22 March 2011
Share Purchase Plan closes oversubscribed
Share Purchase Plan
The Director's of King Solomon Mines Ltd are pleased to advise that the company's
Share Purchase Plan "SPP") has closed oversubscribed. The company raised
approximately $2.2 million from the SPP which was the maximum amount possible.
This brings to $5.3 million the total amount raised firstly from placements undertaken by
Bell Potter Securities Limited in November and February and secondly from the
SPP. The company is now in a strong position to follow up immediately on success from
drilling during the current field season.
Diamond drilling has now commenced at King Solomon's Mud-house prospect (Sonid
North Gold project). The current hole is the first in a program of approximately 2,400 m
of diamond drilling. A complementary program of RC drilling is currently being
organised following completion of a high-resolution magnetic survey undertaken to assist
with hole positioning.
The arrival of a deep capacity diamond drill-rig at the company's Whitehorse porphyry
copper prospect at Bu Dun Hua, means that drilling of the first of two planned 1,000m
(approximate) diamond-holes can be expected to commence over the next 2-3 days.