G-Resources Group Limited — Capital/Financing Update 2004

Jan 30, 2004

The Stock Exchange of Hong Kong Limited takes no responsibility for the contents of this announcement, makes no representation as to its accuracy or completeness and expressly disclaims any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

PALADIN LIMITED

(Incorporated in Bermuda with limited liability)

ANNOUNCEMENT

The Board has noted the increase in the price of the Company today and wishes to state that it is not aware of any reason for such increase.

In addition, the Company is currently considering possible fund raising exercise. The Proposed Transaction is at a very preliminary stage and it may or may not proceed.

Shareholders and investors of the Company are advised to exercise caution when dealing in the shares of the Company.

This statement is made at the request of The Stock Exchange of Hong Kong Limited.

The board of directors (the “Board”) of Paladin Limited (the “Company”) has noted the recent increase in the price of the shares of the Company and wishes to state that it is not aware of any reasons for such fluctuations.

The Company is currently considering possible fund raising exercise (the “Proposed Transaction”). The terms and consideration for the Proposed Transaction have not been finalized and no agreement in relation to the Proposed Transaction has yet been reached. The Proposed Transaction is at a very preliminary stage and it may or may not proceed. Further announcement will be made by the Company as and when appropriate.

Shareholders and investors of the Company are advised to exercise caution when dealing in the shares of the Company.

Save as disclosed above, the Board also confirms that there are no negotiations or agreements relating to intended acquisitions or realisations which are discloseable under paragraph 3 of the Listing Agreement, neither is the Board aware of any matter discloseable under the general obligation imposed by paragraph 2 of the Listing Agreement, which is or may be of a pricesensitive nature.

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Made by the order of Board of Paladin Limited, the directors of which individually and jointly accept responsibility for the accuracy of this statement.

By order of the board Law Fong Director Acting Chairman

Hong Kong, 30 January 2004

Please also refer to the published version of this announcement in The Standard.

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