Solitaire Minerals Corp.

Solitaire Minerals Corp.

May 16, 2006 16:15 ET

Solitaire Minerals Identifies Priority Targets at Riou Lake, Athabasca Basin

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 16, 2006) - Solitaire Minerals Corp. (TSX VENTURE:SLT) -

Condor Consulting Inc. of Lakewood Colorado has provided the company with a detailed interpretation of an airborne Megatem time domain electromagnetic and magnetic survey which was recently completed on the Company's Riou Lake project located in the Athabasca Basin uranium area of Saskatchewan.

The survey detected several zones of anomalous conductivity within the sandstones which were detected as much as 600 meters below surface and probably extend deeper. These EM responses could represent alteration zones in the sandstone above uranium deposits concentrated on the unconformity.

The magnetic data supports the interpretation of three major faults. One of these is represented on surface by a prominent east- west escarpment; a vertical offset of conductive layers in the sandstone suggest that this structure displaces the sandstone strata and hence the unconformity by about 100 meters vertically thus creating a favorable trap for mineralizing solutions. A second interpreted fault lays parallel to and 3.5 km north of the escarpment fault. A third fault trends north-south near the west boundary of the property and intersects the above-described faults (The link below will provide an image of the Megate).

The two strongest deeper zones of conductivity in the sandstone, designated "A" and "B" on the accompanying map, each lie adjacent to one of the above-described faults which enhances their favorability as drill targets.

A detailed rock geochemical sampling program of the abundant sandstone outcrop along the escarpment fault is planned. If this survey indicates alteration features typical of those found above uranium deposits, the fault on and above the unconformity will be a prime drilling target.

The Company also like to announce that pursuant to its stock option plan, the Company has granted incentive stock options to its directors, officers, consultants, and employees to purchase in the total of 1,250,000 common shares in the capital stock of the company, subject to regulatory approval, exercisable for a period of two years, at a price of $0.25 cents per share. These options are subject to a four-month hold period.

About Solitaire Minerals Corp.

Solitaire Minerals Corp. 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, and Alberta. 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 50% 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.

For additional information please contact Solitaire Minerals Corp. or visit

On Behalf of the Board of Directors


Charles Desjardins, 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. 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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