Solitaire Minerals Corp.
TSX VENTURE : SLT

Solitaire Minerals Corp.

March 20, 2006 16:00 ET

Solitaire Minerals Corp. Acquires the Mystery Island Property Adjacent to Alberta Star in the Great Bear Lake Region, NWT

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 20, 2006) - Solitaire Minerals Corp. (TSX VENTURE:SLT) (the "Company") has entered into a purchase agreement with Kalac Holdings Ltd., Mountain Island Exploration Ltd., and New Mark Ltd. to acquire a 100-per-cent interest in the Mystery Island IOCG Property located in the Great Bear Lake area of the Northwest Territories. The property is located approximately 430 kilometers north of Yellowknife, NWT.

The property comprises of 12 claim blocks with a total area of approximately 21,830 acres. This property adjoins the Alberta Star Development Corp. (TSX VENTURE:ASX) project which is being explored for iron-oxide, copper, gold, silver and uranium (IOCG) targets.

The Olympic Dam or iron oxide-copper-gold (IOCG) model is proposed as the main exploration target for the Mystery Island property in this part of the Great Bear magmatic zone. The Olympic Dam deposit at Roxby Downs in the Gawler craton of southwest Australia consists of dike-like, hematite-rich diatreme breccias in granite and felsic volcanics, and has a reported resource of 2.32 billion tons of 1.6 per cent copper, 0.5 gram per tonne gold, 3.5 grams per tonne silver and 0.4 kilogram per ton U3O8.

The Great Bear Lake area contains three historic mining camps, which are in close proximity and are geologically connected. These are the Port Radium, the Contact Lake and the Terra camps. The mines in these camps produced intermittently from 1930 until 1985 over 48 million ounces silver, 15 million pounds of U3O8 and 7,000 tons of copper (Strand, 1996).

Features of the mineralization and geology in the Great Bear Magmatic Zone indicate similarities with Olympic Dam IOCG. Four constants postulated by Skirrow (1999) exist in both areas: tectonothermal evolution, host sequence composition, existence of two contrasting hydrothermal fluid types that allow for co-existence of magnetite and hematite, and a setting within a deep, crustal-scale fault system.

This and other similarities conclude that the Mystery Island property is situated in a geological setting that has the potential to host high-unit-value polymetallic mineralization associated with large-tonnage IOCG-type deposits, as well the potential to host Echo Bay-type high-grade, lower-tonnage U3O8-Ag mineralization.

Alberta Star plans a major exploration program, including a 15,000-meter drill program, in the upcoming field season.

"With our upcoming drill program on the Chukuni property and the pending drilling results from the South Baird property (Red Lake), the pending analysis for the MEGA-Tem survey from Condor Consulting Ltd. (Athabasca basin), and the addition of this impressive property in the Great Bear Lake area, we feel that we are situated in three regions with tremendous potential," says Charles Dejardins, President of Solitaire Minerals Corp. "We are aggressively moving forward and to add shareholder value to this Company."

The terms of the purchase agreement for a 100-per-cent interest in the property require the company to make cash payment of $150,000 and to issue three million shares to the vendors. The property is subject to a 2-per-cent net smelter return royalty. The company has the right to reduce the royalty to 1 per cent by paying $1-million. This acquisition is subject to exchange approval. A finder's fee, in the maximum amount permitted under the policies of the TSX Venture Exchange, is payable.

Also for a map of our property location in the Great Bear Lake area visit our link at http://www.solitaireminerals.com/pdf/exploration/slt_nwt.pdf.

Mike Magrum, PEng, a qualified person under National Instrument 43-101, has approved the technical content of this news release. The company has begun compiling all previous exploration work. New geological models and modern exploration methods, including airborne surveys, will be used to evaluate the properties. The company's objective is to bring the properties to the drill-ready stage as soon as possible.

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, Chukuni, and Faulkenham Lake 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 acquired 100% interest in the 150,000 acre Ravenscrag property.

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, 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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