Exercise of Warrants

Shanta Gold Limited
06 June 2006

                                                                     6 June 2006

                              SHANTA GOLD LIMITED

                              Exercise of Warrants

Shanta Gold Limited ("the Company") announces that, on 1 June 2006, the
directors of the Company approved an allotment of shares following the exercise
of warrants (the "Warrants") over ordinary shares of 0.01p in the share capital
of the Company (the "Ordinary Shares") as set out below:

Registered Holder     Number of      Subscription Price     No. of Ordinary    Exercise Price
                      Warrants                                 Shares

Dundee Resources      2,200,000         30p                  2,200,000          £660,000.00
Limited

On the same date, a further allotment of shares was also approved by the board
of directors of the Company, following the exercise of certain of the adviser's
warrants granted at the time of the Company's admission to AIM ("Adviser
Warrants"), as detailed below:

Registered Holder     Number of      Subscription Price     No. of Ordinary    Exercise Price
                      Warrants                                 Shares

Argent Partners        248,899          25p                    248,899          £62,224.75

Application will be made for the new Ordinary Shares issued pursuant to the
exercise of both Warrants and the Adviser Warrants (the "New Ordinary Shares")
to be admitted to AIM and dealings in the New Ordinary Shares is expected to
commence on 12 June 2006.

The total number of issued ordinary shares in the Company, including the New
Ordinary Shares, is now 64,673,634 ordinary shares.

Following this issue Dundee Resources Limited will hold 3.40% of the enlarged
issued Ordinary Share capital of the Company.

For further information contact:

David Youngman, W.H. Ireland Ltd.              Tel:  [phone]




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