Convertible Loan

27 July 2012

Zoltav Resources Inc ("Zoltav" or the "Company")

£500,000 convertible loan

The Company is pleased to announce that it has today accepted a binding and irrevocable offer from its largest shareholder (ARA Capital Limited ("ARA Capital")) to enter into an unsecured, convertible loan agreement in the amount of £500,000 (the "Loan Note"). The Loan Note is subject to formal documentation which must be completed by 15 September 2012. £250,000 will be provided to the Company within 60 days of finalising formal documentation and a further £250,000 will be provided to Zoltav by not later than six months following finalising formal documentation.

The Loan Note will carry a coupon of 1 per cent. per annum, have a term of three years and will be convertible at any time into new Ordinary Shares in the capital of Zoltav at a price of 2.3p per new share. The annual coupon (which is waived from the time and in the event of conversion) may be paid in cash or new shares in Zoltav at the Company's option. The Company can repay the Loan Note at any time.

The purpose of the Loan Note is to provide additional working capital to Zoltav as it continues to evaluate natural resources opportunities.

ARA Capital is a 'related party' as defined by the AIM Rules for Companies. Further, the Loan Note is a related party transaction as defined by AIM Rule 13. The Directors consider, having consulted with Shore Capital and Corporate Limited (the Company's Nominated Adviser), that the terms of the Loan Note are fair and reasonable insofar as Zoltav's shareholders are concerned.

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