09:23     ITC CORPORATION<00372> - Announcement                               

    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.                                
                                                                              
    ITC Corporation Limited                                                   
    (Incorporated in Bermuda with limited liability)                          
    (Stock code: 372)                                                         
                                                                              
    UNCONDITIONAL MANDATORY CASH OFFERS BY                                    
                                                                              
    SOMERLEY LIMITED                                                          
                                                                              
    on behalf of                                                              
    GOLDEN HALL HOLDINGS LIMITED                                              
    (Incorporated in Hong Kong with limited liability)                        
                                                                              
    a wholly-owned subsidiary of                                              
    ITC CORPORATION LIMITED                                                   
                                                                              
    FOR ALL THE ISSUED SHARES IN,                                             
    AND FOR CANCELLATION OF ALL OUTSTANDING OPTIONS OF,                       
    TRASY GOLD EX LIMITED                                                     
    (OTHER THAN THOSE ALREADY OWNED BY THE OFFEROR                            
    AND PARTIES ACTING IN CONCERT WITH IT)                                    
                                                                              
    The Offeror wishes to announce that the Offer Document                    
    containing details about, among other things, the terms of                
    the Offers together with the relevant forms of acceptance and             
    transfer, have been despatched to the Trasy Shareholders and              
    holders of the Trasy Options on 27 April 2005.                            
                                                                              
    Reference is made to the announcement of ITC dated 6 April                
    2005 (the "Announcement") relating to, among other things,                
    the Offers. Capitalised terms used herein have the same                   
    meanings as defined in the Announcement unless otherwise                  
    stated herein.                                                            
                                                                              
    The Offeror wishes to announce that the offer document (the               
    "Offer Document") containing details about, among other                   
    things, the terms of the Offers being made to the Trasy                   
    Shareholders and the holders of the Trasy Options and the                 
    relevant forms of acceptance and transfer have been                       
    despatched to the Trasy Shareholders and holders of the Trasy             
    Options on 27 April 2005.                                                 
                                                                              
    The Offers will be open for acceptances until 4:00 p.m. on 25             
    May 2005. In accordance with the Code, a response document in             
    relation to the Offers is required to be despatched by Trasy              
    within 14 days of the posting of the Offer Document. Trasy                
    Shareholders and holders of the Trasy Options are advised to              
    read the response document before taking action on the Offers.            
                                                                              
    As at the date of this announcement, the Board comprises nine             
    directors, of which (i) six are executive directors, namely               
    Dr. Chan Kwok Keung, Charles, Mr. Lau Ko Yuen, Tom, Ms. Chau              
    Mei Wah, Rosanna, Mr. Chan Kwok Hung, Mr. Chan Fut Yan and Mr.            
    Cheung Hon Kit; and (ii) three are independent non-executive              
    directors, namely Mr. Chuck Winston Calptor, Mr. Lee Kit Wah              
    and Mr. Wong Kam Cheong, Stanley.                                         
                                                                              
    On behalf of the Board                                                    
    ITC Corporation Limited                                                   
    Law Hon Wa, William                                                       
    Company Secretary                                                         
                                                                              
    Hong Kong, 27 April 2005                                                  
                                                                              
    The directors of the Offeror and ITC jointly and severally                
    accept full responsibility for the accuracy of the                        
    information contained in this announcement, and confirm,                  
    having made all reasonable enquiries, that to the best of                 
    their knowledge, opinions expressed in this announcement have             
    been arrived at after due and careful consideration and there             
    are no other facts not contained in this announcement, the                
    omission of which would make any statement in this                        
    announcement misleading.