Clontarf Regulatory News (CLON)

15th April 2010

Update on Operations

·; Foreign investment approval obtained in Iran. This guarantees profit repatriation

·; Discovery Certificate applications on our two Iranian projects are being reviewed

·; Memoranda of Understanding agreed to explore Bolivian gold/silver properties

·; Negotiations at advanced stage on West African oil exploration concession

The directors of Persian Gold (AIM:PNG), the Irish explorer, are pleased to provide an update on operations.

Iran

In Iran, Persian Gold has received approval under the Foreign Investment Protection legislation for over $1.5 million of investment made in the years 2005 - 2007. This is a state guarantee on freedom to repatriate profits. The balance of investment is being examined by the commission and we expect approval when the necessary documents have been supplied.

Persian Gold has two outstanding applications for Discovery Certificates; one on the Chah-e-Zard gold deposit in Central Iran and the other on the Dalli copper/gold porphyry deposit near Isfahan. Both projects are optioned from local Iranian licence holders. Chah-e-Zard has an indicated resource of 160,000 ounces of gold and 1 million ounces of silver contained in near surface oxide ore. A conceptual study completed by Persian Gold indicates a profitable vat leach operation. Dalli has the possibility of becoming a small polymetallic producer. These projects have been on hold for some time awaiting state approval to proceed. We are hopeful that progress will be made on one or both projects in the coming weeks.

Bolivia

While awaiting approvals in Iran, the directors have looked at projects elsewhere. We targeted lithium in Bolivia, due to the vast reserves in Lake Uyuni, the good prospects for lithium batteries and our long term in-country expertise. While awaiting development on our lithium proposal, we have identified two polymetallic opportunities in the Potosi region of southern Bolivia. We signed Memoranda of Understanding on both properties. The agreements provide for Persian Gold to undertake primary and secondary exploration. Our Iranian geological team are conducting the early investigations.

West Africa

For the past two years, Persian Gold directors have been negotiating an oil exploration concession in West Africa, close to recent large discoveries. The concession has been awarded to a consortium in which it is intended Persian Gold will hold a 30% interest. Further details will be announced when Persian Gold's participation is finalised.

John Teeling, Chairman, commented:

"While we remain committed to the exploration potential in Iran, delays in obtaining approvals forced us to look elsewhere. We sought opportunities in areas and minerals in which we have expertise. During the boom years, excellent opportunities were few, now there are many attractive options. I am delighted to report progress in Iran, where the state has approved our Foreign Investor status, thus guaranteeing profit repatriation. I hope that this leads to rapid approval on one or both of our Discovery Certificate applications. Once we receive approval, we will move to feasibility studies on each project. Outside of Iran progress is also being made. We now have exploration ground in Bolivia, with mineral opportunities similar to those in Iran. Our Iranian exploration team will conduct the early prospecting.

In West Africa, we are part of a consortium finalising an agreement on an oil/gas exploration block".

www.persiangoldplc.com