good potential for substantial moly discovery

from namaste's post

......

While the company has yet to establish the extent of any deposits, there was
"good potential for a very substantial discovery".

"But it's a risk business we're in.

"What we are chasing by its nature is complex, and I don't want to trivialise the process of getting there. It's typically something that a much larger company than us would be taking on...but we're basically trying to taking it as far as we possibly can before we need to bring one of the majors in."

Ultimately, a discovery would require hundreds of millions of dollars, and King Solomon could well be bought out by a larger company, Mr McPhail said.

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this is worth reading...... (Namaste)
Code: KSO - KING SOLOMON MINES LIMITED (Director Activity Report | Google KSO) Post: 2961400 (Start of thread) Views: 23
Posted: 05/06/08 08:54 Sentiment: Buy Disclosure: Stock Held From: 203.96.xxx.xxx
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Wed, 06/04/2008 - 07:10 — NZPA

By Catherine Harris of NZPA

Wellington, June 4 NZPA - Junior miner King Solomon Mines says drilling has uncovered further encouraging signs at the company's porphyry (giant copper deposits) system in Inner Mongolia.

The ASX-listed explorer -- which has many New Zealand shareholders and is 9 percent owned by NZX-listed Widespread Portfolios -- said it had found a "substantial zone" of molybdenite, in itself a valuable metal, at its Marmot Ridge site.

New Zealand co-founder Stephen McPhail told NZPA said "moly" was not always found with copper, but strong signs of its presence confirmed the company was dealing "with a very large scale system".

"We haven't found a resource as yet, but we're the next best thing. We've established that there is a very good -- in layperson's terms -- plumbing system, so the metal-rich fluids can flow. So it's capable of forming a deposit."

Traces of copper had been already found but the "moly" find occurred after the company stepped slightly out of its target zone.

Molybdenite, which is worth ten times the price of copper, is in high demand in China, particularly for stainless steel products.

"Molybdenum is a specialty metal which is not so common in the world," Mr McPhail said.

While the company has yet to establish the extent of any deposits, there was "good potential for a very substantial discovery".

"But it's a risk business we're in.

"What we are chasing by its nature is complex, and I don't want to trivialise the process of getting there. It's typically something that a much larger company than us would be taking on...but we're basically trying to taking it as far as we possibly can before we need to bring one of the majors in."

Ultimately, a discovery would require hundreds of millions of dollars, and King Solomon could well be bought out by a larger company, Mr McPhail said.

Currently about 20 percent of King Solomon is held by Widespread Portfolios (11 percent), Mr McPhail (5 percent) and co-founder Bruce Bell.

About 50 percent of the rest of the shareholders are based in New Zealand.