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XREF LIMITED Capital/Financing Update 2011

Jan 27, 2011

66097_rns_2011-01-27_98266b2e-80b2-48d7-9fc1-999c4735d71a.pdf

Capital/Financing Update

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==> picture [101 x 57] intentionally omitted <==

King Solomon Mines Limited

28 January 2010

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.

Stephen McPhail Managing Director

Phone +64 21 897 667

[email protected]

www.kingsolomonmines.com.au