10:48     GOLDEN RESORTS<01031> - Announcement (2)                            

    (2)     at the material time, the Company had no                          
    knowledge that Mr. Poon Kam Wah, the proprietor of                        
    the accountant firm, K. W. Poon & Co., which prepared                     
    the accountant's report relating to Starway and its                       
    subsidiaries for each of the 3 years ended 31 December                    
    2003 and the 3 months ended 31 March 2004 ("Reports")                     
    included in the Company's circular dated 13 August                        
    2004 ("Acquisition Circular") to approve Win                              
    Matching's acquisition of the 35% interest in Starway                     
    from Eurofaith, was to be appointed as Chief Financial                    
    Officer of China Energy on 17 September 2004.                             
    Notwithstanding the aforesaid, based on current                           
    information available to the Company, the Board is                        
    not aware of any insufficiency of the Reports for the                     
    purposes of the Acquisition Circular.                                     
                                                                              
    The Board wishes to state that the Company has                            
    requested Starway to confirm whether it is still                          
    holding the share certificate ("Certificate") in                          
    relation to the 35% shareholding for Win Matching and                     
    whether Win Matching is still the registered holder                       
    of such shareholding and has received no response from                    
    it so far. The Company will seek to obtain from Starway                   
    the return of the Certificate kept by it and from the                     
    registered agent of Starway a certified copy of the                       
    shareholders register of Starway. The Company                             
    confirms that it has not signed any blank transfer                        
    forms or declaration of trust in relation to the 35%                      
    shareholding in Starway.                                                  
                                                                              
    Further announcements regarding the Disposal will be                      
    made as and when appropriate in accordance with the                       
    Listing Rules.                                                            
                                                                              
    As at the date of this announcement, the executive                        
    Directors are Mr. Cheung Yu Shum, Jenkin, Mrs. Chu                        
    Yuet Wah, Mr. Chu Yuk Kuen and Mr. Wong Hin Shek, Hans,                   
    the non-executive Director is Mr. Lee Wai Man and the                     
    independent non-executive Directors are Mr. Chan Chi                      
    Yuen, Mr. Shum Ka Hei and Mr. Wong King Shiu, Daniel.                     
                                                                              
    By Order of the Board                                                     
    Golden Resorts Group Limited                                              
    Mr. Cheung Yu Shum, Jenkin                                                
    Chairman                                                                  
                                                                              
    Hong Kong, 12 May, 2005                                                   
                                                                              
    *  for identification purpose only