King Solomon Mines has completed the sale of two non-core exploration licences in Inner Mongolia, China, with proceeds to be used to advance the company’s principal projects.

The surplus licences contain the Wang Jia Ying Zi and Dong Gou Zi projects, which were acquired in 2007 as an adjunct to the acquisition of the Bu Dun Hua property.

Bu Dun Hua remains a highly prospective asset but evaluation of the secondary projects has confirmed they appear unlikely to host major deposits and do not fit with the company’s strategy of having large scale potential.

The total sale price received by King Solomon’s subsidiary Inner Mongolia Plate Mining Limited was 1 million RMB (about $228,000).

King Solomon is exploring the under explored Inner Mongolian section of a major fold belt that hosts world class gold and copper deposits.

Its principal projects are the Marmot Ridge porphyry copper-molybdenum-gold prospect along the same geological trend from Ivanhoe/Rio’s Oyu Tolgoi copper-gold deposit, the Naogaoshandu epithermal and mesothermal gold targets, the Beyinhar North epithermal and mesothermal gold targets, the Bu Dun Hua porphyry gold-copper target and the Wuritu large scale copper target.

The company has planned an active exploration program for the 2009 field season beginning with follow up trenching and sampling of very encouraging gold rock chip results from the Naogaoshandu project. The field season is expected to begin in late March or early April.

www.kingsolomonmines.com.au