15 August 2008
AGM 2008 - Chairman and Managing Director's address
Chairman's Address - J Quinn
Ladies and Gentlemen,
King Solomon is now well into the second field season’s exploration in Inner Mongolia since the IPO in April 2007. Work has been advanced on all the Company’s exploration tenements and most continue to provide sound reasons for continued assessment.
The base metal targets at Marmot Ridge, Wuritu and Bu Dun Hua are all confirming that we are dealing with well mineralised and large systems. As with all such large systems, particularly in areas such as ours which have limited outcrop, it takes good geological understanding and persistence to identify the hot spots. The work by your Company on these targets has demonstrated the widespread occurrence of anomalous base metal mineralisation and is building a data base which will enable our geologists to better define the most likely parts of the systems in which to identify concentrations of the mineralising fluids.
Work on the gold targets at Beyinhar North and Naogaoshandu is not as far advanced as are the base metal targets. However we do have evidence of epithermal veins at the Three Eagles prospect which carry anomalous gold values and are developing some very interesting interpretations of the controls of mineralisation at Beyinhar North.
Whilst we remain very optimistic about your Company’s future, we are very conscious that our activities are being undertaken against the backdrop of considerable upheaval in global financial markets. This upheaval has resulted in a precipitous decline in investor interest in the junior mining sector in particular and King Solomon has not been immune to this trend. However, the Compay is committed to creating shareholder value through the discovery of major mineral deposits in Inner Mongolia. This commitment is not diminished by cyclical movements in equity markets. The fact remains that there is a world wide shortage of the commodities which the Company is targeting. Demand from the emerging economies such as China is expected to underwrite stong metal prices into the future. Notwithstanding the decline in KSO’s share price over the last year, your Board believes that we have added value to the Company’s assets with our work in the period and remain very optimistic about the potential to achieve our objective of identifying major mineral deposits in Inner Mongolia.
I now call upon the Managing Director, Stephen McPhail and Exploration Director, Bruce Bell to provide the meeting with an update on KSO’s exploration activities since the commencement of the current field season and in insight into the plans for the balance of the field season.
Managing Director's Address – S McPhail
Ladies and Gentlemen,
Over the past 12 months KSO has pursued an aggressive exploration program in China. It has been rewarded with success in the discovery of Molybdenum at its Marmot Ridge project.
The company has completed nearly 12,000 metres of mainly diamond drilling on its projects. The team has grown to support the expanded exploration program.
King Solomon is well placed to pursue its exploration program, the goal of which is the discovery of world class mineral deposits.