09:34     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)                                                        
                                                                              
    (1) CLARIFICATION ANNOUNCEMENT                                            
    AND                                                                       
    (2) VERY SUBSTANTIAL DISPOSAL -                                           
    PROPOSED DISPOSAL OF 35% SHAREHOLDING INTEREST IN                         
    STARWAY MANAGEMENT LIMITED                                                
                                                                              
    The Company wishes to clarify that the Group will not                     
    rule out the possibility of considering to dispose                        
    of its Watch Business if and when a suitable                              
    opportunity arises. However, the Group does not have                      
    any current plan relating to the disposal of the Watch                    
    Business.                                                                 
                                                                              
    China Energy, Starway, Sky Beyond and Win Matching                        
    entered into a memorandum of understanding dated 17                       
    May 2005 clarifying the status of the Disposal.                           
                                                                              
    Clarification on Newspaper Articles                                       
    The Board refers to various articles (the "Articles")                     
    appearing in the newspapers on 18 May 2005 regarding                      
    the Group's disposal of the watch manufacturing                           
    business ("Watch Business") and wishes to clarify                         
    that in an informal interview with the press after                        
    the Company's special general meeting held on 17 May                      
    2005, Mr. Wong Hin Shek, Hans ("Mr. Wong"), a director                    
    of the Company (but not Mrs. Chu Yuet Wah, also a                         
    director of the Company as quoted in the Articles)                        
    responded to questions of the press and stated the                        
    Group would not rule out the possibility of                               
    considering to dispose of its Watch Business if and                       
    when a suitable opportunity arose. The Board wishes                       
    to confirm the accuracy of such statement made by Mr.                     
    Wong. However, the Group does not have any current                        
    plan relating to the disposal of the Watch Business.                      
                                                                              
    Update on the Very Substantial Disposal                                   
    Reference is made to the announcements of the Company                     
    dated 19 January 2005, 9 May 2005 and 12 May 2005 (the                    
    "Announcements") 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 Announcements unless defined                               
    otherwise.                                                                
                                                                              
    With a view to clarify the status regarding the                           
    purported acquisition of the 35% interest in Starway                      
    by China Energy from Sky Beyond, China Energy, Starway,                   
    Sky Beyond and Win Matching entered into a memorandum                     
    of understanding dated 17 May 2005 which provided:                        
                                                                              
    (i)     the Disposal is not yet completed and is still                    
    conditional upon the approval by the Shareholders at                      
    a general meeting of the Company; and                                     
                                                                              
    (ii)    China Energy and Sky Beyond entered into a sale                   
    and purchase agreement (the "CESV Agreement") dated                       
    1 February 2005 relating to the purchase of 35%                           
    interest in Starway by China Energy and the CESV