11:20     GOLDEN RESORTS<01031> - Announcement (2)                            

    limited to those set out under paragraphs (a) to (c)                      
    below; and                                                                
                                                                              
    (iii)   any other material information in relation to                     
    the Disposal which may come to the attention of the                       
             Board.                                                           
                                                                              
    Further announcements and/or supplemental circular                        
    in respect of the Further Material Information and                        
    the date for the resumption of the SGM in accordance                      
    with Rule 13.73 will be made as and when appropriate                      
    in accordance with the Listing Rules.                                     
                                                                              
    Reference is made to the announcement ("Announcement")                    
    and the circular ("Circular") of the Company dated                        
    19 January 2005 and 29 April 2005 respectively,                           
    regarding the proposed disposal by Win Matching, a                        
    wholly owned subsidiary of the Company, of the 35%                        
    shareholding interest in Starway to Sky Beyond                            
    ("Disposal"). Terms in this announcement shall have                       
    the same meanings as those defined in the Announcement                    
    unless defined otherwise.                                                 
                                                                              
    The Board recently noted that according to a Form                         
    10-QSB filing dated 14 February 2005 for the quarterly                    
    period ended 31 December 2004 and a Form 8-K filing                       
    dated 4 February 2005 made by China Energy Savings                        
    Technology, Inc. ("China Energy"), China Energy                           
    announced that on 1 February 2005, it completed the                       
    acquisition of a 35% interest in Starway from Sky                         
    Beyond ("CE Purported Acquisition"). The                                  
    consideration for the CE Purported Acquisition is the                     
    issue of a total of 7,807,569 shares of common stock                      
    of China Energy ("CESV Shares"), which will not be                        
    registered under the US Securities Act of 1933 (as                        
    amended) and may not be sold, offered for sale,                           
    pledged or hypothecated in the absence of an effective                    
    registration statement as to the securities under the                     
    said Act or pursuant to an exemption from registration                    
    or an opinion of counsel satisfactory to China Energy                     
    that such registration is not required. According to                      
    information obtained from Bloomberg, the closing                          
    prices of the common stock of China Energy on 1                           
    February 2005, being the date of completion of the                        
    purported transaction between China Energy and Sky                        
    Beyond and 6 May 2005 were US$12 per share and US$12.47                   
    per share respectively. The Board also noted from a                       
    Form 8-K filing dated 21 April 2005 made by China                         
    Energy that as from 21 April 2005, the common stock                       
    of China Energy began trading on the Nasdaq National                      
    Market System (which was erroneously stated to be                         
    trading on Over-the-Counter Bulletin Board on Nasdaq                      
    in the Circular).                                                         
                                                                              
    The Board wishes to announce that according to the                        
    agreement dated 10 January 2005 between Win Matching                      
    as vendor and Sky Beyond as purchaser in relation to                      
    the Disposal ("Disposal Agreement"), the Disposal is                      
    subject to approval by Shareholders at the SGM, which                     
    is originally scheduled to be held on 17 May 2005.                        
    As such, the Disposal has not been completed and the                      
    Board is not aware of how the CE Purported Acquisition                    
    between Sky Beyond and China Energy can be consummated                    
    prior to completion of the Disposal. The Company                          
    considers Win Matching is the legal owner of the 35%                      
    interest in Starway, as a share certificate in the                        
    name of Win Matching was issued by Starway to it upon                     
    completion of its acquisition from Eurofaith Holdings                     
    Inc. in August 2004, which is held by Starway for                         
    custody pending further instructions from Win                             
    Matching.