Holding in Company

+------------------------------------------------------------------------------+
|TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES(i)                             |
+----------------------------------------------+-------------------------------+
                                               |
+----------------------------------------------+-------------------------------+
|1. Identity of the issuer or the underlying   |                               |
|issuer                                        |        Shanta Gold Ltd        |
|of existing shares to which voting rights are |                               |
|attached:(ii)                                 |                               |
+----------------------------------------------+-------------------------------+
|2 Reason for the notification (please tick the appropriate box or boxes):     |
+---------------------------------------------------------------------+--------+
|An acquisition or disposal of voting rights                          |   X    |
+---------------------------------------------------------------------+--------+
|An acquisition or disposal of qualifying financial instruments which |        |
|may result in the acquisition of shares already issued to which      |        |
|voting rights are attached                                           |        |
+---------------------------------------------------------------------+--------+
|An acquisition or disposal of instruments with similar economic      |        |
|effect to qualifying financial instruments                           |        |
+---------------------------------------------------------------------+--------+
|An event changing the breakdown of voting rights                     |        |
+-----------------------+---------------------------------------------+--------+
|Other (please specify):|                                             |        |
+-----------------------+--------------+------------------------------+--------+
|3. Full name of person(s) subject to  |                                       |
|the                                   |Blakeney LLP                           |
|notification obligation:(iii)         |                                       |
+--------------------------------------+---------------------------------------+
|4. Full name of shareholder(s)        |Blakeney   LLP  as  investment  advisor|
| (if different from 3.):(iv)          |manager of the funds listed in Appendix|
|                                      |1.                                     |
+--------------------------------------+---------------------------------------+
|5. Date of the transaction and date on|                                       |
|which the threshold is crossed or     |15(th) July 2011                       |
|reached:(v)                           |                                       |
+--------------------------------------+---------------------------------------+
|6. Date on which issuer notified:     |15(th) July 2011                       |
+--------------------------------------+---------------------------------------+
|7. Threshold(s) that is/are crossed or|10%                                    |
|reached:(vi, vii)                     |                                       |
+--------------------------------------+---------------------------------------+



+----------------------------------------------------------------------------------+
|8. Notified details:                                                              |
+----------------------------------------------------------------------------------+
|A: Voting rights attached to shares (viii, ix)                                    |
+------------+----------------------+----------------------------------------------+
|Class/type  |Situation previous    |Resulting situation after the triggering      |
|of          |to the triggering     |transaction                                   |
|shares      |transaction           |                                              |
|            +----------+-----------+------------+-----------------+---------------+
|if possible |Number    |Number     |Number      |Number of voting |% of  voting   |
|using       |of        |of         |of shares   |rights           |rights (x)     |
|the ISIN    |  ares    |V ting     +------------+------+----------+------+--------+
|CODE        |          |Rights     |Direct      |Direct|Indirect  |Direct|Indirect|
|            |          |           |            |(xi)  |(xii)     |      |        |
+------------+----------+-----------+------------+------+----------+------+--------+
|GB00B0CGR828|          |           |            |      |          |      |        |
+------------+25,570,000|     0     | 35,292,222 |  0   |35,292,222|  0   | 13.34% |
|            |          |           |            |      |          |      |        |
+------------+----------+-----------+------------+------+----------+------+--------+

+----------------------------------------------------------------------------------+
|B: Qualifying Financial Instruments                                               |
+----------------------------------------------------------------------------------+
|Resulting situation after the triggering transaction                              |
+--------------+----------+-----------------------+------------------+-------------+
|Type of       |Expiration|Exercise/              |Number of voting  |% of voting  |
|financial     |date(xiii)|Conversion Period(xiv) |rights that may be|rights       |
|instrument    |          |                       |acquired if the   |             |
|              |          |                       |instrument is     |             |
|              |          |                       |exercised/        |             |
|              |          |                       |converted.        |             |
+--------------+----------+-----------------------+------------------+-------------+
|              |          |                       |                  |             |
+--------------+----------+-----------------------+------------------+-------------+

+----------------------------------------------------------------------------------+
|C: Financial Instruments with similar economic effect to Qualifying Financial     |
|Instruments (xv, xvi)                                                             |
+----------------------------------------------------------------------------------+
|Resulting situation after the triggering transaction                              |
+-------------+---------+----------+-------------+------------------+--------------+
|Type of      |Exercise |Expiration|Exercise/    |Number of voting  |% of voting   |
|financial    |price    |date      |Conversion   |rights instrument |rights (xix,  |
|instrument   |         |(xvii)    |period(xviii)|refers to         |xx)           |
|             |         |          |             |                  |              |
+-------------+---------+----------+-------------+------------------+-------+------+
|             |         |          |             |                  |Nominal|Delta |
|             |         |          |             |                  +-------+------+
|             |         |          |             |                  |       |      |
+-------------+---------+----------+-------------+------------------+-------+------+

+----------------------------------------------------------------------------------+
|Total (A+B+C)                                                                     |
+------------------------------------+---------------------------------------------+
|Number of voting rights             |Percentage of voting rights                  |
+------------------------------------+---------------------------------------------+
|35,292,222                          |13.34%                                       |
+------------------------------------+---------------------------------------------+



+------------------------------------------------------------------------------+
|9. Chain of controlled undertakings through which the voting rights and/or the|
|financial instruments are effectively held, if applicable:(xxi)               |
+------------------------------------------------------------------------------+
|                                                                              |
|+--------------------+-------------------+-------------------+---------------+|
||                    |Resulting Number of|    Total Number of|     % of Total||
||                    |             Shares| shares in issue as|   Issued Share||
||                    |                   |        at 15/07/11|        Capital||
|+--------------------+-------------------+-------------------+---------------+|
||Blakeney Investors  |                   |                   |               ||
||Sicav               |          6,792,000|                   |          2.57%||
|+--------------------+-------------------+-------------------+---------------+|
||CC Development      |                   |                   |               ||
||Partners LP         |          1,099,000|                   |          0.42%||
|+--------------------+-------------------+-------------------+---------------+|
||Blakeney LP         |          9,819,222|                   |          3.71%||
|+--------------------+-------------------+-------------------+---------------+|
||ONYX LP             |          2,757,000|                   |          1.04%||
|+--------------------+-------------------+-------------------+---------------+|
||Ithaca LP           |            705,000|                   |          0.27%||
|+--------------------+-------------------+-------------------+---------------+|
||Austin Alpha LP     |          4,574,000|                   |          1.73%||
|+--------------------+-------------------+-------------------+---------------+|
||Heviben LP          |          5,486,000|                   |          2.07%||
|+--------------------+-------------------+-------------------+---------------+|
||Palo Alto LP        |          2,265,000|                   |          0.86%||
|+--------------------+-------------------+-------------------+---------------+|
||Menafrika LP        |          1,154,000|                   |          0.44%||
|+--------------------+-------------------+-------------------+---------------+|
||Blakeney Sand Hill  |                   |                   |               ||
||LP                  |            641,000|                   |          0.24%||
|+--------------------+-------------------+-------------------+---------------+|
||Total               |         35,292,222|        264,545,124|         13.34%||
|+--------------------+-------------------+-------------------+---------------+|
+------------------------------------------------------------------------------+

+------------------------------------------------------------------------------+
|Proxy Voting:                                                                 |
+------------------------------------+-----------------------------------------+
|10. Name of the proxy holder:       |Blakeney LLP                             |
+------------------------------------+-----------------------------------------+
|11. Number of voting rights proxy   |                                         |
|holder will cease                   |Not applicable                           |
|to hold:                            |                                         |
+------------------------------------+-----------------------------------------+
|12. Date on which proxy holder will |                                         |
|cease to hold                       |Not applicable                           |
|voting rights:                      |                                         |
+------------------------------------+-----------------------------------------+

+------------------------+-----------------------------------------------------+
|                        |                                                     |
|13. Additional          |                                                     |
|information:            |                                                     |
+------------------------+-----------------------------------------------------+
|14. Contact name:       |Michael Mumford                                      |
+------------------------+-----------------------------------------------------+
|15. Contact telephone   |020 7352 4117                                        |
|number:                 |                                                     |
+------------------------+-----------------------------------------------------+







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(i) the releases contained herein are protected by copyright and 
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(ii) they are solely responsible for the content, accuracy and 
     originality of the information contained therein. 
    
Source: Shanta Gold Limited via Thomson Reuters ONE

[HUG#1531302]