Taung Gold International Limited announced that pursuant to the terms of the Settlement Agreement, with effect from 26 April 2013, Mr. de Bruin, Mr. Herrick, Mr. Steyn and Dr. Twist were appointed as executive directors and Mr. Herrick was appointed as chief executive officer. In addition, the board announced that with effect from April 2013, Mr. Li resigned as chairman of the board and chief executive officer of the company; Mr. Li and Mr. de Bruin were appointed as co-chairmen of the Board; Mr. Hui resigned as an independent non-executive director, chairman of nomination committee and member of audit committee of the company; Mr. Chui Man Lung, Everett replaced Mr. Hui as chairman of nomination committee; and Mr. Li was appointed as a member of nomination committee.