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This website (including drill hole information
and mineral reserve and resource numbers)
has been reviewed for accuracy by Mr. Walt Hunt,
COO for Solitario Exploration & Royalty Corp.,
who is a qualified person as defined by
National Instrument 43-101. 

Solitario Exploration & Royalty (NYSE MKT: XPL; TSX: SLR)
Solitario received gross proceeds of $24 million from the sale of it’s 80% interest in the Mt. Hamilton gold project to Waterton on August 25, 2015. Concurrent with the Transaction, Solitario paid its outstanding $5 million corporate credit facility with RMB Australia Holdings. Previously, the shareholders of Solitario approved the sale of its 80% interest in the Mt. Hamilton Gold Project at the Annual General Meeting. Solitario and Ely Gold entered into an agreement to sell their interests in the Mt. Hamilton Gold Project to Waterton for total consideration of $30 million on June 11, 2015.

Solitario’s high-grade Bongará zinc project in Peru is joint ventured with Milpo, the second largest zinc producer in Peru. Milpo, who operates three large underground zinc mines in Peru, recently acquired the project from its parent, Votorantim Metais. Milpo ended 2014 with $437 million in cash. Nearly $60 million has been spent on the property to date. With many commodity experts forecasting significantly higher zinc prices over the next couple of years, Bongará could become our most valuable asset.

A major milestone occurred in June 2014 with the release of the project’s first NI 43-101 compliant resource estimate. Based on 486 core holes, Measured & Indicated Resources were estimated at 2.8 million tonnes grading 15.5% zinc equivalent and Inferred Resources totaled 9.1 million tonnes grading 12.4% zinc equivalent. Mineralization remains open to expansion in all directions.

Votorantim has funded 100% of project expenditures since inception of the joint venture in 2006. As a result of Milpo’s purchase of Votorantim’s interest in the Bongará project in the fourth quarter of 2014, Milpo can earn up to a 70% interest in the project by continuing to fund all project expenditures and committing to place the project into production based upon a positive feasibility study. After earning 70%, Milpo has further agreed to finance Solitario’s 30% participating interest for construction. Solitario will repay the loan facility through 50% of its net cash flow distributions. The terms of the Milpo-Solitario joint venture make Bongará a dilution-free project to Solitario and its shareholders.

Advanced Projects
• Bongará: Zinc-Lead-Silver, Peru

Royalty Properties
• Yanacocha: Gold-Silver-Copper, Peru
• Mercurio: Gold, Brazil
• Pedra Branca: PGM, Brazil
• Norcam: Copper, Mexico

What's New at Solitario

Solitario Exploration & Royalty Corp.
4251 Kipling Street, Suite 390; Wheat Ridge, CO 80033 | Tel: 303-534-1030; Fax: 303-534-1809

Copyright © 2013 Solitario Exploration & Royalty Corp.

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