Persistence Gold Group Ltd — Board/Management Information 2007

Jan 10, 2007

*APAC RESOURCES LIMITED ( )

(Formerly known as Shanghai Merchants Holdings Limited *) (Incorporated in Bermuda with limited liability)

(Stock code: 1104)

REDESIGNATION OF DIRECTOR

Mr. Michael Joseph Bogue, who was an independent non-executive Director, was redesignated as an executive Director with effect from 10 January 2007.

REDESIGNATION OF DIRECTOR

The board of directors (“Directors”) of APAC Resources Limited (formerly known as Shanghai Merchants Holdings Limited) (“Company”) is pleased to announce that Mr. Michael Joseph Bogue (“Mr. Bogue”), who was an independent non-executive Director, was redesignated as an executive Director with effect from 10 January 2007 (the “Redesignation”).

The biographical details of Mr. Bogue are set out below:

Mr. Michael Joseph Bogue, aged 35, was appointed on 25 September 2006 as an independent non-executive Director, member of the audit committee and remuneration committee of the Company pursuant to a service contract dated 25 September 2006. Mr. Bogue holds a Bachelor of Commerce degree from the University of Western Australia and has a diverse and successful background in senior executive roles related to the global resources sector. Over the last 14 years he has undertaken numerous mergers and acquisitions, equity and debt capital market issuances and derivatives transactions across the global resources sector. He is the current Managing Director and Chief Executive Officer of RIMCapital Limited, a resources focused investment company listed on the Australian Stock Exchange. Previous executive positions had included roles within a global investment Bank as Co-Head of Mining & Metals for Asia Pacific, a senior Business Development & Finance role within a top tier Australian resources house and as principal of a boutique investment and advisory firm specializing in the resources sector. Save as disclosed above, Mr. Bogue does not hold any directorship in other listed public companies in the last three years.

The term of Mr. Bogue’s appointment in the Company shall continue until 30 June 2007, subject to the provisions of the bye-laws of the Company (“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. Bogue as executive Director and the basis for determining the same will be finalised as soon as possible.

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As at the date of this announcement, Mr. Bogue 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.

Save as disclosed above, Mr. Bogue is independent of and not connected with the Directors, senior management or substantial or controlling shareholders of the Company or any of its subsidiaries or any of their respective associates (as defined in the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (“Listing Rules”)).

Save as disclosed above, there is no information relating to Mr. Bogue’s Redesignation which is required to be disclosed pursuant to Rules 13.51(2)(h) to (v) of the Listing Rules and there is no other matters that need to be brought to the attention of the shareholders of the Company.

On behalf of the Board of APAC Resources Limited Yue Jialin Chairman

Hong Kong, 10 January 2007

As at the date of this announcement, the board of Directors comprises Mr. Yue Jialin (Chairman), Mr. Lau Yau Cheung (Chief Executive Officer) and 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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