Persistence Gold Group Ltd — Board/Management Information 2007

May 31, 2007

APAC RESOURCES LIMITED

(incorporated in Bermuda with limited liability)

Stock code: 1104

APPOINTMENT OF NON-EXECUTIVE DIRECTORS AND GRANT OF OPTIONS TO DIRECTORS UNDER THE SHARE OPTION SCHEME

The Board is pleased to announce that Mr. Liu Yongshun and Mr. Zhou Luyong have been appointed as non-executive directors of the Company with effect from 29th May, 2007.

Mr. Liu Yongshun , aged 46, obtained his bachelor’s degree in Ironing Making from Maanshan Institute of Iron and Steel (East China University of Metallurgy/Anhui University of Technology) in 1983. He subsequently obtained his Executive Master of Business Administration degree from China Europe International Business School in 2005. Mr. Liu has had a number of major appointments in the raw iron and steel resources industry. He was the president of the Department of Mineral Resources, Shanghai Baosteel Group International Economic and Trading Co., Ltd. from November 2001 to May 2005. He was appointed as both the deputy general manager of Baosteel Corporation and the general manager of its No. 1 Department of the Purchase Centre of Baosteel Corporation from May 2005 to April 2006. He acted as deputy general manager of Baosteel Trading Co., Ltd. from May 2006 until his recent resignation on 30th April, 2007. Mr. Liu’s extensive experience in raw material supply management for iron and steel making, technology development and management, purchase and logistics management, mineral resource development, project management and raw material trading will contribute to the Company’s business growth and expansion into the raw iron and steel resources industry.

The Company intends to redesignate Mr. Liu to become an Executive Director and Chief Executive Officer of the Company upon the Immigration Department of the Government of the Hong Kong Special Administrative Region issuing his working visa.

As at the date of this announcement, Mr. Liu personally has no direct interest in the Company. However, the Company has proposed to grant, pursuant to its share option scheme, options to Mr. Liu to subscribe for 150,000,000 Shares at HK$1.20 per share. The exercise of the options by Mr. Liu will be conditional upon his redesignation to become Executive Director and Chief Executive Officer of the Company. The grant of options would result in Shares issued and to be issued upon exercised of all options granted, representing an aggregate over one per cent. of the issued share capital of the Company as at the date of this announcement. Such grant must therefore be separately approved by Shareholders in general meeting of the Company, of which Mr. Liu and his associates shall abstain from voting, pursuant to 17.03(4) of the Listing Rules. A circular of the Company containing, among other things, details of the proposed grant of options will be dispatched to the Shareholders as soon as practicable.

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Except as disclosed above, as at the date of this announcement, Mr. Liu 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, senior management, substantial or controlling shareholders of the Company.

The Company is still in the process of negotiating a directors’s fee with Mr. Liu. He will hold office in the Company which is subject to retirement and re-election at annual general meetings in accordance with the articles of association of the Company.

In addition, there is no other matter relating to his appointment that needs to be brought to the attention of the Stock Exchange and the Shareholders, and there is no information relating to Mr. Liu which is required to be disclosed pursuant to any of the requirements of Rule 13.51(2)(h) to (v) of the Listing Rules.

Mr. Zhou Luyong , aged 43, completed his undergraduate studies at East China Institute of Chemical Technology (current name, East China University of Science & Technology) in 1985 majoring in coal process. He was the manager of Baosteel Trading Co., Ltd. from June 1998 to December 2001. He was the general manager of the Coal & Coke Department of Shanghai Baosteel International Economic and Trading Co., Ltd. from January 2002 to May 2004. He acted as general manager of Shanghai Baoding Energy Co., Ltd. from May 2004 until his resignation on 30th November, 2005. Mr. Zhou’s extensive experience in the trading of raw materials for metallurgy will contribute to the Company’s business growth and expansion into the raw iron and steel resources industry.

The Company intends to redesignate Mr. Zhou to become an Executive Director and Deputy Chief Executive Officer of the Company upon the Immigration Department of the Government of the Hong Kong Special Administrative Region issuing his working visa.

As at the date of this announcement, Mr. Zhou personally has no direct interest in the Company. However, the Company has proposed to grant, pursuant to its share option scheme, options to Mr. Zhou to subscribe for 33,000,000 shares in the Company at HK$1.20 per share. The exercise of the options by Mr. Zhou will be conditional upon his redesignation to become Executive Director and Deputy Chief Executive Officer of the Company.

Except as disclosed above, as at the date of this announcement, Mr. Zhou 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, senior management, substantial or controlling shareholders of the Company.

The Company is still in the process of negotiating a directors’s fee with Mr. Zhou. He will hold office in the Company which is subject to retirement and re-election at annual general meetings in accordance with the articles of association of the Company.

In addition, there is no other matter relating to his appointment that needs to be brought to the attention of the Stock Exchange and the Shareholders, and there is no information relating to Mr. Zhou which is required to be disclosed pursuant to any of the requirements of Rule 13.51(2)(h) to (v) of the Listing Rules.

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The Board would like to take this opportunity to express its warm welcome to Mr. Liu and Mr. Zhou for joining the Board.

DEFINITIONS

“associates” having the meaning ascribed to it in the Listing Rules

“Board” The Board of Directors “Company” APAC Resources Limited, a company incorporated in Bermuda with limited liability, with its securities listed on the Main Board of the Stock Exchange

“Directors” the directors of the Company “HK$” Hong Kong dollars, the lawful currency of Hong Kong

“Listing Rules” Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited

“SFO” Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong)

“Shareholders” shareholders of the Company

“Share(s)” ordinary share(s) of HK$0.10 each in the issued share capital of the Company

“Stock Exchange” The Stock Exchange of Hong Kong Limited

By Order of the Board APAC RESOURCES LIMITED Cao Zhong Chairman

Hong Kong, 30th May, 2007

As at the date of this announcement, the board of Directors comprises Mr. Cao Zhong (Chairman), Mr. Lau Yau Cheung (Chief Executive Officer), Mr. Yue Jialin, Mr. Michael Joseph Bogue being the executive Directors, Mr. Liu Yongshun, Mr. Zhou Luyong being the non-executive Directors, and Mr. Wong Wing Kuen, Albert, Mr. Tsui Robert Che Kwong and Mr. Yang Weiming being the independent non-executive Directors.

* For identification purpose only

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

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