Directors' Shareholdings, Grant of Share Option...

Shanta Gold Limited

                        ("Shanta Gold" or the "Company")

      Directors' Shareholdings, Grant of Share Options and Issue of Equity

On  26 October 2011, the Board of Shanta Gold approved an award of share options
to  certain Directors and employees of the  Company in accordance with the terms
of  the Company's Employee Share Option Plan. Options over a total of 4,250,000
ordinary  shares in the Company have been awarded to three Directors and options
over  a total of  2,000,000 ordinary shares have  been awarded to certain senior
employees of the Company.

Details  of the new  share options awarded  to the Directors  and their existing
interest in share options over ordinary shares in the Company are as follows:

+------------------------------------+------------+-------------+--------------+
|Name                                |Walton Imrie|Gareth Taylor|Walter Vorwerk|
+------------------------------------+------------+-------------+--------------+
|Existing share options held         |768,006     |125,000      |1,430,403     |
|                                    |            |             |              |
+------------------------------------+------------+-------------+--------------+
|New share options granted on        |250,000     |250,000      |250,000       |
|26/10/11 with an exercise price of  |            |             |              |
|25 pence                            |            |             |              |
|                                    |            |             |              |
+------------------------------------+------------+-------------+--------------+
|New share options granted on        |750,000     |750,000      |-             |
|26/10/11 with an exercise price of  |            |             |              |
|30 pence                            |            |             |              |
|                                    |            |             |              |
+------------------------------------+------------+-------------+--------------+
|New share options granted on        |1,000,000   |1,000,000    |-             |
|26/10/11 with an exercise price of  |            |             |              |
|35 pence                            |            |             |              |
|                                    |            |             |              |
+------------------------------------+------------+-------------+--------------+
|Total share options held following  |2,768,006   |2,125,000    |1,680,403     |
|the issue of new share options      |            |             |              |
+------------------------------------+------------+-------------+--------------+

The  new share  options are  exercisable at  the prices  as stated  in the table
above.  Of the total share  options issued to each  Director 25% of each tranche
will  vest immediately, 25% will vest on the  first anniversary of the award and
the  balance of 50% will vest on the second anniversary of the award. All of the
share  options will  be exercisable  for a  period of  10 years from the date of
vesting.

The Board has awarded share options over a total of 2,000,000 ordinary shares in
the  Company to certain senior employees of Shanta  Gold as set out in the table
below.

+-----------------+---------------+---------------+-------------+--------------+
|Name of senior   |Existing share |New share      |Exercise     |Total share   |
|employee         |options held   |options granted|Price (pence)|options held  |
|                 |               |on 26/10/11    |             |              |
+-----------------+---------------+---------------+-------------+--------------+
|Peet Prinsloo    |        440,000|        500,000|           25|       940,000|
+-----------------+---------------+---------------+-------------+--------------+
|Romani Urasa     |        450,000|        500,000|           25|       950,000|
+-----------------+---------------+---------------+-------------+--------------+
|Braam Jankowitz  |        100,000|        500,000|           25|       600,000|
+-----------------+---------------+---------------+-------------+--------------+
|General Manager, |               |               |             |              |
|Singida          |            Nil|        500,000|           25|       500,000|
+-----------------+---------------+---------------+-------------+--------------+

The  share options awarded to  employees are exercisable at  a price of 25 pence
and  vest on the same basis as the  share options which have been awarded to the
Directors.

In addition, the Board has today approved the allotment and issue of 327,906 new
ordinary  shares in the Company to certain  Directors of the Company at a deemed
price  of 21.5p per share, being the closing mid-market price of ordinary shares
of  the Company on Wednesday 25 October  2011. This issue of shares represents a
total   consideration  of  GBP  70,500 in  lieu  of  a  cash  bonus,  which  the
Remuneration  Committee has awarded to Ketan Patel  and Paul Heber in respect of
their  performance.  The  resultant  beneficial  interest in the issued ordinary
share capital of the Company of Ketan Patel and Paul Heber is as follows:

+------------+----------------+--------------+----------------+----------------+
|Name        |        Existing|  New ordinary|  Total ordinary|      Percentage|
|            | ordinary shares| shares issued|     shares held|         holding|
|            |            held|              |   following the|                |
|            |                |              |issue of the new|                |
|            |                |              | ordinary shares|                |
+------------+----------------+--------------+----------------+----------------+
|Ketan Patel |                |              |                |                |
|*           |      27,154,727|       163,953|      27,318,680|          10.31%|
+------------+----------------+--------------+----------------+----------------+
|Paul Heber  |          81,335|       163,953|         245,288|           0.09%|
+------------+----------------+--------------+----------------+----------------+

* Note: Ketan Patel's interest in the new ordinary shares of the Company is held
in  the name of  Export Holdings Ltd,  a company in  which Mr. Patel  has a 50%
beneficial interest.

Pursuant to the issue of new ordinary shares as described above, the Company has
applied  for the 327,906 new  ordinary shares in  the Company to  be admitted to
trading  on AIM. The shares are expected to be admitted to trading on 1 November
2011.

Following  the issue of new ordinary shares  to Directors referred to above, the
Company's  issued share capital  will consist of  264,873,030 ordinary shares of
0.01p each,  none of which are held in  treasury. Therefore, the total number of
voting rights in the Company will be 264,873,030.

Enquiries:

Shanta Gold Limited
Walton Imrie
Mobile: [phone]

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

Tavistock Communications
Emily Fenton/Ed Portman
Tel: [phone]







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Source: Shanta Gold Limited via Thomson Reuters ONE

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