Holdings in Company & Termination of Consultancy

11 July 2016

Golden Saint Resources Ltd

("GSR" or the "Company")

Holdings in Company and termination of consultancy agreement with Cyril D'Silva 

Holdings in Company

GSR announces that on [8] July 2106 it was informed that Cyril D'Silva had made the following disposals of Ordinary Shares of no par value in the capital of the Company ("Ordinary Shares") ("Disposals").

In addition, on 8 July 2016, the Company was informed that on 17 May 2016 Aital System(s) Pte Ltd (a company wholly owned by Cyril D'Silva) transferred its entire holding of 45,497,954 Ordinary Shares to D'Silva Investments (WA) Pty Ltd (Cyril D'Silva's family trust) for no value ("Transfer").

Prior to the above Disposals and Transfer Cyril was beneficially interested in a total of 439,260,179 Ordinary Shares (representing approximately 9.76 per cent. of the issued share capital of the Company), held as to 307,762,224 Ordinary Shares by D'Silva Investments (WA) Pty Ltd, 45,497,954 Ordinary Shares by Aital System(s) Pte Ltd and 86,000,001 Ordinary Shares in his own name. Following the Disposals and the Transfer Cyril D'Silva is beneficially interested in a total of 391,760,179 Ordinary Shares (representing approximately 8.70 per cent. of the issued share capital of the Company), held as to 353,260,178 Ordinary Shares by D'Silva Investments (WA) Pty Ltd and 38,500,001 Ordinary Shares in his own name.

Termination of consultancy agreement

The Company announces that on 11 July 2016, and following the appointment of SVS Securites as broker to the Company, Cyril D'Silva gave notice of termination of his consultancy agreement, details of which were announced to the market on 10 February 2016. Under the terms of the consultancy agreement (which was entered into between the Company and Cyril D'Silva (through Cyril D'Silva's wholly owned consultancy company, Clayhill Capital Consultants Pty Ltd) the contract will terminate on 11 August 2016.

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