Widespread’s King Solomon Mines sells surplus assets
China based King Solomon Mines (“KSO”) is one of Widespread’s cornerstone investments, and represents 11% of our total assets at its present market value of AUD 5 cents a share. We are the largest individual shareholder in KSO with a holding of 11%.
KSO has just released the following encouraging announcement to the ASX.
For and on behalf of the Board,
Chris D Castle
Onekaka, 10 March 2009
Sale of Non Core Exploration Licences
The Company advises that it has completed the sale of surplus assets consisting of the two exploration licences containing the Wang Jia Ying Zi (“WJYZ”) and Dong Gou Zi (“DGZ”) projects. WJYZ and DGZ were acquired in 2007 as an adjunct to the acquisition of the Bu Dun Hua property which remains a highly prospective asset. Evaluation of these secondary projects has confirmed they appear unlikely to host major deposits. As they do not fit with the Company’s strategy of having large scale potential, they have been sold.
The total sale price received by King Solomon subsidiary Inner Mongolia Plate Mining Limited was 1 million RMB (approximately $228,000). Sale proceeds will be used to advance the company’s principal projects.
King Solomon Mines has planned an active exploration programme for the 2009 field season commencing with follow up trenching and sampling of the very encouraging gold rock chip results from the Naogaoshandu project which were reported in the December Quarterly Report. Current indications are that weather conditions will permit a return to the field in late March.
Phone +64 21 897 667
About King Solomon Mines (ASX code KSO)
World class targets
- King Solomon is exploring the under explored Inner Mongolian section of a major fold belt that hosts world class Gold and Copper deposits.
- Marmot Ridge – Porphyry Copper-Molybdenum-Gold prospect along geological
trend from Oyu Tolgoi Copper-Gold deposit (Ivanhoe/Rio)
- Naogaoshandu – Epithermal and Mesothermal Gold targets
- Beyinhar North – Epithermal and Mesothermal Gold targets
- Bu Dun Hua – Porphyry Gold-Copper target
- Wuritu – Large scale Copper target
9 years experience in China