[Memo to: The Board of Directors of Kingold Jewelry January 28, 2011 From: Vincent Orza Please be advised per my discussion with Bin last evening, I am tendering my resignation from the Board of Directors of Kingold Jewelry effective immediately. Vincent F. Orza EX-99.1 2 v210001_ex99-1.htm] [Appointment Kingold Jewelry Announces and Resignation WUHAN, China, February 3, 2011 /PRNewswire/ -- Kingold Jewelry, Inc. (Nasdaq: KGJI) ("Kingold"), a leading professional designer and manufacturer of 24 Karat gold jewelry and ornaments in the People's Republic of China ("China"), today announces that H. David Sherman, an expert on developing and using financial and non-financial measures to evaluate and manage performance] [Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. (a) , effective immediately. Dr. Orza resigned from the Board due to a disagreement over Kingold’s equity offering which he did not support at the $3.19 per share offering price. He felt that Kingold was undervalued at such price. Kingold’s]