XREF LIMITED — Capital/Financing Update 2012

Feb 29, 2012

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

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March 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 Identified 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

166.3 million

Options

6.5 million

Cash (31 December 11) $2.1 million Mkt. Capitalisation $5 million ( 3.1c ) 12 month trading 2.5c – 14.5c

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Strategic Focus

• Copper and Gold

• World Class targets

• 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

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

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Location of Projects

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Bu Dun Hua Project

Porphyry Cu-Mo-Au-Ag system

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Bu Dun Hua - 2007 Starting Point

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(No geochemistry)
Zone of strongly silicified ridge-crest outcrops
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2009 – 2010 progression
Whitehorse
Ghenghis
Whitehorse
Kublai Extended
Northern Deep
Eastern Deep
Western
Khan
Royal
0 500m
Mongol
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Whitehorse Porphyry Schematic

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Existing drillholes
Phyllic zone
Cu-Mo-Pb-Zn
anomalous
Pb-Zn-As
I
Ag vein
II
Hydrothermal
breccia Pb-Zn-As
I
Felsic
Potassic zone
volcanics
(Cu-Mo target)
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Whitehorse Porphyry Schematic

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Existing drillholes
Phyllic zone
Cu-Mo-Pb-Zn
anomalous
Pb-Zn-As
I
Ag vein
II
Hydrothermal
breccia Pb-Zn-As
I
Felsic
volcanics
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Ground Mag defined targets
Whitehorse
Ghenghis
Whitehorse
Kublai Extended
Northern Deep
Eastern Deep
Western
Khan
Royal
0 500m
Mongol
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2011 BDH Drill Program

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BDH028 (Ghenghis)

• Re-appearance of Cu (chalcopyrite)

• Increased total sulphide charge

• Lift in background Au level

• Altered intrusive porphyries (and breccias)

• Increased variety and intensity of veining

• Decreased quartz-sericite (phyllic) charge

• Increased potassic minerals (K/spar)

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Summary BDH028

Drill-hole looks like proximal wall-rock to an intrusive hosted minerals deposit

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Schematic porphyry Cu section

Au/Ag/As/Sb Silica Sericite Pb/Zn Pb/Zn Chlorite-pyrite Chlorite-pyrite Cu ± Mo ± Au Biotite-Kspar

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BDH028 Drill core

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Northeast Focus

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Pb + Zn
Zn
Cu
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Magnetic Low Contours

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Ghenghis Mag Low

RL600 RL400 RL200

SW

BDH028 NE

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SW Ghenghis Mag Low (mineralised intrusive porphyry core?)

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RL00

Magnetic Low Contours

Proposed Drillhole

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BDH Summary

• Cu-Mo or Cu-Au mineralised porphyries absolutely demonstrated

• Large un-tested targets (eg Nomad)

• Room for a major discovery

• Next 4 holes very important

• Peripheral style targets

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Sonid District Projects

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Sonid North Project Mud-house Gold prospect

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Sonid North – Mud-house Prospect

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Selected intercepts from potential resource area
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SND002	from	40.0m	2.2m @	5.12g/t Au
SND002	from	113.3m	3.1m @	2.36g/t Au
SND004	from	203.0m	1.0m @	1.73g/t Au
SND006	from	134.3m	0.7m @	5.70g/t Au
SND009	from	182.0m	2.0m @	11.07g/t Au
SND011	from	117.9m	1.0m @	1.56g/t Au

The information on mineralisation contained in this announcement accurately reflects information compiled by A B Bell, BSc, F AusIMM(CP), Executive Director, a Competent Person (as defined by the Australasian Code for Reporting of Identified Mineral Resources and Ore Reserves), who has relevant experience in relation to such mineralisation and has consented to the inclusion of such information in this announcement.

Mud-house strike potential

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East extension potential
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Mud-house strike potential

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Next Steps Bu Dun Hua (Copper)

Follow up drilling - Genghis First round drilling

• Nomad

• Northern Deeps

• Eastern Deeps

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