10:35     SIMSEN INT'L<00993> - Announcement (10)                             

    "Goldsat Conversion Shares"     the new Goldsat Shares issuable           
    upon the exercise of the conversion rights attaching to the               
    Goldsat Convertible Note                                                  
                                                                              
    "Goldsat Convertible Note"      the 2% Goldsat Convertible Note in        
    the principal sum of CAD3,810,000 (HK$23,964,900) issued by the           
    Purchaser to the Vendor in satisfaction of part of the Sale Share         
    Consideration pursuant to the Disposal Agreement                          
                                                                              
    "Goldsat Shares"        the existing common voting shares of Goldsat,     
    and after the completion of the Capital Reorganization, the               
    common voting shares resulted therefrom                                   
                                                                              
    "Good Omen"     Good Omen Investments Limited, a company                  
    incorporated in the British Virgin Islands on 18 February 2004            
    and is wholly owned and controlled by Mr. Tan                             
                                                                              
    "Group" the Company and its subsidiaries                                  
                                                                              
    "HK$"   Hong Kong dollars, the lawful currency for the time being         
    of Hong Kong                                                              
                                                                              
    "Hong Kong"     the Hong Kong Special Administrative Region of the        
    PRC                                                                       
                                                                              
    "Independent Third Party"       an independent third party not            
    connected with the Directors, chief executive or substantial              
    shareholders of the Company or any of its subsidiaries or their           
    respective associates                                                     
                                                                              
    "Jubao" *, (Hami Jubao Resources Co.                                      
    Ltd.) a Sino-foreign equity joint venture enterprise established          
    in the PRC with limited liability which is owned as to 70% by             
    Yakesi, 25% by Alexis Resources and the remaining 5% by an                
    Independent Third Party                                                   
                                                                              
    "Listing Rules" the Rules Governing the Listing of Securities             
    on the Stock Exchange                                                     
                                                                              
    "Longstop Date"         31 October 2005 (or such later date as the        
    Vendor and the Purchaser may agree in writing);                           
                                                                              
    "Mr. Tan"       Mr. Felipe Tan, the Deputy Managing Director of the       
    Company                                                                   
                                                                              
    "Noteholder"    holder of the Goldsat Convertible Note                    
                                                                              
    "Placing"       the placing of not less than 4,000,000 New Shares in      
    the capital of the Purchaser at a price of not less than CAD0.40          
    per each such share to the investors for cash                             
                                                                              
    "PRC"   the People's Republic of China                                    
                                                                              
    "Promissory Note"       the non-interest bearing secured promissory       
    note to be issued by the Purchaser to the Vendor in the aggregate         
    sum of CAD2,667,000 (HK$16,775,430) in part satisfaction of the           
    Sale Share Consideration under the Disposal Agreement and due             
    on the day immediately preceding the first anniversary of the             
    date of Completion                                                        
                                                                              
    "Purchaser" or "Goldsat"        Goldsat Mining Inc., a company            
    incorporated under the laws of Canada on 15 March 1996 whose              
    shares are listed on the TSX Venture Exchange                             
                                                                              
    "Sale Share Consideration"      the consideration payable by the          
    Purchaser to the Vendor for the sale and purchase of the Sale             
    Shares                                                                    
                                                                              
    "Sale Shareholder Loan  the consideration payable by the                  
    Purchaser to the Vendor for the sale and assignment of                    
      Consideration"        the Sale Shareholder Loan