I have the following. Yes the initial horizontal distance is $s=3*\cot(\pi/3)=\sqrt{3}$. Now $s-ds=3*\cot(\pi/3+d\theta)$. So $$ {ds\over dt}=-3\cot(\theta)^\prime {d\theta \over dt}=-3(\cot(\theta)^2-1) {d\theta \over dt} $$ So if you are looking for the initial speed then it will be $$ {ds\over dt}=-3(1/3-1)/60=1/30 km/sec=120 km/h $$ I hope I did not make any mistake here.