New Zealand Exchange Limited
P.O. Box 2959
31 January 2011
King Solomon Mines Quarterly Report
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 today released its quarterly report to the ASX. I include below the strategic summary of that report, an interpretative section to assist shareholders in understanding the report.
This summary 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
Onekaka, 31 January 2011
King Solomon Mines Limited
Strategic Summary – King Solomon Mines Quarterly Report 31 December 2010
The company was focused through the quarter on analysis and interpretation of the large amount of data generated from drilling and surveys at Sonid North (Mud-house prospect) gold project and Bu Dun Hua porphyry copper project.
Final results from the magnetic survey at Bu Dun Hua received mid-January have
revealed a major zone hosting at least 6 new drill targets along strike from the
Whitehorse prospect. Interpretation of drilling and other data at Whitehorse has also confirmed a deeper target below drilling to date. Drill testing of this deeper target is planned for the start of the field season in March.
Drill testing of several of the other Bu Dun Hua targets is planned for early in the field season. In December, it was announced that re-assaying of samples from
the Mud-house drill results had resulted in an 11% upgrade of the contained gold. A magnetic survey will be undertaken at Mud-house to support further drill testing of the prospect. Drilling is planned to start in March.
The next quarter will see the start of aggressive drilling programs at both the Mud-house gold prospect and the multiple targets at the Bu Dun Hua copper project.