King Solomon Mines

02 April 2007

King Solomon Mines closes IPO in advance of schedule

King Solomon Mines Limited (“KSO”) announced that it had closed it’s initial public offering [IPO] after applications exceeded the ten million dollars [A$10 Million] sought by it’s 26 February 2007 prospectus. The Company sought to raise a minimum of A$8M with provision to accept up to an additional A$2M in oversubscriptions. The oversubscribed issue was closed early on 30 March following strong demand from
institutional and private investors.

The Company expects to complete allotments by Wednesday 4 April with successful applicants receiving an allotment notice detailing the number of shares allotted shortly thereafter. Refund cheques are expected to be dispatched this week. Listing is subject to ASX approval.

Mr. John Quinn, the Company’s Chairman, stated that “The Board is very pleased by the enthusiastic response from investors to the capital raising. The Company is now finalizing plans for the recommencement of field activities in Inner Mongolia and to acquire additional opportunities in this highly prospective but under-explored region. It is anticipated that drilling of existing prospects will get underway in this quarter, with initial assay results being reported in the September Quarterly Report.”

About King Solomon Mines

The Company has mining prospects in the semi-autonomous province of Inner Mongolia, China.

World class target area

  • King Solomon is exploring for minerals in the under explored Inner Mongolian section of a major fold belt that hosts world class Gold and Copper deposits.

Strong initial project portfolio

The Company has interests in the following projects

  • Marmot Ridge – Porphyry Copper-Gold prospect along geological trend from the Ivanhoe/RTZ owned Oyu Tolgoi Copper-Gold deposit
  • Wuritu – potential high-grade shear hosted Copper deposit
  • Amoyitele – Magnetite and Copper prospects; Nickel and Lead anomalies
  • Sonid North & South – Regional shear hosted Gold targets

7 years experience in China

  • The Company’s founding directors have worked on minerals projects in China for 7 years
  • Operating infrastructure is established in Inner Mongolia Experienced board and management
  • The Company’s board and management are experienced in exploration and capital raising:
    • John Quinn Chairman (Newcrest, Perserverance)
    • Stephen McPhail MD (Todd, Highlake)
    • Bruce Bell Exec. Dir. (Delta, Highlake)
    • Fu La Exec. Dir.
    • Chris Castle Non Exec Dir. (Widespread, Asian Mineral Resources)

For further information, please contact:
Stephen McPhail, Managing Director
+6421 897 667

John Quinn, Chairman
(0412) 381 081