Persistence Gold Group Ltd — Audit Report / Information 2011

Jul 5, 2011

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

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**APAC RESOURCES LIMITED ***

(Incorporated in Bermuda with limited liability)

(Stock Code: 1104)

CHANGE OF AUDITOR

The Board announces that Graham Chan & Co has resigned as the auditor of the Group with effect from 27 June 2011. The Board has resolved to appoint Deloitte as the new auditor of the Group to fill the casual vacancy following the resignation of Graham Chan & Co and to hold office until the conclusion of the next annual general meeting of the Company.

The board of directors (the “ Board ”) of APAC Resources Limited (the “ Company ” and together with its subsidiaries, the “ Group ”) announces that Graham H. Y. Chan & Co. (“ Graham Chan & Co ”) has resigned as the auditor of the Group with effect from 27 June 2011. The Board has resolved to appoint Deloitte Touche Tohmatsu (“ Deloitte ”) as the new auditor of the Group to fill the casual vacancy following the resignation of Graham Chan & Co and to hold office until the conclusion of the next annual general meeting of the Company.

The reason for the change of the Group’s auditor is due to the fact that the Company could not reach consensus with Graham Chan & Co on the level of audit fees to be charged.

Graham Chan & Co has confirmed in its letter of resignation that there are no matters connected with its resignation that need to be brought to the attention of the shareholders of the Company. The Board also confirms that there are no circumstances in respect of the change of auditor which should be brought to the attention of the shareholders or creditors of the Company.

The Board would like to take this opportunity to thank Graham Chan & Co for its professional services and support to the Group in the past.

By Order of the Board APAC Resources Limited Chong Sok Un Chairman

Hong Kong, 5 July 2011

As at the date of this announcement, the directors of the Company are:

Executive Directors

Ms. Chong Sok Un (Chairman) , Mr. Andrew Ferguson (Chief Executive Officer) , Mr. Yue Jialin and Mr. Kong Muk Yin

Non-Executive Directors

Mr. Lee Seng Hui, Mr. So Kwok Hoo, Mr. Liu Yongshun and Mr. Peter Anthony Curry

Independent Non-Executive Directors

Mr. Wong Wing Kuen, Albert, Mr. Chang Chu Fai, Johnson Francis and Mr. Robert Moyse Willcocks

* For identification purpose only