Half-yearly report

Shanta Gold Limited

                  Interim Report for 6 months to 30 June 2011

Shanta  Gold Limited, ('Shanta' or the 'Company') [AIM: SHG], the near-term gold
producer  with operations  in   Tanzania,  is  pleased   to announce its results
for  the six months ended 30 June 2011 today, 23 September 2011.  The period was
characterised by the following key features:

New Luika Gold Mine

-   Construction on track for first production by the end of 2011.

-   First blast taken at Bauhinia Creek Pit.

-    An updated JORC compliant in situ resource of 1.2 million ounces of gold at
an  average grade of 1.46g/t gold,  an increase of 45.9 per  cent from the 0.84
million ounces release on 17 April 2009.

-    In June  2011, the revised  feasibility study  illustrated robust economics
with  an increase  in NAV  of US$66m,  from US$37m,  on a  comparable basis at a
US$1,200 per ounce gold price and an 11 per cent discount rate.

Great Basin Gold Joint Venture

-    In June 2011, a  joint venture and  exploration agreement concluded between
Shanta Gold and Great Basin Gold.

-    The prospect extends over an  area of approximately 3,800 square kilometres
and is adjacent to the Company's New Luika Gold Mine.

Post period highlights

-   In August 2011, the Company announced positive feasibility study results for
the Singida district that support the development of a gold mine.

-    In  July  2011, the  Company  raised  a  total of £15.10m (before expenses)
through new and existing institutional shareholders in the United Kingdom.

New Luika Gold Mine

The  development of the New Luika Mine has proceeded on target and on budget. On
the  ground, the mine development has seen major earthworks underway. Pre-mining
reached the stage where the first blast was taken and capital equipment has been
ordered.  Current indications  are that  the plan  to commence production by the
year end is still feasible providing no delays on delivery of mine equipment are
experienced.

Updated Resource Statement - New Luika Gold Mine

During  2010 and early 2011 an infill drilling programme was conducted primarily
on  the first three targets to be mined namely; Luika, Bauhinia Creek and Shamba
ore  bodies.  This  resulted  in  a  significant  increase in the New Luika Mine
resources in May 2011. The global JORC compliant resource (as such reported at a
0g/t cut  off) increased to 1.20 million ounces  from 0.85 million ounces and at
the  same  time  the  average  grade  increased to 1.46 g/t  from 1.12 g/t. This
resulted  in  a  significant  change  in  planning  and  sequencing  of  mining,
particularly  from the Bauhinia Creek pit. These changes resulted in the revised
feasibility study announced in June 2011.

Revised Feasibility Study - New Luika Gold Mine

The results of the revised feasibility study are set out below:

+------------------------------------------------+---------+
| Total tonnes mined (million)                   | 45.8    |
+------------------------------------------------+---------+
| Total tonnes treated (million)                 | 5.6     |
+------------------------------------------------+---------+
| Annual treatment rated (tonnes)                | 547,000 |
+------------------------------------------------+---------+
| Total construction cost (US$ / million)        | $29.4   |
+------------------------------------------------+---------+
| Total gold produced (million ounces)           | 0.445   |
+------------------------------------------------+---------+
| Escalated average cost per ounce (US$)         | 1,015   |
+------------------------------------------------+---------+
| Return on investment (per cent)                | 71      |
+------------------------------------------------+---------+
| Net present value - 11 per cent. (US$/million) | 66.15   |
+------------------------------------------------+---------+

EPMC,   the   consultants  responsible  for  the  New  Luika  feasibility  study
incorporated  the Bauhinia Creek infill  drilling results conducted in 2010 into
the  previous economic assessment used in  the feasibility study (block models).
The  infill drilling found the original  ore blocks contained significantly more
high  grade gold than was in the original block models. The results demonstrated
a  significant improvement in  the project economics  without alterations to the
capital  requirement  of  US$29.40m  for  the  project construction. The revised
project  has an IRR of 71 per  cent. and an NPV of  US$66.15m at an 11 per cent.
discount rate using a gold price of US$1,200 per ounce.

New  Luika Gold  Mine is  expected to  produce 175,000 - 190,000 ounces over the
first three years at an average grade of 3.5/3.8Au grams per tonne at an average
cost of US$560 to US$610 per ounce from December 2011.

Joint Venture with Great Basin Gold

The  Company concluded an agreement with Great Basin Gold Limited ('GBG') and so
gained  access to a large area (3,800 square kilometres) of exploration licences
in  the Lupa Gold  camp in south  western Tanzania. The  signed agreement, which
remains  subject to completion of due diligence, is expected to become effective
in  the final quarter of the 2011. In return for an 80 per cent. interest in the
exploration  licences, Shanta will issue  12,368,584 new ordinary shares to GBG,
valued  at approximately US$7m at  an issue price of  US$0.35 per share together
with  12,368,584 warrants to  subscribe for  new ordinary  shares exercisable at
US$0.35  per share.  Shanta has  committed to  spend US$2m  in the first year of
exploration, US$4m in the second year and US$6m in the third year of exploration
(a  total of  US$12m). Should  a JORC  compliant resource  in excess of 500,000
ounces  of  gold  above  a  1.5g/t cut  off  be  discovered,  Shanta  will issue
additional  new  ordinary  shares  to  GBG,  based  on a value of US$70 for each
measured  and indicated  ounce and  US$20 for  each inferred  ounce, at a deemed
price  equal to the then  ruling share price of  Shanta. Should a JORC compliant
resource  of 500,000 ounces of  gold be discovered  before the US$12m commitment
has  been reached, the expenditure commitment falls away. The payment obligation
will  be in place for  three years. In the  event a mine proves feasible, Shanta
will  have an 80 per cent.  interest and GBG will  hold a 20 per cent. interest.
This   agreement  provides  Shanta  with  significant  upside  potential  in  an
historical gold region where GBG's regional exploration has, to date, identified
seven potential drill targets already.

Singida Feasibility Study

Shanta  announced in August 2011, the positive  results of its feasibility study
supporting  the development of the Company's  100%-owned project in the district
of Singida in Tanzania. The study determined that a mine producing 45,000 ounces
of gold per annum at a capital cost of US$39m and an average escalated operating
cost of US$412 per ounce, and (based on a US$1200 per ounce gold price an 11 per
cent.  discount rate) should generate a net  present value of US$130 million and
would have an internal rate of return of 126 per cent.

Financial review

Following  the development  of the  New Luika  Mine the  Company was required to
spend  a  significant  portion  of  available  cash  balances. This included the
expenditure  on  the  infill  drilling  programme  at  three of the pits and the
acquisition and progress towards the construction of the plant. In addition pre-
mining  activities commenced. As a consequence cash balances held by the Company
declined  from US$17m to US$3m by the end  of the half year. Subsequently on 15
July  2011 the Company raised  a total of  £15.10m (before expenses) through new
and existing institutional shareholders.

For further information, please contact:

 Shanta Gold Limited            Tel:
 Walton Imrie                   +27 (0) 82 444 2851
 Gareth Taylor                  +255 (0) 757 732 484
 Walter Vorwerk                 [phone]

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

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




Interim report for the 6 months to 30 June 2011

Shanta Gold Limited ("Shanta Gold" or "the Company" or "the Group") announces
its unaudited interim results for the half year ended 30 June 2011.

Consolidated Statements of Comprehensive Income

+----------------------------------------------+--------+--------+-----------+
|                                              |6 Months|6 Months|   Year end|
|                                              | 30 June| 30 June|31 December|
|                                              |    2011|    2010|       2010|
|                                              |US$' 000|US$' 000|   US$' 000|
+----------------------------------------------+--------+--------+-----------+
|Revenue                                       |       -|       -|          -|
+----------------------------------------------+--------+--------+-----------+
|Cost of sales                                 |       -|       -|          -|
+----------------------------------------------+--------+--------+-----------+
|Gross profit                                  |       -|       -|          -|
+----------------------------------------------+--------+--------+-----------+
|Other operating income                        |       -|       -|          -|
+----------------------------------------------+--------+--------+-----------+
|Administration expenses                       | (1 611)|   (954)|    (2 692)|
+----------------------------------------------+--------+--------+-----------+
|Exploration and evaluation costs              | (3 884)| (1 705)|    (5 092)|
+----------------------------------------------+--------+--------+-----------+
|Operating loss                                | (5 496)| (2 659)|    (7 784)|
+----------------------------------------------+--------+--------+-----------+
|Finance income                                |      11|       4|         15|
+----------------------------------------------+--------+--------+-----------+
|Loss before taxation                          | (5 484)| (2 655)|    (7 769)|
+----------------------------------------------+--------+--------+-----------+
|Taxation                                      |       -|       -|          -|
+----------------------------------------------+--------+--------+-----------+
|Loss for the period/year                      | (5 484)| (2 655)|    (7 769)|
+----------------------------------------------+--------+--------+-----------+
|Other comprehensive income for the period/year|       -|       -|          -|
+----------------------------------------------+--------+--------+-----------+
|Total comprehensive loss for the period/year  | (5 484)| (2 655)|    (7 769)|
+----------------------------------------------+--------+--------+-----------+
|Earnings per share                            |        |        |           |
+----------------------------------------------+--------+--------+-----------+
|Basic loss per share (US cents)               |  (3.05)|  (2.46)|     (5.95)|
+----------------------------------------------+--------+--------+-----------+

Consolidated Statements of financial position

+------------------------------------------+--------+--------+-----------+
|                                          |6 Months|6 Months|   Year end|
|                                          | 30 June| 30 June|31 December|
|                                          |    2011|    2010|       2010|
|                                          |US$' 000|US$' 000|   US$' 000|
+------------------------------------------+--------+--------+-----------+
|Assets                                    |        |        |           |
+------------------------------------------+--------+--------+-----------+
|Non-current assets                        |        |        |           |
+------------------------------------------+--------+--------+-----------+
|Intangible assets                         |   4 376|   4 442|      4 376|
+------------------------------------------+--------+--------+-----------+
|Plant and equipment                       |  10 466|     215|        221|
+------------------------------------------+--------+--------+-----------+
|Investment in subsidiary companies        |       -|       -|          -|
+------------------------------------------+--------+--------+-----------+
|Loans receivable from subsidiary companies|       -|       -|          -|
+------------------------------------------+--------+--------+-----------+
|                                          |  14 842|   4 657|      4 597|
+------------------------------------------+--------+--------+-----------+
|Current assets                            |        |        |           |
+------------------------------------------+--------+--------+-----------+
|Trade and other receivables               |   2 915|     518|      2 950|
+------------------------------------------+--------+--------+-----------+
|Cash and cash equivalents                 |   3 467|   3 319|     17 050|
+------------------------------------------+--------+--------+-----------+
|                                          |   6 382|   3 837|     20 000|
+------------------------------------------+--------+--------+-----------+
|Total assets                              |  21 224|   8 494|     24 597|
+------------------------------------------+--------+--------+-----------+
|Equity and liabilities                    |        |        |           |
+------------------------------------------+--------+--------+-----------+
|Equity                                    |        |        |           |
+------------------------------------------+--------+--------+-----------+
|Share capital                             |      30|      20|         30|
+------------------------------------------+--------+--------+-----------+
|Share premium                             |  56 495|  34 963|     55 936|
+------------------------------------------+--------+--------+-----------+
|Share option reserve                      |   1 307|     747|      1 088|
+------------------------------------------+--------+--------+-----------+
|Shares to be issued reserve               |       -|      93|         92|
+------------------------------------------+--------+--------+-----------+
|Warrant Reserve                           |     336|       -|        336|
+------------------------------------------+--------+--------+-----------+
|Translation reserve                       |     400|     400|        400|
+------------------------------------------+--------+--------+-----------+
|Retained losses                           |(39 507)|(28 749)|   (34 023)|
+------------------------------------------+--------+--------+-----------+
|Total equity                              |  19 061|   7 474|     23 859|
+------------------------------------------+--------+--------+-----------+
|Current liabilities                       |        |        |           |
+------------------------------------------+--------+--------+-----------+
|Trade and other payables and accruals     |   1 827|     684|        402|
+------------------------------------------+--------+--------+-----------+
|Loans payable to related parties          |     336|     336|        336|
+------------------------------------------+--------+--------+-----------+
|Total liabilities                         |   2 163|    1020|        738|
+------------------------------------------+--------+--------+-----------+
|Total equity and liabilities              |  21 224|   8 494|     24 597|
+------------------------------------------+--------+--------+-----------+

Consolidated Statements of cash flows

+------------------------------------------------+--------+--------+-----------+
|                                                |6 Months|6 Months|Yearend    |
|                                                |30 June |30 June |31 December|
|                                                |2011    |2010    |2010       |
|                                                |US$' 000|US$' 000|US$' 000   |
+------------------------------------------------+--------+--------+-----------+
|Net cash flows from operating activities        |(5 462) |(1 971) |(5 761)    |
+------------------------------------------------+--------+--------+-----------+
|Investing activities                            |        |        |           |
+------------------------------------------------+--------+--------+-----------+
|Cash flow attributable to the exploration       |        |        |           |
+------------------------------------------------+--------+--------+-----------+
|for and evaluation of mineral resources:        |        |        |           |
+------------------------------------------------+--------+--------+-----------+
|- Purchase of intangible assets                 |-       |-       |(57)       |
+------------------------------------------------+--------+--------+-----------+
|  - Purchase of plant and equipment             |(8 121) |(43)    |(111)      |
+------------------------------------------------+--------+--------+-----------+
|  - Ball mill deposit                           |-       |-       |(2 192)    |
+------------------------------------------------+--------+--------+-----------+
|Net cash flows from investing activities        |(8 121) |(43)    |(2 360)    |
+------------------------------------------------+--------+--------+-----------+
|Financing activities                            |        |        |           |
+------------------------------------------------+--------+--------+-----------+
|Proceeds from issue of ordinary share capital   |-       |2 725   |22 563     |
+------------------------------------------------+--------+--------+-----------+
|Loans repaid                                    |-       |-       |-          |
+------------------------------------------------+--------+--------+-----------+
|Net cash flows from financing activities        |-       |-       |-          |
+------------------------------------------------+--------+--------+-----------+
|Net increase/(decrease) in cash and cash        |        |        |           |
|equivalents                                     |(13583) |711     |14 442     |
+------------------------------------------------+--------+--------+-----------+
|Cash and cash equivalents at beginning of       |        |        |           |
|period/year                                     |17050   |2 608   |2 608      |
+------------------------------------------------+--------+--------+-----------+
|Foreign exchange adjustment                     |-       |-       |-          |
+------------------------------------------------+--------+--------+-----------+
|Cash and cash equivalents at end of period/year |3 467   |3 319   |17 050     |
+------------------------------------------------+--------+--------+-----------+

Statements of changes in equity

+-------------+-------+-------+-------+-------+-----------+------+--------+------+
|             |       |       |  Share|       |           |Shares|        |      |
+-------------+-------+-------+-------+-------+-----------+------+--------+------+
|             |  Share|  Share| option|Warrant|Translation| to be|Retained| Total|
+-------------+-------+-------+-------+-------+-----------+------+--------+------+
|             |capital|premium|reserve|reserve|    reserve|issued|earnings|equity|
+-------------+-------+-------+-------+-------+-----------+------+--------+------+
|             |   US$'|   US$'|   US$'|   US$'|           |  US$'|        |  US$'|
|             |    000|    000|    000|    000|   US$' 000|   000|US$' 000|   000|
+-------------+-------+-------+-------+-------+-----------+------+--------+------+
|Total equity |       |       |       |       |           |      |        |      |
|31 December  |       |       |       |       |           |      |        |      |
|2009         |     19| 31 976|    678|      -|        400|    86|(26 254)| 6 905|
+-------------+-------+-------+-------+-------+-----------+------+--------+------+
|Total        |       |       |       |       |           |      |        |      |
|comprehensive|       |       |       |       |           |      |        |      |
|loss for the |       |       |       |       |           |      |        |    (2|
|year         |       |       |       |       |           |      | (2 495)|  495)|
+-------------+-------+-------+-------+-------+-----------+------+--------+------+
|Share based  |       |       |       |       |           |      |        |      |
|payments     |       |    263|       |       |           |  (86)|        |   177|
+-------------+-------+-------+-------+-------+-----------+------+--------+------+
|Shares issued|       |       |       |       |           |      |        |      |
|for cash     |      1|  2 909|       |       |           |      |        |2  910|
+-------------+-------+-------+-------+-------+-----------+------+--------+------+
|Shares to be |       |       |       |       |           |      |        |      |
|issued       |       |       |       |       |           |    93|        |    93|
+-------------+-------+-------+-------+-------+-----------+------+--------+------+
|Share issue  |       |       |       |       |           |      |        |      |
|costs        |       |  (185)|       |       |           |      |        | (185)|
+-------------+-------+-------+-------+-------+-----------+------+--------+------+
|Share option |       |       |       |       |           |      |        |      |
|costs        |       |       |     69|       |           |      |        |    69|
+-------------+-------+-------+-------+-------+-----------+------+--------+------+
|Share options|       |       |       |       |           |      |        |      |
|expired      |       |       |       |       |           |      |        |     -|
+-------------+-------+-------+-------+-------+-----------+------+--------+------+
|Total equity |       |       |       |       |           |      |        |      |
|30 June 2010 |     20| 34 963|    747|      -|        400|    93|(28 749)| 7 474|
+-------------+-------+-------+-------+-------+-----------+------+--------+------+
|Total        |       |       |       |       |           |      |        |      |
|comprehensive|       |       |       |       |           |      |        |      |
|loss for the |       |       |       |       |           |      |        |    (5|
|year         |       |       |       |       |           |      | (5 274)|  274)|
+-------------+-------+-------+-------+-------+-----------+------+--------+------+
|Share based  |       |       |       |       |           |      |        |      |
|payments     |      1|  1 480|       |       |           |  (93)|        | 1 388|
+-------------+-------+-------+-------+-------+-----------+------+--------+------+
|Shares issued|       |       |       |       |           |      |        |      |
|for cash     |      9| 20 728|       |       |           |      |        |20 737|
+-------------+-------+-------+-------+-------+-----------+------+--------+------+
|Share issue  |       |       |       |       |           |      |        |      |
|costs        |       |  (899)|       |       |           |      |        | (899)|
+-------------+-------+-------+-------+-------+-----------+------+--------+------+
|Shares to be |       |       |       |       |           |      |        |      |
|issued       |       |       |       |       |           |    92|        |    92|
+-------------+-------+-------+-------+-------+-----------+------+--------+------+
|Share option |       |       |       |       |           |      |        |      |
|costs        |       |       |    341|       |           |      |        |   341|
+-------------+-------+-------+-------+-------+-----------+------+--------+------+
|Warrants     |       |       |       |       |           |      |        |      |
|issued       |       |  (336)|       |    336|           |      |        |     -|
+-------------+-------+-------+-------+-------+-----------+------+--------+------+
|Total equity |       |       |       |       |           |      |        |      |
|31 December  |       |       |       |       |           |      |        |      |
|2010         |     30|55  936|  1 088|    336|        400|    92|(34 023)|23 859|
+-------------+-------+-------+-------+-------+-----------+------+--------+------+
|Total        |       |       |       |       |           |      |        |      |
|comprehensive|       |       |       |       |           |      |        |      |
|loss for the |       |       |       |       |           |      |        |    (5|
|year         |       |       |       |       |           |      | (5 484)|  484)|
+-------------+-------+-------+-------+-------+-----------+------+--------+------+
|Share based  |       |       |       |       |           |      |        |      |
|payments     |       |    559|       |       |           |  (92)|        |  4 67|
+-------------+-------+-------+-------+-------+-----------+------+--------+------+
|Share option |       |       |       |       |           |      |        |      |
|costs        |       |       |    219|       |           |      |        |   219|
+-------------+-------+-------+-------+-------+-----------+------+--------+------+
|Total equity |       |       |       |       |           |      |        |      |
|30 June 2011 |     30| 56 495|  1 307|    336|        400|     -|(39 507)|19 061|
+-------------+-------+-------+-------+-------+-----------+------+--------+------+

1. Basis of preparation

The  consolidated unaudited results  for the Group  have been prepared using the
same  accounting policies and  principles as the  financial statements as at 31
December 2009.

2. Earnings per share

The  earnings  and  weighted  average  number  of  ordinary  shares  used in the
calculation of basic earnings per share is as follows:

+-----------------------------------------+------------+-----------+-----------+
|                                         |    6 Months|   6 Months|    Yearend|
|                                         |     30 June|    30 June|31 December|
|                                         |        2011|       2010|       2010|
|                                         |    US$' 000|   US$' 000|   US$' 000|
+-----------------------------------------+------------+-----------+-----------+
|Earnings per share                       |            |           |           |
+-----------------------------------------+------------+-----------+-----------+
|Loss for the year attributable to equity |            |           |           |
|holders of the Company                   |     (5 484)|    (2 655)|    (7 769)|
+-----------------------------------------+------------+-----------+-----------+
|Earnings used in the calculation of basic|            |           |           |
|loss per share as presented  below:      |     (5 484)|    (2 655)|    (7 769)|
+-----------------------------------------+------------+-----------+-----------+
|Basic loss per share (US cents)          |      (3.05)|     (2.46)|     (6.14)|
+-----------------------------------------+------------+-----------+-----------+
|Weighted average number of shares in     |            |           |           |
|issue                                    |179  551 495|107 888 272|126 579 240|
+-----------------------------------------+------------+-----------+-----------+

IAS  33 "Earnings per  share" defines  dilution as  a reduction  in earnings per
share  or  as  an  increase  in  loss  per  share. When calculating the dilutive
earnings per share the loss is decreased. Accordingly dilutive loss per share is
not disclosed.

+------------------------------------------------+---------+---------+---------+
|                                                |   Number|   Number|   Number|
+------------------------------------------------+---------+---------+---------+
|The group has the following instruments which   |         |         |         |
|could potentially dilute                        |         |         |         |
+------------------------------------------------+---------+---------+---------+
|basic earnings per share in the future          |         |         |         |
+------------------------------------------------+---------+---------+---------+
|Share options                                   |6 934 064|4 449 064|6 934 064|
+------------------------------------------------+---------+---------+---------+
|Warrants                                        |5 770 016|        -|5 770 016|
+------------------------------------------------+---------+---------+---------+

The  Company has  entered into  a SEDA  agreement under  the terms  of which the
Company  may  raise  funds  by  the  issue  of  shares. The SEDA agreement could
potentially dilute basic earnings per share in the future.

On  11 July 2011 the Company raised a total of £15.10m (before expenses) through
the issue of 83 927 667 shares to new and existing institutional shareholders.

3. Related party transactions

Directors' contracts

W  N B Imrie is executive chairman and  has a service agreement with a six-month
notice  period.  In  January 2011 Mr  Imrie signed  a new  service agreement. As
remuneration  for his services, the Company  pays remuneration of US$390,000 per
annum payable in cash.

K V Patel as a non-executive director has an agreement with a three-month notice
period.

P  Heber  as  a  non-executive  director  has  an agreement whereby he is paid
£25 000 per annum.

W  E Vorwerk as executive director has a  service agreement for which he is paid
for  time worked (with a minimum of two days per week) and which has a six-month
notice  period. In January 2011, Mr Vorwerk  signed a new service agreement. The
remuneration for his services is payable in cash.

G  Taylor has a  service contract with  a 91 day notice  period for which he was
paid  for time worked (with a minimum of  two days per week), In January 2011 Mr
Taylor  signed a new service agreement with a 91 day period. As remuneration for
his  services the Company  pays remuneration of  US$360,000 per annum payable in
cash.

W  D Scott had a  service agreement with a  six-month notice period for which he
was paid for time worked (with a minimum of four days per week). As remuneration
for  his services the Company pays  remuneration of US$180,000 per annum payable
in cash. Mr Scott resigned on 26 June 2011.

+------------------------------------------------+
|Directors' remuneration                         |
+------------------------------------------------+--------+--------+-----------+
|                                                |6 Months|6 Months|   Year end|
|                                                | 30 June| 30 June|31 December|
|                                                |    2011|    2010|       2010|
|                                                |US$' 000|US$' 000|   US$' 000|
+------------------------------------------------+--------+--------+-----------+
|Walton Norman Brian Imrie                       |     195|      90|        246|
+------------------------------------------------+--------+--------+-----------+
|Paul David Heber                                |      21|       -|          5|
+------------------------------------------------+--------+--------+-----------+
|Ketankumar Vinubhai Patel                       |      21|       2|         47|
+------------------------------------------------+--------+--------+-----------+
|Gareth Taylor                                   |     180|      60|        183|
+------------------------------------------------+--------+--------+-----------+
|Walter Egmund Vorwerk                           |     144|     104|        284|
+------------------------------------------------+--------+--------+-----------+
|Walter David Scott  (resigned 26 June 2011)     |     125|      78|        232|
+------------------------------------------------+--------+--------+-----------+
|Maheshkumar Raojibhal Patel (Alternate director)|       -|       -|          -|
+------------------------------------------------+--------+--------+-----------+

Directors' interests

The interest of the directors (all of which are beneficial) in the issued
ordinary share capital of the Company are as follows:

+--------------------------------------------+----------------+----------------+
|                                            |  30 June 2011  |31 December 2010|
+--------------------------------------------+-----------+----+-----------+----+
|                                            |Number each|    |Number each|    |
|                                            |of ordinary|    |of ordinary|    |
|                                            |     shares|   %|     shares|   %|
+--------------------------------------------+-----------+----+-----------+----+
|Walton Norman Brian Imrie                   |  9 378 513|5.19|  9 320 959|5.20|
+--------------------------------------------+-----------+----+-----------+----+
|Paul David Heber                            |     57 928|0.03|     41 600|0.02|
+--------------------------------------------+-----------+----+-----------+----+
|Ketankumar Vinubhai Patel                   | 10 343 750|5.72| 10 343 750|5.76|
+--------------------------------------------+-----------+----+-----------+----+
|Gareth Taylor                               |    654 892|0.36|    498 952|0.28|
+--------------------------------------------+-----------+----+-----------+----+
|Walter David Scott (resigned 26 June 2011)  |        n/a| n/a|    36 6074|0.20|
+--------------------------------------------+-----------+----+-----------+----+
|Walter Egmund Vorwerk                       |    930 993|0.52|    869 709|0.48|
+--------------------------------------------+-----------+----+-----------+----+
| Maheshkumar Raojibhai  Patel (Alternate    |           |    |           |    |
|director)                                   | 10 343 750|5.72| 10 343 750|5.76|
+--------------------------------------------+-----------+----+-----------+----+

Share options

The following share options have been granted to the following directors under
the Share Option Plan:

+----------------------------------+----------------+-------------+------------+
|                                  |                |    Number of|            |
|                                  |      Grant date|share options|Option price|
+----------------------------------+----------------+-------------+------------+
|Walton Norman Brian Imrie         |    29 July 2005|      168 006|        25 p|
+----------------------------------+----------------+-------------+------------+
|Walton Norman Brian Imrie         |7 September 2009|      350 000|         6 p|
+----------------------------------+----------------+-------------+------------+
|Walton Norman Brian Imrie         |16 November 2010|      250 000|      28.25p|
+----------------------------------+----------------+-------------+------------+
|Gareth Taylor                     |16 November 2010|      125 000|      28.25p|
+----------------------------------+----------------+-------------+------------+
|Ketankumar Vinubhai Patel         |    29 July 2005|      168 006|        25 p|
+----------------------------------+----------------+-------------+------------+
|Ketankumar Vinubhai Patel         |7 September 2009|      150 000|         6 p|
+----------------------------------+----------------+-------------+------------+
|Walter David Scott                |7 September 2009|      250 000|         6 p|
+----------------------------------+----------------+-------------+------------+
|Walter David Scott                |16 November 2010|      250 000|      28.25p|
+----------------------------------+----------------+-------------+------------+
|Walter Egmund Vorwerk             |    29 July 2005|      466 685|        25 p|
+----------------------------------+----------------+-------------+------------+
|Walter Egmund Vorwerk             |    14 July 2006|      363 718|        59 p|
+----------------------------------+----------------+-------------+------------+
|Walter Egmund Vorwerk             |7 September 2009|      350 000|         6 p|
+----------------------------------+----------------+-------------+------------+
|Walter Egmund Vorwerk             |16 November 2010|      250 000|      28.25p|
+----------------------------------+----------------+-------------+------------+
|Maheshkumar Raojibhal Patel       |                |             |            |
|(alternate director)              |    29 July 2005|      168 000|        25 p|
+----------------------------------+----------------+-------------+------------+

The option plan was adopted by the board of directors on 1 July 2005. Details of
the option plan are available at the Company's registered office.

No directors' options lapsed as a result of vesting conditions not being met. No
directors' options were exercised during the year.

Other related parties transactions

The  loans from related parties are from companies in which K Patel, M Patel and
W Imrie have an indirect interest.







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     originality of the information contained therein. 
    
Source: Shanta Gold Limited via Thomson Reuters ONE

[HUG#1549365]