Exercise of Warrants

Shanta Gold Limited
28 June 2006

                                                                    28 June 2006


                              SHANTA GOLD LIMITED

                              Exercise of Warrants


Shanta Gold Limited ("the Company") confirms that on 26 June 2006, following
receipt of cleared funds, 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   No. Of shares   Exercise Price
                      Warrants     Price 

Haywood Securities    1,244,494     25p          1,244,494        £311,123.50
(UK) Limited



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 4 July 2006.



The total number of issued ordinary shares in the Company, including the New
Ordinary Shares, is now 69,698,128 ordinary shares.



Following the exercise of the warrants Haywood Securities (UK) Limited will hold
1,244,494 ordinary shares of 0.01p in the share capital of the Company 
("Ordinary Shares") representing 5.83% of the total number of issued Ordinary
Shares.







For further information contact:


David Youngman, W.H. Ireland Ltd                       Tel:  [phone]
Walter Vorwerk, Shanta Gold Ltd                        Tel:  [phone]








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