Persistence Gold Group Ltd — Board/Management Information 2010

Jan 12, 2010

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.

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APAC RESOURCES LIMITED

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(Incorporated in Bermuda with limited liability)

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

APPOINTMENT OF DIRECTOR AND CHIEF EXECUTIVE OFFICER

The Board of the Company is pleased to announce that Mr. Andrew Charles Ferguson has been appointed as a director and the Chief Executive Officer of the Company effective from 12 January 2010.

Mr. Andrew Charles Ferguson, aged 36, holds a Bachelor of Science Degree in Natural Resource Development. After graduation in 1995, Mr. Ferguson worked as a mining engineer in Australia for 2 years. Subsequently he has worked in the finance industry with more than 12 years experience specialising in global natural resources. He was licenced to advise on Securities (Type 4 licence) and carry on asset management (Type 9 Licence) under the Securities and Futures Ordinance (Cap. 571)(“ SFO ”).

For the last 7 years, being a Fund Manager and Senior Portfolio Manager for financial institutions in London and Hong Kong, he was responsible for day to day management of portfolios, risk management, business development, relationship management and working with independent boards, custodians and auditors to ensure that all shareholders’ funds were managed properly. He also has a proven track record in fund management for the last 6 years and was the former co-fund manager of City Natural Resources High Yield Trust, which was awarded best UK Investment Trust in 2006.

In 2007 to 2009, he worked for CQS LLP (“ CQS ”) in Hong Kong as the Chief Investment Officer for New City Investment Managers CQS (“ NCIM ”) and a Senior Portfolio Manager for CQS. CQS and NCIM are both reputable financial institutions providing investment management services to a variety of investors. Due to the nature of this job, he acquired knowledge of Hong Kong financial market and has developed good relations with other working partners (such as banks, financial institutions and accounting firms) in Hong Kong.

Mr. Ferguson is the sole director and sole shareholder of New Orient Investment Managers Limited (“ NOIM ”) which is a firm providing investment management services to the local investors focusing on global natural resources (including, but not limited to, base metals, soft, agriculture and water, precious metals, energy and nuclear power). NOIM is in the process of applying for a Type 9 Licence of the Securities and Futures Commission. Mr. Ferguson provides strategic and business development advice to NOIM. Mr. Ferguson has not held any directorship in any public companies the securities of which are listed on any securities market in Hong Kong or overseas in the last three years.

There is a service agreement made between the Company and Mr. Ferguson and the appointment of Mr. Ferguson has no fixed term. Under the service agreement, the basic annual remuneration payable to Mr. Ferguson is HK$3,180,000.00 including accommodation which was determined by reference to the remuneration benchmark for a director and a chief executive officer in the market. Mr. Ferguson will be entitled to receive discretionary bonus and to participate in the Company’s share option scheme at the sole discretion of the Board. Under the Bye-laws of the Company, Mr. Ferguson 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. Ferguson 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. Ferguson 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. Ferguson 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. Ferguson for joining the Company.

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

Hong Kong, 12 January 2010

As at the date of this announcement (immediately after the appointment of Mr. Andrew Charles Ferguson), the Directors of the Company are:

Executive Directors: Ms. Chong Sok Un (Chairman) , Mr. Andrew Charles Ferguson ( Chief Executive Officer ), Mr. Liu Yongshun, Mr. Yue Jialin and Mr. Kong Muk Yin

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