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XREF LIMITED — Interim / Quarterly Report 2015
Jul 26, 2015
66097_rns_2015-07-26_8c491e38-fa10-44eb-b694-17bb750c29c9.pdf
Interim / Quarterly Report
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King Solomon Mines Limited
QUARTERLY REPORT FOR THE PERIOD ENDED 30 JUNE 2015
New Opportunities
During the last quarter, the Company continued to assess a number of opportunities as potential acquisitions and is encouraged by what it has seen. In this regard, the Company will make announcements to the market as appropriate should an acquisition be identified.
Sonid North
The Company completed a review of its principal gold project (Sonid North) and concluded the best options in the current market were to continue to seek the sale or joint venture of the project.
Cash
The Company had cash of A$808,000 at 30 June 2015 and is well placed to pursue acquisition opportunities.
King Solomon Mines Limited
Stephen McPhail
Managing Director
Enquiries may be directed via telephone to Stephen McPhail on 1800 061 569 (from Australia), +6421 897 667 (from other countries) or via email at [email protected] .
www.kingsolomonmines.com.au
King Solomon Mines Limited
ARBN 122 404 666
SCHEDULE OF TENEMENTS
The Sonid North tenement is 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 |
|---|---|---|---|
| Sonid North | T15120091102036733 | 18.61 | 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 that holds the two 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 manages the Company’s China operations, 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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