Mineral & Financial Investments Regulatory News (MAFL)

21 February 2011

Athol Gold Limited

("Athol Gold" or "the Company")

Substantial Holdings

Subsequent to the EGM held this morning, the Company has issued 32,901,200 new ordinary shares to T1ps Investment Management (IOM) Limited as a result of the conversion of loan notes issued to it as a performance fee as announced on 31 January 2011.

In addition, the Company has issued 19,156,627 new ordinary shares to the SF t1ps Smaller Companies Gold Fund on conversion of £159,000 loan notes owned by the SF t1ps Smaller Companies Gold Fund.

T1ps Investment Management (IOM) Limited now holds 32,901,200 ordinary shares representing 5.8% of the issued share capital of the Company and SF t1ps Smaller Companies Gold Fund now holds 134,001,632 ordinary shares representing 23.5% of the issued share capital of the Company.

Pursuant to the conversion of the loan notes, the Company's enlarged issued share capital will comprise 571,339,681 ordinary shares with one vote per share. Admission of the new ordinary shares is expected to take place on 25 February 2011.

Enquiries:

Athol Gold Limited

Alastair Ford

Tom Winnifrith

Tel: 01624 676848

Libertas Capital

Sandy Jamieson

Tel: 0207 569 9650

Rivington Street Corporate Finance

Dru Edmonstone

Tel: 020 7562 3350

Bishopsgate Communications

Nick Rome

Tel: 020 7562 3350