XREF LIMITED — Interim / Quarterly Report 2014

Jul 29, 2014

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King Solomon Mines Limited

QUARTERLY REPORT FOR THE PERIOD ENDED 30 JUNE 2014

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Project location map.

GENERAL

New Opportunities

The Company is assessing a number of minerals opportunities as potential acquisitions including projects located in North Asia, South America and Australia.

The Board believes the Company will be successful in moving its focus to a new minerals opportunity.

Sale of Sonid North

The Company is focused on the sale of Sonid North, its principal project in Inner Mongolia. The company is hoping to sell this project within the next 6 months.

Other projects in Inner Mongolia

The Company continues to assess the prospectivity of the remaining projects in Inner Mongolia and the amount of funding needed to advance these to sale, joint venture or to attract further funds to expand the projects.

Cash

The Company had cash of $39,000 at 30 June 2014. Current cash resources are forecast to cover expected costs to 30 September 2014. During the next quarter the company will complete a fund raising which is being actively pursued at present.

Stephen McPhail Managing Director

Enquiries may be directed to Stephen McPhail at phone 1800 061 569 (from Australia), +6421 897 667 (from elsewhere) or email stephen@kingsolomonmines.com .

www.kingsolomonmines.com King Solomon Mines Limited ARBN 122 404 666

SCHEDULE OF TENEMENTS

Tenements (other than Bu Dun Hua) are located in the Sonid Zouqi Banner (County) of Inner Mongolia, China. Bu Dun Hua is located in the Wengniute Banner (County) of Inner Mongolia, China

Project	Exploration Licence	**Area (km2) **	Interest
Marmot Ridge	T15120091102036745	29.8	100%*
Sonid North	T15120091102036733	18.61	100%*
Naogaoshandu	T15120091102036738	34.8	100%*
Bu Dun Hua	T15120090420028565	18.78	100%**

• The Company holds the rights to its exploration projects through a 90% equity interest in Inner Mongolia Plate Mining Limited (“Plate”), a Sino-foreign incorporated joint venture which holds the four exploration licences referred to above. The remaining 10% interest in Plate is held by Inner Mongolia Ao Meng Xin Economic and Trade Co., Ltd (“AMX”) which is jointly owned by Fu La who is a director of the Company and his wife Na Dong. The rights of the Company and AMX as shareholders of Plate are governed by an equity joint venture contract. AMX holds its 10% interest in Plate on trust for the Company.

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** The Bu Dun Hua exploration licence is under application for renewal.

No mining tenements were acquired or disposed of during the quarter.

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Sonid Zuoqi Project locations.

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