Widespread's King Solomon sells surplus mineral prospect

New Zealand Exchange Limited
P.O. Box 2959
Wellington

29 January 2011

Dear Sir,

King Solomon Mines sells surplus mineral prospect 

China based King Solomon Mines (“KSO”) is one of Widespread’s cornerstone investments, and represents 9.6% of our total assets at its present market value of AUD 8 cents a share. We are the largest individual shareholder in KSO with a holding of 9.6%.    

KSO yesterday made the following announcement:

Sale of Non Core Exploration Licence

The Company advises that it has completed the sale of a surplus asset consisting of the exploration licence containing the Beyinhar North (“BN”) project. Evaluation of this  project including drilling has confirmed it appears unlikely to host major deposits. As it does not fit with the Company’s strategy of having large scale potential, it has been sold.

The total sale price received by King Solomon subsidiary Inner Mongolia Plate Mining Limited was 1 million RMB (approximately $152,000). Sale proceeds will be used to advance the company’s principal projects.

Stephen McPhail

Managing Director

This is a positive announcement for both King Solomon and for Widespread Portfolios as the sale provides further funds for further exploration of KSO’s other assets.

For and on behalf of the Board,

Chris D Castle

Onekaka, 29 January 2011