Persistence Gold Group Ltd — Board/Management Information 2007

Apr 26, 2007

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----- Start of picture text ----- APAC RESOURCES LIMITED*(incorporated in Bermuda with limited liability)Stock code: 1104----- End of picture text -----

APPOINTMENT OF DIRECTOR

The board of directors (the “Board”) of APAC Resources Limited (the “Company”) is pleased to announce that Mr. Cao Zhong (“Mr. Cao”) has been appointed an executive director of the Company (“Executive Director”) with effect from 26 April 2007.

Mr. Cao , aged 47, graduated from Zhejiang University, the PRC and Graduate School, The Chinese Academy of Social Sciences with a bachelor degree in engineering and a master degree in economics. Mr. Cao acts as the Assistant General Manager of Shougang Corporation and the Chairman of China Shougang International Trade and Engineering Corporation. He is also the Deputy Chairman and General Manager of Shougang Holding (Hong Kong) Limited and a director of Benefit Rich Limited, both of which being substantial shareholders of the Company. Mr. Cao is the Managing Director of Shougang Concord International Enterprises Company Ltd, the Chairman of each of Shougang Concord Technology Holdings Limited and Shougang Concord Century Holdings Limited, the Vice Chairman and Managing Director of Shougang Concord Grand (Group) Ltd (“SCG”) and the Chairman of Global Digital Creations Holdings Limited, a non-wholly owned subsidiary of SCG. Mr. Cao has extensive experience in corporate management and operation.

In accordance with the bye-laws of the Company (the “Bye-laws”), Mr. Cao will hold office until the next following annual general meeting subject to the provisions of the Bye-laws or other applicable laws whereby a director shall vacate his office. In particular, the term of his appointment shall be subject to the provisions of retirement and re-election at the annual general meeting of the Company in accordance with the Bye-laws. The remuneration package for the Company’s appointment of Mr. Cao as Executive Director and the basis for determining the same will be finalized as soon as possible.

Save as disclosed above, Mr. Cao does not hold any directorships in other listed public companies in the last three years and is independent of and not connected with the directors, senior management, substantial shareholder of the Company or any of their respective subsidiaries. As at the date of this announcement, Mr. Cao does not have any interests in the share capital of the Company within the meaning of Part XV of the Securities and Futures Ordinance (Chapter 571) of the laws of Hong Kong. There is no information which is required to be disclosed pursuant to Rules 13.51(2)(h) to (v) of The Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and there is no other matter that needs to be brought to the attention of the shareholders of the Company.

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The Board would like to take this opportunity to express its warmest welcome to Mr. Cao on his joining the Board.

By Order of the Board APAC RESOURCES LIMITED Yue Jialin Chairman

Hong Kong, 26 April 2007

As at the date of this announcement, the Board comprises (after appointment of Mr. Cao Zhong) Mr. Yue Jialin (Chairman), Mr. Lau Yau Cheung (Chief Executive Officer), Mr. Cao Zhong, Mr. Michael Joseph Bogue being the 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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