XREF LIMITED — Capital/Financing Update 2012

Aug 1, 2012

KING SOLOMON

Exploring for world class Gold and Copper mines in Inner Mongolia (China)

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August 2012

Disclaimer

This Corporate Update (“Update”) is not a disclosure document, nor does it constitute the provision of financial advice or a recommendation to buy or sell shares. The Update was prepared from information available at the time of preparation.

Neither King Solomon Mines Limited (“King Solomon”), its related bodies corporate, officers, employees or advisors makes or gives any representation, warranty or guarantee in relation to the Update, whether orally, in writing or in any form whatsoever, (“Information”) to the Recipient. The Information is provided expressly on the basis that the Recipient will carry out its independent inquiries into the information, and seek appropriate financial advice. King Solomon reserves the right to update, amend or supplement the information at any time in its absolute discretion, without incurring any obligation to do so.

The Update contains certain forecasts and forward-looking information, including information about possible or assumed future performance, exploration results, resources or potential growth of King Solomon, industry growth or other trend projections.

Such forecasts and information are not a guarantee of future performance and involve unknown risks and uncertainties, as well as other factors, many of which are beyond the control of King Solomon. Actual results and developments may differ materially from those expressed or implied by these forward-looking statements, depending on a variety of factors.

Information on mineralisation was compiled by A B Bell, BSc, F AusIMM(CP), a Competent Person (under the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves), who has relevant experience with such mineralisation and has consented to its inclusion.

Further information about King Solomon is available at www.kingsolomonmines.com.

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Capital Structure

Shares

Options Cash (30 June 12) Mkt. Capitalisation 12 month trading

166.3 million 6.5 million $0.9 million $3.5 million ( 2.1c ) 1.5c – 7.2c

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Strategic Focus

• Copper and Gold

• World Class targets

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Inner Mongolia
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Inner Mongolia

• Under-explored

Area: 1.28M sq km Pop: 21M Capital: Hohhot (>1M)

• Exciting tectonic position

• Opportunities

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Projects

Sonid North Gold (± silver) Naogaoshandu Gold Marmot Copper, Moly., Gold Bu Dun Hua Porphyry Copper (± moly., gold, silver)

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Location of Projects

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Sonid District Projects

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Sonid North Project Mud-house Gold prospect

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Mud-house location

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Sonid North – Mud-house Prospect

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Exploration Target – 100,000oz – 200,000oz

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Mud-house – Advanced Exploration Project

• review of Chinese mining costs and resource valuations

• narrow vein underground mining target

• initial Exploration Target 100,000 – 200,000 oz

• derived from 1Mt – 1.5Mt @ 3 g/t – 5 g/t Au

Previously released to market (19 June 2012)

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Section from Exploration Target

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Mud-house Infill drilling plan

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Mud-house – Advanced Exploration Project

Additional exploration upside:

• Repetitions along strike

• Open down - dip

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Mud-house strike potential

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Mud-house Plan

• 6,000m in-fill drilling (August-November)

• Goal:

a) Demonstrate continuity of mineralisation b) Enable preliminary resource assessment

• Possible Sale/Joint venture with Chinese company

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Beyinhar valuation

August 2007 : Sino Gold acquired Golden China (GCRC) Principal asset = Beyinhar Beyinhar value approx. A$60/oz resource Gold price : Aug. 2007 A$830/oz Current A$1,551/oz

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Sonid District Projects

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Mud-house Impact

Success with Mud-house in-fill drilling has the to create value a potential of multiple of King Solomon’s current market capitalisation

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Naogaoshandu Gold Project East Ridge prospect

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High Grade Gold sample - 1

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High Grade Gold sample - 2

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East Ridge Early Observations

• Visible gold in both quartz veins and meta-sediments in a flat lying structure

• Visible copper in quartz vein 350m further along strike

• Visible mixed copper-gold mineralisation found in surface float on same trend

• Located 15km from Beyinhar gold mine

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Naogasoshandu Project Summary

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Sonid District Projects

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Next Steps

Sonid North (Gold)

In-fill drilling

• Mud-house Naogaoshandu (Gold) Trenching and sampling IP survey Drilling

• East Ridge

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