Persistence Gold Group Ltd — Board/Management Information 2007

Jul 8, 2007

APAC RESOURCES LIMITED

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(Incorporated in Bermuda with limited liability) (Stock code: 1104)

APPOINTMENT OF DIRECTORS

The board of directors (“the Board”) of APAC Resources Limited (“the Company”) is pleased to announce that with effect from 6th July 2007:

• (a) Ms. Chong Sok Un was appointed as executive director of the Company;

• (b) Mr. Chen Zhaoqiang was appointed as non-executive director of the Company; and

• (c) Mr. Chang Chu Fai, Johnson Francis was appointed as independent nonexecutive director and member of the audit committee and remuneration committee.

Ms. Chong Sok Un , aged 53, is currently an executive director and chairman of COL Capital Limited. Ms. Chong is also an non-executive director of Shanghai Allied Cement Limited. She has been the chairman of Long Island Golf & Country Club, Dongguan, China since September 1998. She is also the Vice-Chairman of the 28th Term Board of Directors of Yan Oi Tong. During 1992 to 2000, she was a director and chief executive officer of Shenyin Wanguo (H.K.) Limited. During September 2001 to October 2006, she was an independent director of Fujian Minnan (Zhangzhou) Economy Development Co., Ltd ( ), a company with shares listed on the Shenzhen Stock Exchange. During June 2002 to May 2007, she was an non-executive director of RIMCapital Limited, a company with shares listed on the Australian Stock Exchange. Ms. Chong holds a Master Degree in business administration. Save as disclosed above, Ms. Chong did not hold any directorships in listed public companies during the past three years.

Ms. Chong has not been appointed for a specific term but shall be subject to the relevant provisions of retirement and re-election at the general meetings of the Company in accordance with the bye-laws of the Company. There is no service contract between the Company and Ms. Chong. Her Director’s fee is determined by the Board and subject to approval by the shareholders of the Company (the “Shareholders”).

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As at the date of this announcement, Ms. Chong is interested in 679,400,000 ordinary shares (the “Shares”) of the Company. These Shares are held by Sparkling Summer Limited, which is an indirectly owned subsidiary of COL Capital Limited (“COL”). COL is 38.49 per cent. owned by Vigor Online Offshore Limited which in turn is a wholly-owned subsidiary of China Spirit Limited in which Ms. Chong maintains 100 per cent. beneficial interest. The Company has proposed to grant, pursuant to its share option scheme, options to Ms. Chong to subscribe 110,000,000 Shares at HK$1.50 per share. The grant of options would result in Shares issued and to be issued upon exercise of all options granted, representing an aggregate over one percent of the issued share capital of the Company as as the date of this announcement. Such grant must therefore be separately approved by independent Shareholders in general meeting of the Company, of which Ms. Chong and his associates shall abstain from voting, pursuant to 17.03(4) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Listing Rules”). A circular of the Company containing, among other things, details of the proposed grant of options will be despatched to the Shareholders as soon as practicable. Save as disclosed, Ms. Chong does not have any interest in the securities of the Company within the meaning of Part XV of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) (“SFO”) and does not have any relationship with any of the directors of the Company, senior management, substantial or controlling shareholders of the Company.

In addition, Ms. Chong is also not aware of any matters that are required to be disclosed pursuant to Rules 13.51(2)(h) to 13.51(2)(v) of the Listing Rules or any other matters that need to be brought to the attention of the Shareholders.

Mr. Chen Zhaoqiang , aged 39, obtained his Bachelor’s Degree in Mining Engineering from Jiaozuo Mining Institute in 1989. He subsequently obtained his Master Degree in Management Science from Huazhong University of Science & Technology. Mr. Chen has had a number of major appointments in the coal mining industry. He was the vice chairman of Political Consultation, Xiangcheng County, Henan Province in 2004. He was also elected as one of the Top 10 Young People in Pingdingshan City in 2006. He worked in Pingdingshan Coal Co. Ltd. as a technician, director of operational division, vice general engineer, director of technique division and Coalmine head from July 1989 to March 2004. He was appointed as both the vice chairman of Pingbao Coal Co. Ltd. and director of Shoushan No. 1 Coalmine of Pingdingshan Coal Co. Ltd. from April 2004 to January 2007. He was appointed as vice general manager of Henan Company for Coal Seam Gas Development & Application since March 2007. Mr. Chen’s extensive experience in coal supply management for coal mining, technology development and management, purchase and logistics management, mineral resources development, project management and coal trading will contribute to the Company’s business growth and expansion into the coal mining industry.

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Mr. Chen has not been appointed for a specific term but shall be subject to the relevant provisions of retirement and re-election at the general meetings of the Company in accordance with the bye-laws of the Company. There is no service contract between the Company and Mr. Chen. His director’s fee is determined by the Board and subject to approval by the Shareholders.

As at the date of this announcement, Mr. Chen personally has no direct interest in the Company. However, the Company has proposed to grant, pursuant to its share option scheme, options to Mr. Chen to subscribe 33,000,000 Shares at HK$1.50 per share. The exercise of the options by Mr. Chen will be conditional upon his redesignation to become executive director of the Company. Save as disclosed above, as at the date of this announcement, Mr. Chen also does not have any interest in the securities of the Company within the meaning of Part XV of the SFO and does not have any relationship with any of the directors of the Company, senior management, substantial or controlling shareholders of the Company.

In addition, Mr. Chen is also not aware of any matters that are required to be disclosed pursuant to Rules 13.51(2)(h) to 13.51(2)(v) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited of any other matters that need to be brought to the attention of the Shareholders.

Mr. Chang Chu Fai, Johnson Francis , aged 52, is a registered person under the SFO. Since 2000, Mr. Chang has been the managing director of Ceres Capital Limited, a licensed corporation under the SFO engaged in the provision of corporate finance advisory services. Mr. Chang has over 29 years of experience in banking, corporate finance, investment and management. He holds a Bachelor’s Degree in Commerce from Concordia University in Montreal, Canada since 1976 and a Master’s Degree in Business Administration from York University in Toronto, Canada since 1977. Mr. Chang is currently the Chairman of Trasy Gold Ex Limited, a company with shares listed in the GEM Board of The Stock Exchange of Hong Kong Limited, since January 2006. He is also an independent non-executive director of Tian An China Investments Company, Quality HealthCare Asia Limited and Chitaly Holdings Limited; he was an executive director of Golden 21 Investment Holdings Limited from May 2002 to April 2007, all of which are companies with shares listed on The Stock Exchange of Hong Kong Limited. Save as disclosed above, Mr. Chang did not hold any directorships in listed public companies during the past three years.

Mr. Chang has not been appointed for a specific term but shall be subject to the relevant provisions of retirement and re-election at the general meetings of the Company in accordance with the bye-laws of the Company. There is no service contract between the Company and Mr. Chang. His director’s fee is determined by the Board and subject to approval by the Shareholders.

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As at the date of this announcement, Mr. Chang personally has no direct interest in the Company. However, the Company has proposed to grant, pursuant to its share option scheme, options to Mr. Chang to subscribe for 2,000,000 Shares in the Company at HK$1.50 per share. Save as disclosed above, as at the date of this announcement, Mr. Chang also does not have any interest in the securities of the Company within the meaning of Part XV of the SFO and does not have any relationship with any of the directors of the Company, senior management, substantial or controlling shareholders of the Company.

In addition, Mr. Chang is also not aware of any matters that are required to be disclosed pursuant to Rules 13.51(2)(h) to 13.51(2)(v) of the Listing Rules or any other matters that need to be brought to the attention of the Shareholders.

The Board would like to take this opportunity to express its warm welcome to Ms. Chong, Mr. Chen, Mr. Chang for joining the Company.

By Order of the Board APAC RESOURCES LIMITED Cao Zhong Chairman

Hong Kong, 6th July, 2007

As at the date of this announcement (after the appointments), the directors are:-

Executive Directors:

Mr. Cao Zhong (Chairman), Mr. Lau Yau Cheung ( Chief Executive Officer ), Ms. Chong Sok Un and Mr. Yue Jialin

Non-executive Directors:

Mr. Liu Yongshun, Mr. Zhou Luyong and Mr. Chen Zhaoqiang

Independent Non-executive Directors:

Mr. Chang Chu Fai, Johnson Francis, Mr. Wong Wing Kuen, Albert, Mr. Tsui Robert Che Kwong and Mr. Yang Weiming

• For identification purpose only

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