RAB Special Situations L.P.

GOLDBELT RESOURCES LTD.

GOLDBELT RESOURCES LTD.

March 11, 2005 17:35 ET

RAB Special Situations L.P./Goldbelt Resources Ltd.-Announcement


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: RAB SPECIAL SITUATIONS L.P.

AND GOLDBELT RESOURCES LTD.

TSX VENTURE SYMBOL: GLD

MARCH 11, 2005 - 17:35 ET

RAB Special Situations L.P./Goldbelt Resources
Ltd.-Announcement

LONDON, UNITED KINGDOM--(CCNMatthews - March 11, 2005) - RAB Special
Situations L.P. ("Special Situations") announces that it subscribed for
a total of 2,000,000 units (the "Units") of Goldbelt Resources Ltd. (TSX
VENTURE:GLD)(the "Company") at a price of Cdn.$0.50 per Unit (the
"Private Placement"). Each Unit consists of one common share in the
capital of the Company (a "Share") and one-half (1/2) of one Share
purchase warrant (a "Warrant") of the Company. Each whole Warrant
entitles Special Situations to acquire one additional Share of the
Company (a "Warrant Share"), at a price of Cdn.$0.65 per Warrant Share
for a period of eighteen (18) months from the Closing Date. The
transaction took place off the market by way of private placement and
closed on March 3, 2005.

Special Situations has ownership of and control over the securities
purchased in the Private Placement. The purchased securities represent
approximately 8.54% of the issued and outstanding Shares on a partially
diluted basis (assuming exercise of the Warrants) ("Partially Diluted
Basis").

Immediately after the Private Placement, Special Situations owned
2,000,000 Shares and 1,000,000 Warrants, representing approximately
8.54% of the issued and outstanding Shares on a Partially Diluted Basis.

Special Situations purchased securities for investment purposes only and
not with the purpose of influencing the control or direction of the
Company. Special Situations together with joint actors, if any, may,
subject to market conditions, make additional investments in or
dispositions of securities of the Company in the future, including
additional purchases of Shares. Special Situations and its joint actors,
if any, do not, however, intend to acquire 20% of any class of the
outstanding voting or equity securities of the Company.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    RAB Special Situations L.P.
    Mr. Neil Warrender
    (44) 20-7389-7000
    (44) 20-7389-7054 (FAX)
    nw@rabcap.com
    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.