Exploration Update

GREATLAND GOLD PLC
 
                               Exploration Update
 
29 January 2010
 
Greatland Gold plc (the "Company"), the mineral exploration and development
company focused on gold projects in Tasmania and Western Australia, announces an
update of analytical results.
 
Recent drilling at the Warrentinna project has returned 16m at 13.67g/t gold
including 4m at 52.6g/t gold. Primary quartz reef structures were intersected
explaining the high grade nature of mineralisation. Mineralisation remains open
to the north, south and at depth.
 
Warrentinna
 
A program of Reverse Circulation ("RC") drilling was recently completed at the
Derby North prospect and results have now been received. A total of 8 holes for
780m were drilled with a maximum hole depth of 100m. All holes were angled at
60 degrees, drilled with a face sampling RC bit, geologically logged and sampled
at 4m composites. Drillhole collar details are presented in Table 1.
 
                         Table 1 - RC Drillhole Details
 
+-------+-----------+-------+---------+---------+---------+---------+
|Hole ID| Prospect  | East  |  North  |   Dip   | Azimuth |Depth (m)|
|       |           |       |         |(degrees)|(degrees)|         |
+-------+-----------+-------+---------+---------+---------+---------+
|       |           |       |         |         |         |         |
|WTR013 |Derby North|561 593|5 447 352|   -60   |   090   |   100   |
+-------+-----------+-------+---------+---------+---------+---------+
|WTR014 |Derby North|561 652|5 447 347|   -60   |   090   |   100   |
+-------+-----------+-------+---------+---------+---------+---------+
|WTR015 |Derby North|561 693|5 447 349|   -60   |   090   |   100   |
+-------+-----------+-------+---------+---------+---------+---------+
|WTR016 |Derby North|561 598|5 447 394|   -60   |   090   |   100   |
+-------+-----------+-------+---------+---------+---------+---------+
|WTR017 |Derby North|561 690|5 447 400|   -60   |   090   |   100   |
+-------+-----------+-------+---------+---------+---------+---------+
|WTR018 |Derby North|561 693|5 447 445|   -60   |   090   |   80    |
+-------+-----------+-------+---------+---------+---------+---------+
|WTR019 |Derby North|561 644|5 447 454|   -60   |   090   |   100   |
+-------+-----------+-------+---------+---------+---------+---------+
|WTR020 |Derby North|561 599|5 447 451|   -60   |   090   |   100   |
|       |           |       |         |         |         |         |
+-------+-----------+-------+---------+---------+---------+---------+
 
Best results from drilling were 16m at 13.67g/t gold from 36m in hole WTR013,
including 4m at 52.6g/t gold from 36m. Silver reported a maximum of 7g/t.
Further selected results are presented in Table 2.
 
Mineralisation is coincident with quartz vein structures and minor disseminated
sulphides. Host rocks are sandstone and shale. The drilling to date covers a
strike length of only 100m but has established that there is a 100m wide,
north-south trending, zone of gold mineralisation within which quartz reefs with
high grades occur. The mineralised zone and the high grade reef remain open to
the north and to the south and at depth. The system does not crop out
prominently and was not previously found by prospectors. Results to date support
the Company's assessment that there is potential for a large tonnage open
pittable gold resource at Derby North.
 
Table 2 - RC Drill Results
 
+--------------------------------------------------+
| Hole ID   From   To    Interval   Gold    Silver |
|           (m)    (m)     (m)      (g/t)   (g/t)  |
+--------------------------------------------------+
|                                                  |
| WTR013     36    52       16      13.67          |
|                                                  |
|   incl.    36    40       4       52.60    7.0   |
|                                                  |
| WTR013     76    100      24      0.74           |
|                                                  |
|   incl.    84    88       4       1.62           |
|                                                  |
| WTR014     8     12       4       1.20           |
|                                                  |
| WTR018     0     28       28      0.51           |
|                                                  |
|   incl.    20    28       8       1.11           |
+--------------------------------------------------+
 
Further work will include review and interpretation of drilling results with a
view to further drilling at the Derby North prospect. Re-sampling of mineralised
intercepts as 1m intervals will be completed and results are likely to be
reported in the first quarter of 2010.
 
An extension of term for Warrentinna project licence EL30/2004 to 25 November
2010 has now been approved by the Tasmanian government.
 
Firetower
 
A program of diamond drilling was completed at the Anomaly 1 prospect in late
2009 and results have now been received. A total of 4 holes for 613m were
drilled with a maximum hole depth of 167m. All holes were angled at 60 degrees,
geologically logged and sampled as half core. Diamond hole collar details are
presented in Table 3.
 
                         Table 3 - Diamond Hole Details
 
+-------+---------+-------+---------+---------+---------+---------+
|Hole ID|Prospect | East  |  North  |   Dip   | Azimuth |Depth (m)|
|       |         |       |         |(degrees)|(degrees)|         |
+-------+---------+-------+---------+---------+---------+---------+
|       |         |       |         |         |         |         |
|FTD034 |Anomaly 1|448 208|5 405 278|   -60   |   180   |   167   |
+-------+---------+-------+---------+---------+---------+---------+
|FTD035 |Anomaly 1|448 274|5 405 217|   -60   |   180   |   153   |
+-------+---------+-------+---------+---------+---------+---------+
|FTD036 |Anomaly 1|448 157|5 405 305|   -60   |   180   |   143   |
+-------+---------+-------+---------+---------+---------+---------+
|FTD037 |Anomaly 1|448 103|5 405 351|   -60   |   180   |   150   |
|       |         |       |         |         |         |         |
+-------+---------+-------+---------+---------+---------+---------+
 
No significant gold results were returned though the base metal response was
very anomalous. Highest results were 50ppb gold, 2352ppm copper, 3602ppm lead
and 8206ppm zinc. Initial review of the drill data suggests the diamond holes
were offset from the geochemical anomaly and, as a consequence, target zones
were not intersected. Further review of the drill data will be completed and
additional drilling may be carried out at Anomaly 1.
 
Surface sampling at the Lobster and Hilltop areas was completed towards the end
of 2009 and the results have now been received. At Lobster, low level gold to a
maximum of 2.5ppb was returned and further work is required here. At Hilltop, no
significant results were returned.
 
An extension of term for Firetower project licences EL26/2004 and EL31/2004 to
25 November 2010 has now been approved by the Tasmanian government.
 
Corporate
 
Greatland Gold owns 100% of all the projects in its portfolio. The Company's
policy is to hold and develop its projects via carefully planned exploration
work that identifies high value drill targets.
 
The Company has remained true to its policy of concentrating on Australia with
its low political risk, strong infrastructure and its established mining
culture.
 
The Company's directors remain encouraged by the gold price which has remained
above US$1,000 per ounce. Additionally, GFMS, the precious metals consultancy
firm, have reported positive retail demand, central bank purchases, and
increased institutional investment via gold exchange traded funds (ETF's).
 
Callum Baxter, Managing Director, commented: "We are pleased with the strong
gold results from our work at the Derby North prospect. Such a high intercept
with additional supporting intercepts in adjacent holes will advance the
project. We have only tested 100m of strike to date and mineralisation remains
open. Mineralisation is from the surface and at shallow depths. It is pleasing
that this discovery resulted from the Company's own systematic exploration and
that it was not discovered previously by prospectors in this historically mined
region. The results suggest that there is potential for a large tonnage open
pittable gold resource at Derby North"
 
Competent Persons
 
The  information in  this announcement  that relates  to Exploration  Results is
based  on information compiled by Mr Paul Askins and Mr Callum Baxter, directors
of  Greatland Gold, who are both members of the Australasian Institute of Mining
and  Metallurgy. Paul Askins and Callum  Baxter have sufficient experience which
is   relevant  to  the  style  of  mineralisation  and  type  of  deposit  under
consideration  and  to  the  activity  that  they  are undertaking to qualify as
Competent  Persons as defined in the  2004 Edition of the 'Australasian Code for
Reporting  of  Exploration  Results,  Mineral  Resources and Ore Reserves'. Paul
Askins  and Callum Baxter  consent to the  inclusion in the  announcement of the
matters based on their information in the form and context in which it appears.
 
All  RC drill sample  results were obtained  from 4m composite spear sampling to
4kg, and  all diamond  core samples  were 1m half  core to 5kg. All samples were
prepared  at  Genalysis  Laboratory  Services'  Adelaide facility using a single
stage  pulverisation,  and  assayed  at  Genalysis  Laboratory  Services'  Perth
laboratory.  A  50g Fire  Assay  with  atomic  absorption  spectrometry analysis
technique (AAS) was used for gold while all other elements were determined using
a  Four  Acid  digest  and  optical  emission  mass  spectrometry (OES) analysis
technique.
 
All  soil samples were 2kg, prepared  at Genalysis Laboratory Services' Adelaide
facility  using 180 micron screening, a single stage pulverisation, and analysed
at  Genalysis  Laboratory  Services'  Perth  laboratory.  Aqua Regia digest with
enhanced sensitivity atomic absorption spectrometry analysis technique (AAS) was
used for gold.
 
Where   the   Company   has  made  reference  to  drill  intersections  in  this
announcement, it has interpreted these are at, or near, true widths.
 
All  sample quality control is achieved  using a suite of standards, duplicates,
repeats and blanks.
 
All  drill hole co-ordinates  are metric, refer  to the 1966 Australian Geodetic
Datum (AGD66) and are Zone 55.
 
Enquiries:
 
Greatland Gold plc
Callum Baxter
Tel  +44 (0)20 7099 5845
Email:  info@greatlandgold.com 
www.greatlandgold.com
 
Grant Thornton Corporate Finance
Gerry Beaney / Colin Aaronson
Tel  +44 (0)20 7383 5100
 
[HUG#1378762]