Solitaire Minerals Corp.
TSX VENTURE : SLT

Solitaire Minerals Corp.

January 19, 2010 16:18 ET

Solitaire Minerals Corp. Closes Private Placements

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 19, 2010) - Solitaire Minerals Corporation (TSX VENTURE:SLT) (Solitaire) would like to announce that it has closed two Non-Brokered Private Placements.

The first private placement was announced on October 26, 2009 and then repriced on November 18, 2009. The company raised $199,000 at a price of $0.10 per share.

A total of 1,890,000 units were issued as flow-through units consisting of one common share and one-half of one non-transferable share purchase warrant. One warrant will entitle the holder to purchase one additional common share of the company at a price of 15 cents per share until expiration on the third year.

A total of 100,000 units were issued as non-flow-through units consisting of one common share and one non-transferable share purchase warrant. One warrant will entitle the holder to purchase one additional common share of the company at a price of 15 cents per share until expiration on the third year.

A total of 945,000 warrants were issued. One warrant will entitle the holder to purchase one additional common share of the company at a price of 15 cents per share until expiration on the third year.

Shares, warrants and any shares issued upon exercise of the warrants are subject to a hold period of four months expiring May 1, 2010. The proceeds of the private placement will be used for exploration of the company's mineral properties and general working capital.

The following pros and insider participated in the private placement;

Pro group: Ivano Veschini 100,000 flow-through shares; Sean Chin 50,000 flow-through shares.

Insider: Charles Desjardins 100,000 flow-through shares.

Finders' fees: Union Securities Ltd. receives $1,400 and 14,000 share purchase warrants, where each warrant is exercisable at a price of 15 cents per share until expiration on the third year.

Bolder Investment Partners Ltd. receives $6,000 and 60,000 share purchase warrants, where each warrant is exercisable at a price of 15 cents per share until expiration on the third year.

The second private placement was announced on January 5, 2010 and then increased on January 6, 2010. The company raised $576,000 at a price of $0.08 per share.

A total of 7,200,000 units were issued as non-flow-through units consisting of one common share and one non-transferable share purchase warrant. One warrant will entitle the holder to purchase one additional common share of the company at a price of 10 cents per share for the first year, 12 cents for the second year and 15 cents until expiration on the third year.

A total of 7,200,000 warrants were issued. One warrant will entitle the holder to purchase one additional common share of the company at a price of 10 cents per share for the first year, 12 cents for the second year and 15 cents until expiration on the third year.

Shares, warrants and any shares issued upon exercise of the warrants are subject to a hold period of four months expiring May 19, 2010. The proceeds of the private placement will be used for exploration of the company's mineral properties and general working capital.

The following pros participated in the private placement;

Pro group: Kerry Chow 800,000 non-flow-through shares; David Hamilton Smith 100,000 non-flow-through shares; Roberto Chu 100,000 non-flow-through shares; Shaun Chin 50,000 non-flow-through shares.

Finders' fees: PI Financial Corp. receives $40,000 and 500,000 share purchase warrants, where each warrant is exercisable at a price of 10 cents per share for the first year, 12 cents for the second year and 15 cents until expiration on the third year.

Bolder Investment Partners Ltd. receives $1,600 and 20,000 share purchase warrants, where each warrant is exercisable at a price of 10 cents per share for the first year, 12 cents for the second year and 15 cents until expiration on the third year.

Union Securities Ltd. receives $800 and 10,000 share purchase warrants, where each warrant is exercisable at a price of 10 cents per share for the first year, 12 cents for the second year and 15 cents until expiration on the third year.

About Solitaire Minerals Corp.

Solitaire Minerals Corp. (TSX VENTURE:SLT) is a diversified Junior Canadian Mineral Exploration Company with a specific focus on precious and base metal properties in North and South America. The Company has assembled exploration projects in Ontario, Saskatchewan, the Northwest Territories, Quebec, British Columbia, and in southern Peru.

For additional information please contact Solitaire Minerals Corp. or visit www.solitaireminerals.com.

On Behalf of the Board of Directors

SOLITAIRE MINERALS CORP.

Charles Desjardins, President and Director

Cautionary note:

This report contains forward looking statements. Resource estimates, unless specifically noted, are considered speculative. Any and all other resource or reserve estimates are historical in nature, and should not be relied upon. By their nature, forward looking statements involve risk and uncertainties because they relate to events and depend on factors that will or may occur in the future. Actual results may vary depending upon exploration activities, industry production, commodity demand and pricing, currency exchange rates, and, but not limited to, general economic factors. Cautionary Note to US investors: The U.S. Securities and Exchange Commission specifically prohibits the use of certain terms, such as "reserves" unless such figures are based upon actual production or formation tests and can be shown to be economically and legally producible under existing economic and operating conditions.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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