Issue of Shares

11 January 2011

ATHOL GOLD LIMITED (AIM: AHG)

("AHG" or the "Company")

Issue of Shares

Conversion of Loan Notes

Pursuant to the conversion of loan notes, application has been made for the admission to AIM of 46,000,000 new ordinary shares ("Conversion Shares"). Admission is expected to occur on Monday 17 January 2011. On admission, the Conversion Shares will rank pari passu with the existing ordinary shares in the Company.

Total Voting Rights

Following admission, the Company's enlarged issued share capital will comprise 438,284,866 ordinary shares with one voting right per share. The total number of voting rights in the Company is therefore 438,284,866.

This figure of 438,284,866 ordinary shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FSA's Disclosure and Transparency Rules.

Enquiries:

Athol Gold Limited

Waseem Shiraz

+44 207 399 4380

Strand Hanson Limited

James Harris / Angela Peace/ Rory Chichester

+44 207 409 3494

Bishopsgate Communications

Nick Rome / Michael Kinirons

+44 207 562 3350