Replacement - Grant of Share Options and Issue ...

The   following   announcement  replaces  the  announcement  with  Hugin  number
HUG#1463799 released today at 11.25am.

                              Shanta Gold Limited

                        ("Shanta Gold" or the "Company")

                   Grant of Share Options and Issue of Equity

On 17 November 2010, the Board of Shanta Gold approved an award of share options
to  Directors  of  the  Company  in  accordance  with the terms of the Company's
Employee  Share Option Plan. Options over  a total of 875,000 ordinary shares of
the Company, equivalent to 0.47% of the current issued ordinary share capital of
the  Company, have been awarded to four  Directors. The options have an exercise
price  of  28.25p and  25% 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. The share options will be exercisable from the date of
vesting for a period of 10 years from the date of vesting.

The award of options to Directors and their current share options in the Company
are as follows:

+--------------+---------------------+-------------------+---------------------+
|              |Existing share       |New share options  |Total share options  |
|Name          |options held         |granted            |held                 |
|              |                     |                   |                     |
+--------------+---------------------+-------------------+---------------------+
|Gareth Taylor |                    -|            125,000|              125,000|
+--------------+---------------------+-------------------+---------------------+
|David Scott   |              250,000|            250,000|              500,000|
+--------------+---------------------+-------------------+---------------------+
|Walter Vorwerk|            1,180,403|            250,000|            1,430,403|
+--------------+---------------------+-------------------+---------------------+
|Walton Imrie  |              518,006|            250,000|              768,006|
+--------------+---------------------+-------------------+---------------------+

In  addition  the  Board  has  approved  the  allotment and issue of 600,000 new
ordinary  shares in the Company to certain  Directors of the Company at a deemed
price of 28.25p per share, being the closing mid-market price of ordinary shares
of  the Company  on 16 November  2010. This issue  of shares  represents a total
consideration  of  £169,500  in  lieu  of  a  cash  bonus which the Remuneration
Committee has awarded to Directors in respect of their performance.

The  award of  shares to  Directors and  their current  and resulting beneficial
interest in the issued ordinary share capital of the Company is as follows:

+-------------+----------------+--------------+----------------+---------------+
|             |Existing        |Issue of new  |Total interest  |Holding as a   |
|             |interest in     |ordinary      |in ordinary     |percentage of  |
|Name         |ordinary shares |shares in the |shares of the   |total issued   |
|             |of the Company  |Company       |Company         |share capital  |
|             |                |              |                |               |
+-------------+----------------+--------------+----------------+---------------+
|Gareth Taylor|       391,594  |        75,000|         466,594|          0.26%|
+-------------+----------------+--------------+----------------+---------------+
|David Scott  |         389,383|       150,000|         539,383|          0.30%|
+-------------+----------------+--------------+----------------+---------------+
|Walter       |         703,174|       150,000|         853,174|          0.48%|
|Vorwerk      |                |              |                |               |
+-------------+----------------+--------------+----------------+---------------+
|Ketan Patel *|      27,079,727|        75,000|      27,154,727|         15.12%|
+-------------+----------------+--------------+----------------+---------------+
|Walton Imrie |       9,154,780|       150,000|       9,304,780|          5.18%|
+-------------+----------------+--------------+----------------+---------------+
*  Ketan  Patel  is  beneficially  interested  in a total of 27,154,727 ordinary
shares  in the Company. These shares are  held by Export Holdings Ltd, a company
in  which Ketan Patel  has a 50% interest.  In addition, Mahesh Patel, Alternate
Non-Executive  Director  of  Shanta  Gold,  also  has  a  50% interest in Export
Holdings Ltd.

Pursuant  to the above,  the Company will  submit an application for 600,000 new
ordinary  shares of the Company to be admitted  to trading on AIM and the shares
are expected to be admitted to trading on 24 November 2010.

Following  the issue of  new ordinary shares  to Directors, the Company's issued
share capital will consist of 179,573,942 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 179,573,942.

For further information:

Shanta Gold Limited


http://www.shantagold.com

Walton Imrie
Mobile: [phone]

Walter Vorwerk
Moblie: [phone]

Fairfax I.S. PLC
Nominated Adviser and Broker
Ewan Leggat / Laura Littley
[phone]


[HUG#1463828]








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Source: Shanta Gold Limited via Thomson Reuters ONE