Exercise of Warrants

Shanta Gold Limited
23 June 2006

                                                                    23 June 2006



                              SHANTA GOLD LIMITED

                              Exercise of Warrants



Shanta Gold Limited ("the Company") confirms that on 19 June 2006 and 23 June
2006 the directors of the Company approved an allotment of shares following the
exercise of warrants over ordinary shares of 0.01p in the share capital of the
Company (the "Warrants") as set out below:




Registered Holder          Number of      Subscription Price      No. Of shares                Exercise Price
                            Warrants
Chase Nominees             3,000,000          30p                     3,000,000                  £900,000.00
Limited
Hichens Harrison &           560,000          30p                       560,000                  £168,000.00
Co Plc



Application will be made for the ordinary shares created pursuant to the
exercise of the Warrants (the "New Ordinary Shares") to be admitted to AIM and
dealings in the New Ordinary Shares is expected to commence on 29 June 2006.



The total number of issued ordinary shares in the Company, including the New
Ordinary Shares, is now 68,453,634 ordinary shares.



Following the exercise of the warrants Chase Nominees Limited will hold
7,250,000 ordinary shares of 0.01p in the share capital of the Company ("
Ordinary Shares") representing 10.59% of the total number of issued Ordinary
Shares.



For further information contact:

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






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