New Zealand Exchange Limited
P.O. Box 2959
29 January 2011
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.
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