Solitaire Minerals Corp.
OTC Bulletin Board : SREMF

Solitaire Minerals Corp.

January 30, 2007 19:56 ET

Solitaire Executes Letter of Intent for Option to Acquire Eldorado From Kinross

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 30, 2007) - Solitaire Minerals Corp. (TSX VENTURE:SLT)(OTCBB:SREMF) is pleased to announce that it has signed a letter of intent with Kinross Gold Corporation (TSX:K)(NYSE:KGC) for an option to acquire Kinross' interests in the Eldorado Uranium Mine property at Port Radium in the Northwest Territories (the "Eldorado Property"). Included in the acquisition will be the technical library comprised of Echo Bay Mines and Eldorado Nuclear mine and exploration reports for the entire mining camp. The Eldorado Uranium Mine produced 15 million pounds of uranium and eight million ounces of silver.

The Eldorado Property, consisting of 887.36 acres, adjoins Solitaire's Mystery Island property and expands the property size to 22,717.23 acres. This project shares property boundaries with and is partly surrounded by properties owned by Alberta Star Development Corp. (TSX VENTURE:ASX). Solitaire and Alberta Star share some of the underground working of the Eldorado mine. The Eldorado Property is located at Port Radium on the east side of Great Bear Lake, Northwest Territories, and 423 miles north of the city of Yellowknife.

Link to area map:

Pitchblende (uranium plus silver, copper, nickel, lead and polonium) was formerly mined from the Eldorado mine at Port Radium commencing in 1933. The Port Radium uranium belt along with the Uranium City district were Canada's principal producers of uranium during the 1930s and 1940s. The mine closed in 1960. Since that time, important advances in uranium exploration methods and the genesis of uranium deposits have evolved. Also, the area has been recognized as a favourable environment for IOCG (iron ore copper gold) deposits. The Olympic Dam IOCG deposit, in Australia, is one of the world's largest suppliers of uranium.

Uranium production from the Eldorado mine was from veins emplaced along northeast trending faults. All of these structures merge into the Bear Bay Shear Zone, a deep seated regional structure which has never been tested. In addition, there is potential for the structures hosting high grade silver mineralization in the Echo Bay mine to extend onto Solitaire's property.

Solitaire's President and Chief Executive Officer, Charles Desjardins, commented that: "The Eldorado Property acquisition significantly expands the potential of our Port Radium uranium/IOCG project. We think that this area has the potential to host world class uranium deposits in high grade uranium/silver veins or in a high tonnage uranium/IOCG setting. The current spot price for uranium is $72.00/lb (US)."

The letter of intent contemplates a definitive Option Agreement which will provide, among other things, that:

- In order for Solitaire Minerals to acquire an exclusive right and option to earn and acquire One Hundred percent (100%) of Kinross' right, title and interest in the Eldorado Property (the "Option"), Solitaire Minerals must issue to Kinross Gold Corporation One Million, Five Hundred Thousand (1,500,000) common shares upon signing of the Option Agreement.

- To keep the Option in good standing Solitaire Minerals must:

- incur exploration expenditures and/or make payment to Kinross in lieu of such expenditures which total Five Million Dollars ($5,000,000) within five years , the first Five Hundred Thousand Dollars ($500,000) of which are committed to be incurred or paid, as the case may be, within the first two years of signing the definitive Option Agreement irrespective of any decision not to continue the Option; and

- issue to Kinross an additional Two Million, Five Hundred Thousand (2,500,000) common shares in at least five equal annual instalments of Five Hundred Thousand (500,000) common shares on or before the five year anniversary of the signing of the agreement. The first instalment of a minimum Five Hundred Thousand (500,000) common shares is due on or before the first anniversary of the signing of the agreement.

- At anytime during the Option Period, Kinross will have the Back-in Right to retain a sixty percent (60%) interest in and to any gold deposit in, on or under the Eldorado Property by paying to Solitaire an amount equal to two and one half (2.5) times the pro rata amount of the expenditures incurred by the Company. Solitaire Minerals would maintain a One Hundred percent (100%) interest in all other resources in, on or under the Eldorado Property.

- Kinross shall hold a 2% NSR on all minerals extracted or derived from the Eldorado Property.

Mike Magrum, PEng, a qualified person under National Instrument 43-101, has approved the technical content of this news release.

About Solitaire Minerals Corp.

Solitaire Minerals Corp. (TSX VENTURE:SLT) is a diversified junior Canadian mineral exploration company with a specific focus on mineral properties in North America. The Company has assembled a portfolio of precious and base metal exploration prospects in Ontario, Saskatchewan, Alberta, and the North West Territories. Solitaire's Ontario properties in the Red Lake/Birch-Uchi Greenstone Belt include the Baird, Heyson and Chukuni River Prospects, in which the Company has agreements to earn 100% in, but has not yet vested its interest. In addition, the Company has entered into an option agreement with another company, whereby that company may earn up to a 75% interest in the Baird Property. The Company also has an option to earn 100% in the Lateral Lake West property located in the Webb township of Ontario. In Saskatchewan, the Company has signed a purchase agreement to acquire a 100% interest in the Highrock Lake property and a 90% interest in the Riou Lake Property located in the Athabasca Basin. The Company has also acquired the Riou Lake North and South properties in which the company has 100% interest. In Alberta, the Company has purchased the Ravenscrag property in which the Company has 100% interest. In the North West Territories, the Company has purchased the Mystery Island IOCG Property located in the Great Bear Lake area in which the Company has 100% interest.

On Behalf of the Board of Directors


Charles Desjardins, President and Director

Statements in this press release other than purely historical information, historical estimates should not be relied upon, including statements relating to the Company's future plans and objectives or expected results, are forward-looking statements. News release contains certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the Company's business, including risks inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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