10:48     GOLDEN RESORTS<01031> - Announcement (1)                            

    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 liabilities                      
    whatsoever for any loss howsoever arising from or in                      
    reliance upon the whole or any part of the contents                       
    of this announcement.                                                     
                                                                              
    Golden Resorts Group Limited                                              
    *                                                                         
    (Incorporated in Bermuda with limited liability)                          
    (Stock Code: 1031)                                                        
                                                                              
    CLARIFICATION ANNOUNCEMENT                                                
    IN RELATION TO                                                            
    VERY SUBSTANTIAL DISPOSAL -                                               
    PROPOSED DISPOSAL OF 35% SHAREHOLDING INTEREST IN                         
    STARWAY MANAGEMENT LIMITED                                                
                                                                              
    The Board wishes to make clarifications in relation                       
    to various articles recently appearing in the                             
    newspapers and the internet regarding certain                             
    information concerning Starway and China Energy.                          
                                                                              
    This statement is made at the request of The Stock                        
    Exchange of Hong Kong Limited.                                            
                                                                              
    Reference is made to the announcements of the Company                     
    dated 19 January 2005 and 9 May 2005 ("Announcement")                     
    respectively and the circular of the Company dated                        
    29 April 2005, regarding the proposed disposal by Win                     
    Matching of the 35% shareholding interest in Starway                      
    to Sky Beyond. Terms in this announcement shall have                      
    the same meanings as those defined in the Announcement                    
    unless defined otherwise.                                                 
                                                                              
    The Board refers to various articles recently                             
    appearing in the newspapers and the internet                              
    regarding certain information concerning Starway and                      
    China Energy ("Articles") and wishes to make the                          
    following clarifications:-                                                
                                                                              
    (1)     the Company has no knowledge of the following                     
    information appearing in the Articles:                                    
                                                                              
    (a)     on 9 March 2004, China Energy (then known as Rim                  
    Holdings Inc.) executed a non-binding letter of                           
    intent to buy 100% of Starway from Eurofaith Holdings                     
    Inc. ("Eurofaith") in a reverse takeover, the                             
    definitive agreement for which was executed on 3 April                    
    2004 and was scrapped on 29 May 2004;                                     
                                                                              
    (b)     any previous involvements of Dennis Yu Won Kong,                  
    Lee Kam Man, Sim Lai Fun (based on the information                        
    obtained from the website of China Energy as disclosed                    
    in the Announcement, all of them are directors of                         
    China Energy) and Gareth Tang Yau Sing (former                            
    chairman and now President and Chief Financial                            
    Officer of China Cable and Communications, Inc.                           
    ("CCCI")) in the Australian-listed parent of China                        
    Nan Feng Group Ltd ("CNF") (formerly known as Prosper                     
    eVision Ltd) called China Convergent Corp. Ltd. and                       
    Sim Lai Fun previously served as assistant to the                         
    chairman of CNF and CCCI (save that the Company knew                      
    Sim Lai Fun was the director and secretary of Starway);                   
    and                                                                       
                                                                              
    (c)     the address given by Sky Beyond in the agreement                  
    dated 1 February 2005 between Sky Beyond and China                        
    Energy in relation to the purported acquisition of                        
    the 35% interest in Starway by China Energy from Sky                      
    Beyond is the same address as a company interested                        
    in by Sun Li named New Solomon Consultants Ltd.;