09:18     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                                                
                                                                              
    VERY SUBSTANTIAL DISPOSAL -                                               
    PROPOSED DISPOSAL OF 35% SHAREHOLDING INTEREST IN                         
    STARWAY MANAGEMENT LIMITED                                                
                                                                              
    The Board wishes to make clarifications in relation                       
    to various articles appearing in the newspapers on                        
    25 May 2005 and a Form 10-QSB filing dated 23 May 2005                    
    for the quarterly period ended 31 March 2005 made by                      
    China Energy regarding the status of the Disposal.                        
    The Board confirms that the Group has not received                        
    the consideration for the Disposal from Sky Beyond                        
    and maintains that the Disposal is conditional upon                       
    the approval of the Shareholders and has not been                         
    completed and Win Matching is the legal owner of the                      
    35% interest in Starway.                                                  
                                                                              
    Reference is made to the announcements of the Company                     
    dated 19 January 2005, 9 May 2005, 12 May 2005 and                        
    19 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.                                                        
                                                                              
    The Board refers to various articles (the "Articles")                     
    appearing in the newspapers on 25 May 2005 and a Form                     
    10-QSB filing dated 23 May 2005 for the quarterly                         
    period ended 31 March 2005 made by China Energy ("CE                      
    Filing") in relation to the Disposal.                                     
                                                                              
    The Board confirms that the Group has not received                        
    the consideration of the Disposal from Sky Beyond and                     
    maintains that the Disposal is conditional upon the                       
    approval of the Shareholders and has not been                             
    completed and Win Matching is the legal owner of the                      
    35% interest in Starway. The Board does not know the                      
    reason for the discrepancy of information as                              
    disclosed in the CE Filing given China Energy is a                        
    party to the MOU.                                                         
                                                                              
    The Board further reiterated that pursuant to the                         
    memorandum of understanding dated 17 May 2005 ("MOU"),                    
    China Energy, Starway, Sky Beyond and Win Matching                        
    acknowledged the following (which was set out in the                      
    announcement of the Company dated 19 May 2005):                           
                                                                              
    (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                          
    Agreement is conditional upon the completion of the                       
    Disposal and after completion of the CESV Agreement,