SOURCE: Solitaire Minerals Corp.

November 18, 2009 16:05 ET

Solitaire Minerals Corporation Acquires Land Package Adjoining Imperial's Red Chris Project

VANCOUVER, BC--(Marketwire - November 18, 2009) - Solitaire Minerals Corporation (TSX-V: SLT) (Solitaire) has entered into an option agreement whereby it can earn up to 100% interest in two property units collectively named the Summit Lake Project totaling 5,458 acres in northwestern British Columbia, Canada. The 2,948-acre Summit "A" property unit immediately borders the eastern boundary of Imperial Metal Corporation's Red Chris property. The 2,510-acre Summit "B" property is located ten kilometres northwest of the Red Chris property.

Two mineralized systems have been identified on the Summit "B" property, within a kilometer to the south of a large early Mississippian granodiorite to diorite pluton. One system is indicated by several trenches exposing a system of vein-style copper, gold and silver mineralization over a strike length of approximately 170 meters with an average width of 5 meters. Grab samples of phyllitic material returned values to 3.6% copper; a 1.5-metre chip sample returned 0.17% copper (Assessment Report 21760). A sample of a 10-centimetre high-grade pod of quartz-pyrite-chalcopyrite-malachite assayed 8.98% copper, 24.5 g/t silver and 0.045 g/t gold (Assessment Report 21416).

The other system, located about 50 metres to the southwest, has a similar mineralogy to the first, but is arsenopyrite-bearing. Trenching has exposed a 1.0-metre lenticular quartz vein with blebs of pyrite, arsenopyrite and chalcopyrite. A grab sample returned 0.6% copper and 1.61 g/t gold (Assessment Report 21760).

Carl Schulze, BSc, PGeo, will be the Qualified Person for the Summit Lake Project.

Terms of the Option Agreement

In order for Solitaire to earn a 100% interest in the RC and Kitty Properties, it must:

--  Pay CDN$12,500 upon signing of the agreement.
    
--  Pay an additional CDN$12,500 and issue 300,000 Common Shares to the
    vendor, upon TSX Venture Exchange approval.
    
--  Pay CDN$30,000 and issue 400,000 Common Shares to the vendor on or
    before the first anniversary of the agreement date.
    
--  Pay CDN$50,000 and issue 500,000 Common Shares to the vendor on or
    before the second anniversary of the agreement date.
    

The vendor will retain a 2% Net Smelter Royalty (NSR) of which 1% may be repurchased by Solitaire for CDN$1 million.

Private Placement Price Reduced

Solitaire Minerals Corp. (TSX-V: SLT) has amended the terms of the non-brokered private placement originally announced on October 26th, 2009. The Company, subject to the approval of the TSX Venture Exchange, intends to issue up to 7,000,000 units at a price of $0.10 per unit for total proceeds of up to $700,000.

Up to 1,000,000 non flow-through units, consisting of one common share and one full warrant, will be issued. Each full warrant will entitle the holder to purchase one additional common share at a price of $0.15 per share for a period of three years.

Up to 6,000,000 units will be issued, each consisting of one flow-through common share and one half (1/2) non flow-through share-purchase warrant. Each full warrant will entitle the holder to purchase one additional common share at a price of $0.15 per share for a period of three years.

The proceeds of the private placement will be used for general working capital and further exploration of the Princeton Land Package (bordering Copper Mountain), the Stewart Property (bordering Canasia), and the newly acquired Property bordering Imperial's Red Chris project. A finder's fee may be payable according to the policies of the TSX Venture Exchange.

About Solitaire Minerals Corp. (TSX-V: 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"

Charles Desjardins,
President and Director

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.

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.

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