The board of directors of Golden Resources Development International Limited announced that, effective August 24, 2016, Mr. Laurent LAM Kwing Chee, currently an executive director and Vice Chairman of the company, has been elected Chairman of the Board to replace Mr. Alvin Leslie LAM Kwing Wai, the former Chairman, who passed away recently. Mr. LAM resigned as the Vice Chairman of the company and will continue to serve as executive director of the company. Mr. LAM, aged 69, graduated from the Eastern Illinois University, U.S.A. with a bachelor degree in Economics and joined the Group in 1991. Mr. LAM has extensive experience in property development and investment. He is also a director of various subsidiaries of the company.