King Solomon Mines Quarterly Report
New Zealand Exchange Limited
P.O. Box 2959
Wellington
30 July 2010
Dear Sir,
King Solomon Mines Quarterly Report
China based King Solomon Mines (“KSO”) is one of Widespread’s cornerstone investments, and represents 6.3% of our total assets at its present market value of AUD 5.9 cents a share. We are the largest individual shareholder in KSO with a holding of 11%.
KSO yesterday released its quarterly report to the ASX. This report included for the first time a “strategic summary”, in effect an interpretative section easier for shareholders to follow.
This summary is included below and should be read in the context of the entire quarterly report which is filed with ASX and also available at www.kingsolomonmines.com
For and on behalf of the Board,
Chris D Castle
Sydney, 30 July 2010
King Solomon Mines Limited
29 July 2010
Strategic Summary
The company was focused through the quarter on completion of first stage drilling of its Sonid Zuoqi gold projects while at the same time continuing the investigation of its large scale longer-term Bu Dun Hua porphyry copper project.
Early encouragement from drilling has been provided by the discovery of gold at the Mud-house prospect at Sonid North.
Encouragement has also come from identification of a gold-silver prospect adjacent to the Bu Dun Hua porphyry copper prospect. A sample result at surface yielded 481 g/t silver with significant other minerals present. Drilling of this prospect is expected to start on 30 July.
Further encouragement is provided by the veining identified in the drilling at South Ridge (Naogaoshandu) and Round Hill (Beyinhar North). Assays for these prospects are expected in the near future.
Drilling continued on the large scale porphyry copper-molybdenum prospect at Bu Dun Hua. Assays are awaited from 5 diamond holes for 1,422m.
Exploration for the next quarter will focus on following up success in the assay results. An immediate drill target has been identified through the Mud-house results.
