Golden Resources Development International Ltd. announced that Mr. LAM Ping Cheung has retired as the Independent Non-executive Director, the member of the Audit Committee and the Nomination Committee, and the Chairman and member of the Remuneration Committee of the company at the conclusion of the AGM held on August 30, 2012. The reason for his not seeking re-election upon retirement is mainly due to other business engagements which require more of his dedication. The board announces that Mr. Michael YU Tat Chi has been appointed as the Independent Non-executive Director, the member of the Audit Committee and the Nomination Committee, and the Chairman and member of the Remuneration Committee of the company after the conclusion of the AGM held on August 30, 2012.

Mr. Yu has over 20 years of experience in finance, accounting and management. He has held senior management positions such as executive director; chief financial officer and company secretary in listed companies in Hong Kong. Mr. Yu was also a responsible officer in asset management, advising on securities and advising on corporate finance for a fund management company under the Securities and Futures Ordinance of Hong Kong.

Mr. Yu is currently the financial controller and company secretary of Zhuguang Holdings Group Company Limited.