Persistence Gold Group Ltd — Capital/Financing Update 2007

Feb 28, 2007

The Stock Exchange of Hong Kong Limited takes no responsibility for the contents of this announcement, makes no representation as to its accuracy or completeness and expressly disclaims any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

APAC RESOURCES LIMITED

*( )

(Incorporated in Bermuda with limited liability)

(Stock code: 1104)

COMPLETION OF PLACING OF NEW SHARES

Placing Agent

The Board is pleased to announce that the Placing in respect of the Placing Shares (i.e. 800,000,000 new Shares) at the Placing Price (i.e. HK$0.30 per Placing Share) was completed on 28 February 2007. All the Placing Shares were placed out to more than six placees, who are independent third parties and not connected persons (as defined in the Listing Rules) of the Group.

Dealings in the Placing Shares are expected to commence at 9:30 a.m. on Thursday, 1 March 2007 or upon the resumption of trading in the Shares on the Stock Exchange.

Reference is made to the announcement dated 9 November 2006 and the circular dated 12 December 2006 issued by the Company (the “Circular”). Terms used in the Circular have the same meanings when used in this announcement.

PLACING COMPLETION

The Board is pleased to announce that the Placing in respect of the Placing Shares (i.e. 800,000,000 new Shares) at the Placing Price (i.e. HK$0.30 per Placing Share) was completed on 28 February 2007. All the Placing Shares were placed to more than six placees, who are independent third parties and not connected persons (as defined in the Listing Rules) of the Group. The Placing Agent which is also the underwriter to the Placing Shares pursuant to the Placing Agreement is not called upon to underwrite any Placing Shares.

Dealings in the Placing Shares are expected to commence at 9:30 a.m. on Thursday, 1 March 2007 or upon the resumption of trading in the Shares on the Stock Exchange.

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SHAREHOLDING STRUCTURE

To the best knowledge of the Directors, having made all reasonable enquiries and based on publicly available information including various filings made under the SFO, the shareholding structure of the Company immediately before and after completion of the Placing is as follows:

ShareholdersProfit HarbourShougangExisting PublicShareholdersPlaceesTotal	Immediately beforePlacing and thefull exercise of theBonus WarrantsNumber ofSharesShare-holding(%)1,193,399,60247.39%600,000,00023.83%724,600,39828.78%——2,518,000,000100%	Immediately beforePlacing but after thefull exercise of theBonus WarrantsNumber ofSharesShare-holding(%)1,312,739,56247.39%660,000,00023.83%797,060,43828.78%——2,769,800,000100%	Immediately afterPlacing but before thefull exercise of theBonus WarrantsNumber ofSharesShare-holding(%)1,193,399,60235.97%600,000,00018.08%724,600,39821.84%800,000,00024.11%3,318,000,000100%	Immediately afterPlacing and the fullexercise of theBonus WarrantsNumber ofShareShare-holding(%)1,312,739,56236.77%660,000,00018.49%797,060,43822.33%800,000,00022.41%3,569,800,000100%	Immediately afterPlacing and the fullexercise of theBonus WarrantsNumber ofShareShare-holding(%)1,312,739,56236.77%660,000,00018.49%797,060,43822.33%800,000,00022.41%3,569,800,000100%
					100%

RESTORATION OF PUBLIC FLOAT

Following the completion of the Placing and after the full exercise of the Bonus Warrants, the public float of the Shares in the Company has been increased to approximately 44.74%, which is in compliance with Rule 8.08 of the Listing Rules.

By Order of the Board APAC RESOURCES LIMITED Yue Jialin Chairman

Hong Kong, 28 February 2007

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