laws of Tanzania). The detailed
results of the Phase 1 and Phase 2 drilling programmes' results were
previously announced on 12 December 2008, 25 September 2008 and 18
December 2007.
Down dip and strike extensions to these resources and new targets
remain untested and additional trenching and drilling is expected to
increase this resource.
The company, within its constrained budget parameters, is currently
testing the potential surface strike extensions to the mineralized
zones through a surface trenching program on all the prospects and
the gold content and distribution in the surface rubble material
adjacent to the Luika ore body is being tested by close-spaced
pitting in preparation for possible small scale production.
In line with the strategy to develop alternative sources of
exploration finance through cash flow from production, preliminary
feasibility work is being conducted on selected ore bodies (initially
the Luika prospect) that have the potential to be brought into
production with a low capital investment. Samples have been submitted
to the SGS Lakefield laboratories in South Africa for comprehensive
diagnostic metallurgical testwork and results are expected within six
to eight weeks.

The in situ resources identified at the Chunya-Saza project are
tabulated below:
INDICATED RESOURCES

CUT-OFF TONNES AU (g/t) Kg's OUNCES
0 9,920,805 1.12 11,116 357,402
1.0 3,417,571 2.56 8,743 81,104
2.0 1,659,754 3.75 6,217 99,866
3.0 970,322 4.67 4,531 45,681

INFERRED RESOURCES

CUT-OFF TONNES Grade (g/t) Kg's OUNCES
0 3,610,667 1.12 15,182 488,117
1.0 4,945,860 2.27 11,247 361,612
2.0 2,116,574 3.52 7,452 239,577
3.0 1,251,322 4.21 5,262 169,188

Total RESOURCES

CUT-OFF TONNES GRADE g/t Kg's OUNCES
0.0 23,531,472 1.12 26,299 845,519
1.0 8,363,431 2.39 19,991 642,716
2.0 3,776,329 3.62 13,668 439,443
3.0 2,221,644 4.41 9,794 314,869

The current total resource portfolio (at a cut off grade of 0.0 g/t)
of Shanta Gold following the completion of the Chunya assessment is a
follows:
SHANTA TOTAL RESOURCE APRIL 2009
(cut off grade 0.0 g/t)

PROJECT TONNES GRADE g/t Kg's OUNCES
Mgusu 6169000 3.70 23,047 741,000
Singida 11,936,070 1.42 16,898 543,287
Chunya 23,531,472 1.12 26,299 845,519
Total 41,636,542 1.59 66,244 2,129,806

Following the latest 2008 drilling program, the company geologists
and independent consultants are currently updating and reviewing the
Singida ore body models, the exploration protocols, QA/QC procedures
and data integrity with a view to determining a revised resource
assessment to JORC standards, which is expected to demonstrate a
significantly increased resource on this project. This revised
Singida resource will be announced during the second quarter of 2009.

Qualified Person:
John Fleming (BSc (Hons)) has more than eight years experience in the
mining, exploration and geotechnical industries with a focus on gold,
platinum, diamonds and andalusite. He is registered by the South
African Council for Natural Scientific Professions as a Professional
Natural Scientist in the field of practice of Earth Science,
Registration Number 400160/05, and as such is considered to be a
Competent Person. John, who was been employed by Shanta Gold for 2
years, has reviewed the data for the RC and diamond drilling and
subsequent sampling programs carried out at Chunya and Singida. John
Fleming consents to the inclusion in the report of the matters based
on his information in the form and context in which it appears.
Deon van der Heever has more than 18 years experience in the mining
and exploration industry. He is the Executive Director of GeoLogix
MRC (Pty) Ltd. He is the founding member of GeoLogix and has provided
consulting services to the minerals industry for eight years. His
field of expertise is gold and platinum and he has completed and
signed off many resource estimates in South Africa, Africa, North
America and Tajikistan. He is registered by the South African Council
for Natural Scientific Professions as a Professional Natural
Scientist in the field of practice of Geological Science,
Registration Number 400115/00, and as such is considered to be a
Competent Person. Deon van der Heever consents to the inclusion in
the report of the matters based on his information in the form and
context in which it appears.
Awie Pretorius has more than 20 years experience in the mining and
exploration industry. He is registered by the South African Council
for Natural Scientific Professions as a Professional Natural
Scientist in the field of practice of Geological Science,
Registration Number 400060/91, and as such is considered to be a
Competent Person. Awie Pretorius consents to the inclusion in the
report of the matters based on his information in the form and
context in which it appears.

For further information:

Shanta Gold Limited 

http://www.shantagold.com

Walton Imrie
Mobile: [phone]

Walter Vorwerk
Mobile: [phone]

GMP Securities Europe LLP
James Hannon
[phone]

Panmure Gordon (UK) Limited
Edward Farmer
[phone]

Glossary
3D Block Modelling. A computer-based representation of a geological
body, or mine excavation, created from a series of interconnected
outlines of the body being modelled.

0.5 g/t Cut-off implies all values above 0.5 g/t are taken into
account.

Brecciated. Condition applied to an intensely fractured body of rock.

Brittle-ductile Shear Zones. A combination of both brittle and
plastic deformation produced in response to changes in stress
orientation or changes in the rock competency due to progressive
alteration.

Channel Sampling. Sampling taken from the wall of a mine opening, or
along a surface exposure, trench or costean, in which a furrow is
made and all of the sample combined for analysis. Channel samples are
commonly, but not always, collected over continuous one meter
intervals.

Cut-off. The value of an ore variable below which material is
classified as waste.

Down Dip. Direction perpendicular to the strike and in the plane of a
body.

Ferricrete. A soil zone variably cemented by iron oxide.

Foliated. Banded rocks, usually due to crystal differentiation or
preferential mineral alignment as a result of metamorphic processes.

Down-hole Intersection Widths. The absolute width of a rock
unit/mineralised zone intersected in a bore hole drilled. May be
drilled at an oblique angle to the rock unit/mineralised zone, and is
therefore greater that the true width of the rock unit/mineralised
zone intersected

JORC - The Joint Ore Reserves Committee. The Australasian Code for
Reporting of Mineral Resources and Ore Reserves (the 'JORC Code' or
'the Code'), which sets out minimum standards, recommendations and
guidelines for Public Reporting of exploration results, Mineral
Resources and Ore Reserves in Australasia.

Lithological Boundary. Boundary zone separating rock types with
different physical and chemical characteristics.

Mylonitised. The physical character of a hard compact rock with a
streaky or banded structure produced by extreme granulation of the
original rock mass in a fault or thrust zone.

Overburden. Waste material (unconsolidated, semi-consolidated)
overlying in-situ bedrock

PL. Prospecting Licence. An area defined by specific geographic
coordinates, allocated to an exploration company by the government,
for the purpose of conducting mineral exploration within the boundary
area.

Reverse Circulation (RC) Drilling. A variation of the rotary drilling
method in which the cuttings are pumped up and out of the drill pipe,
an advantage in certain large diameter holes.

Resource Categories:

Measured Resource. An in-situ mineral resource calculated with a high
confidence level to which economic parameters have not been applied.
Also that part of a mineral resource where the data used for
inspection, sampling and measurement is of sufficient quality and
density such that the geological character, continuity, grade and
nature are sufficiently well understood to define the location and
characteristics of mineralisation with a high degree of confidence.

Indicated Resource. An in-situ mineral resource calculated with a
moderate confidence level to which economic parameters have not been
applied.

Inferred Resource. An in-situ mineral resource calculated with a low
confidence level to which economic parameters cannot be applied.

Shear Zone. A zone in which shearing has occurred on a large scale,
so that the rock is crushed or such that the rock is deformed.

Trenching. The excavating of a trench for the purpose of collecting
samples or geological information.

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