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Holdings in Company

21 July 2006

Shanta announces that on 20 July 2006 it received notice that on the same date Export Holdings Limited (“Export”) and Sable Gold (Mauritus) Limited (“Sable”) transferred, in total, 15,000,000 warrants to subscribe for ordinary shares of 0.01p each in the share capital of the Company (“Ordinary Shares”) at a price of 30p per Ordinary Share, exercisable at any time (the “Warrants”). The transfer of Warrants was to a consortium of investors led by Coronation Capital Limited (“Consortium”), at a price of 20p per Warrant pursuant to certain conditions (the “Transaction”).

Under the terms of the Transaction, Export and Sable have agreed to exercise 10,000,000 Warrants within 15 days of 21 July 2006; and the Consortium have also agreed, by way of undertaking, to exercise 10,000,000 Warrants within 15 days of 21 July 2006.

Export and Sable have granted the Consortium the right to acquire a further 5,000,000 Warrants at a price of 30p per Warrant, with such right expiring on 30 January 2007, and have given the Consortium undertakings that they will support the appointment of two directors nominated by the Consortium to the board of Shanta.

Keten Patel (a director of Shanta) and Mahesh Patel (an alternate director of Shanta), hold 50% and 50% respectively of the issued share capital of Export.

Walton Imrie, also a director of Shanta, holds 29.2% of the issued share capital of Sable.

As a result of the Transaction the interests (including beneficial interests) of Ketan Patel, Mahesh Patel and Walton Imrie in Shanta are as follows:

For further information:

Shanta Gold
Walter Vorwerk:
Tel: +27 (0)83 308 0080

Richard Shead
Tel: +27 (0)82 654 1821

W.H. Ireland
David Youngman
Tel: +44 (0) 161 832 6644

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