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XREF LIMITED — Capital/Financing Update 2011
Mar 21, 2011
66097_rns_2011-03-21_47c842e8-140c-4a32-9096-ba08660d98e6.pdf
Capital/Financing Update
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King Solomon Mines Limited
22 March 2011
Share Purchase Plan closes oversubscribed
Share Purchase Plan
The Director ’ s of King Solomon Mines Ltd are pleased to advise that the company ’ s Share Purchase Plan ( “ SPP ” ) has closed oversubscribed. The company raised approximately $2.2 million from the SPP which was the maximum amount possible.
This brings to $5.3 million the total amount raised firstly from placements undertaken by Bell Potter Securities Limited in November and February and secondly from the SPP. The company is now in a strong position to follow up immediately on success from drilling during the current field season.
Drilling
Diamond drilling has now commenced at King Solomon ’ s Mud-house prospect (Sonid North Gold project). The current hole is the first in a program of approximately 2,400 m of diamond drilling. A complementary program of RC drilling is currently being organised following completion of a high-resolution magnetic survey undertaken to assist with hole positioning.
The arrival of a deep capacity diamond drill-rig at the company ’ s Whitehorse porphyry copper prospect at Bu Dun Hua, means that drilling of the first of two planned 1,000m (approximate) diamond-holes can be expected to commence over the next 2-3 days.
Stephen McPhail Managing Director
Phone +64 21 897 667
[email protected]
www.kingsolomonmines.com.au ARBN 122 404 666
King Solomon Mines Limited