Widespread's King Solomon issues progress report

New Zealand Exchange Limited 
P.O. Box 2959 
Wellington

7 March 2011 

Dear Sir, 

King Solomon Mines issues progress report on two fronts 

China based King Solomon Mines (“KSO”) is one of Widespread’s cornerstone investments, and represents 10.7% of our total assets at its present market value of AUD 8.7 cents a share. We are the largest individual shareholder in KSO with a holding of 8%.    

KSO today made the announcement below. The company is now achieving quite some momentum on the fundraising front and is about to embark on follow up work to last season’s promising exploration results.

For and on behalf of the Board,

Chris D Castle

Toronto, 7 March 2011

Progress report

Drilling

King Solomon has secured the 3 rigs that it requires for its drill program over the next 3 months.

These include a deep drilling diamond rig for the 2 planned holes (approximately 1,000 m each) at the Whitehorse prospect (Bu Dun Hua Porphyry Copper project). Drilling is planned to commence around 15 March. 

A second diamond rig will drill approximately 2,400 m at the Mud-house prospect (Sonid North Gold project) commencing around 20 March.

An RC rig will drill approximately 2,200 m at Mud-house before moving to Bu Dun Hua to drill around 5,000 m to test the 5 prospects identified in the previously released magnetic survey. The RC rig is expected to commence drilling late this month.

Initial results from the RC drilling are expected to be reported in the March quarterly report planned to be released in late April.

Funding

The company has raised a total of $3.1million from placements undertaken by Bell Potter Securities Limited in November and February. Funds raised from these placements and through the Share Purchase Plan will be applied to the drilling program referred to above and will enable immediate follow up of all positive results during the current field season

 SPP

In February, shareholders were sent an offer to participate in a Share Purchase Plan at a price of $0.07 per share up to a maximum of 214,286 shares. Directors are pleased with the response with 7 business days to go.

The offer will close on 15 March.

Stephen McPhail

Managing Director

Phone +64 21 897 667                                                stephen@kingsolomonmines.com

Net Asset Backing

New Zealand Exchange Limited 
P.O. Box 2959 
Wellington

4 February 2011

Dear Sir, 

Widespread Portfolios Net Asset Backing   

We wish to advise that the unaudited net asset backing per Widespread Portfolios share, as at 8 a.m. today, ranges from42.3 cents to 46.3 cents.

The lower figure is based on the most recent sale price of AMR shares in Canada, the higher one is based on our share of AMR’s net assets. We consider the latter approach relevant as, despite recent dilution of our holding in percentage terms, we still hold a strategic stake and have both board representation in AMR and a continuing management influence.

We don’t consider the most recent sale price in Canada to be an accurate indicator of AMR’s enterprise value as the stock is very thinly traded. The top 20 AMR shareholders are long-term holders who collectively hold 98.6% of the company and most of the remaining smaller shareholdings are registered in New Zealand and are therefore not easily traded in Canada  

Portfolio Weighting

As can be seen from the table below the AMR shareholding is no longer our key asset. Our direct and indirect holdings in the Chatham Rise Rock Phosphate Project continue to hold that position.  

Using the share of AMR’s net assets approach, the fully diluted NTA per WID share is 93 cents assuming the listed warrants are exercised @ $2.982 and the unlisted director-held warrants are exercised @ $3.282. All warrants expire on 30 June 2012. 

Net asset data is also available on our website (www.widespread.co.nz) and is updated daily. For more information on the Chatham Rise project see www.rockphosphate.co.nz.

For and on behalf of the Board,

Chris D Castle

Toronto, 4 February 2011