Shen Yao Holdings Limited announced resignation of Yao Liang as Group Chief Executive Officer. Role And Responsibilities: As the Chairman - To lead Board meetings and set agendas; To serve as a liaison between the Board and the executive team; To represent the Company and monitor Board performance, to provide strategic guidance to the Board. As the Group Chief Executive Officer - responsible for the Group's operations; formulating, planning and executing the Company's corporate strategies; charting the growth of the Group through identification of merger and acquisition opportunities.

Job Title: Group Executive Chairman and Group Chief Executive Officer. Reason For Cessation: Mr. Yao will be relinquishing his role from Group Chief Executive Officer along with his other roles and directorship within the Company's subsidiaries. He will, however, continue to serve as the Group Executive Chairman.

The Company's main operating subsidiaries, Balmaine Gold Pty Ltd, Golden Pont Group Pty Ltd. and Ironbark Mining Pty Ltd. are currently under voluntary administration. The Group aims to revive its gold mining business. In addition to strengthening the existing operations, the Group also plans to expand its business scope by diversifying into new investments and ventures.

The Board believes it is necessary to bring in a new Group Chief Executive Officer for the management team. At the same time, Mr. Yao will continue to serve as the Group Executive Chairman providing overall strategic guidance to the Board.