Issue of Shares

21 December 2010

ATHOL GOLD LIMITED (AIM: AHG)

("AHG" or the "Company")

Issue of Shares

Conversion of Loan Notes

Pursuant to the conversion of loan notes held by t1ps Smaller Companies Growth Fund, application has been made for the admission to AIM of 8,520,000 new ordinary shares ("Conversion Shares"). Admission is expected to occur on Tuesday 28 December 2010. 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 391,764,866 ordinary shares with one voting right per share. The total number of voting rights in the Company is therefore 390,284,866.

This figure of 390,284,866 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