Persistence Gold Group Ltd — Board/Management Information 2009

Oct 20, 2009

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.

==> picture [125 x 66] intentionally omitted <==

APAC RESOURCES LIMITED

==> picture [160 x 15] intentionally omitted <==

*

(Incorporated in Bermuda with limited liability)

(Stock Code: 1104)(Warrant Code: 324)

APPOINTMENT, RESIGNATION AND RE-DESIGNATION OF DIRECTORS

The Board of the Company announces that:

1. Mr. Cao Zhong has resigned as director and Chairman of the Company effective from 20 October 2009 and that Ms. Chong Sok Un has been appointed as Chairman of the Company effective from 20 October 2009;

2. Mr. So Kwok Hoo has been appointed as non-executive director of the Company effective from 20 October 2009;

3. Mr. Zhou Luyong has resigned as director and Deputy Chief Executive Officer of the Company effective from 20 October 2009 and shall be re-designated as Deputy General Manager of the Company; and

4. Mr. Chen Zhaoqiang has resigned as director of the Company effective from 20 October 2009.

CHANGE OF CHAIRMAN

The Board of Directors (the “ Board ”) of APAC Resources Limited (the “ Company ”) announces that Mr. Cao Zhong has resigned as director and Chairman of the Company effective from 20 October 2009 and should ipso facto cease to be a member of the Executive Committee, Investment Committee and Remuneration Committee of the Company on the same date.

Mr. Cao resigned for reasons of his other business engagements. Mr. Cao has confirmed that he has no disagreement with the Board and there is no matter relating to his resignation that needs to be brought to the attention of the shareholders of the Company.

The Board wishes to express its deepest gratitude to Mr. Cao for his support, devotion invaluable contributions and strong leadership to the Company over the years with the highest regard and offer its best wishes to him.

Ms. Chong Sok Un has been appointed as Chairman of the Company effective from 20 October 2009.

APPOINTMENT OF NON-EXECUTIVE DIRECTOR

The Board of the Company is pleased to announce that Mr. So Kwok Hoo has been appointed as non-executive director of the Company effective from 20 October 2009.

Mr. So Kwok Hoo, aged 55, has over 20 years of experience in marketing of electrochemical and industrial products sales in Asia Pacific Region together with property investment experience in Hong Kong as well. Mr. So holds Bachelor degrees in both Applied Science with major in Chemical Engineering and Business Administration obtained in Canada. He is an executive director of Fushan International Energy Group Limited ( stock code: 639 ), a substantial shareholder of the Company according to the Corporate Substantial Shareholder Notice pursuant to section 324 of Part XV of the Securities and Futures Ordinance (Cap. 571) (“ SFO ”) received by the Company on 25 September 2009.

There is no service agreement between the Company and Mr. So and the appointment of Mr. So has no fixed term. Under the Bye-laws of the Company, Mr. So will hold the office of a director of the Company until the next following general meeting of the Company and will then be eligible for re-election at that meeting. Mr. So does not receive any emoluments for his directorship in the Company.

Save and except that Mr. So is an executive director of Fushan International Energy Group Limited, Mr. So does not have any relationship with any other directors, senior management, substantial shareholders or controlling shareholders of the Company. As at the date of this announcement, Mr. So was not interested or deemed to be interested in any shares of the Company or underlying shares pursuant to Part XV of the SFO.

There is no information which is discloseable nor is/was Mr. So involved in any of the matters required to be disclosed pursuant to any of the requirements under paragraphs 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 and there are no other matters concerning him that need to be brought to the attention of the shareholders of the Company.

The Board wishes to express its warmest welcome to Mr. So for joining the Company.

RESIGNATION AND RE-DESIGNATION OF DIRECTOR

The Board of the Company announces that Mr. Zhou Luyong has resigned as director and Deputy Chief Executive Officer of the Company effective from 20 October 2009.

Mr. Zhou resigned because he spends most of his time in the PRC taking care of the Company’s business in the PRC. Mr. Zhou has confirmed that there is no disagreement with the Board and is not aware of any matters that need to be brought to the attention of the shareholders of the Company.

Mr. Zhou shall be re-designated as Deputy General Manager of the Company and be responsible for the base metal trading division of the Company.

RESIGNATION OF DIRECTOR

The Board of the Company announces that Mr. Chen Zhaoqiang has resigned as director of the Company effective from 20 October 2009.

Mr. Chen resigned for better career development. Mr. Chen has confirmed that there is no disagreement with the Board and is not aware of any matters that need to be brought to the attention of the shareholders of the Company.

The Board wishes to express its gratitude to Mr. Chen for his contributions to the Company during his tenure of services.

By Order of the Board APAC RESOURCES LIMITED Chong Sok Un Chairman

Hong Kong, 20 October 2009

As at the date of this announcement (immediately after the appointment, resignation and re-designation of directors), the directors of the Company are:

Executive Directors: Ms. Chong Sok Un (Chairman) , Mr. Liu Yongshun ( Chief Executive Officer ) and Mr. Yue Jialin

Non-Executive Directors: Mr. Lee Seng Hui and Mr. So Kwok Hoo

Independent Non-Executive Directors: Mr. Wong Wing Kuen, Albert, Mr. Chang Chu Fai, Johnson Francis and Mr. Robert Moyse Willcocks

* For identification purpose only