Solitaire Minerals Corp.
TSX VENTURE : SLT

Solitaire Minerals Corp.

November 30, 2010 19:02 ET

Solitaire Minerals Corp. Announces Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 30, 2010) - Solitaire Minerals Corp. (TSX VENTURE:SLT) (Solitaire) reports that it has arranged a non-brokered private placement with MineralFields Group of up to 15,000,000 units at a price of $0.07 per unit for total proceeds of up to $750,000 subject to the approval of the TSX Venture Exchange.

Up to 15,000,000 units will be issued as flow-through units consisting of one common share and one-half (1/2) of a transferable share purchase warrant. One full warrant will entitle the holder to purchase one additional common share of the Company at a price of $0.10 per share for the first year and $0.125 per share until expiration on the second year.

First Canadian Securities® will receive a cash finder's fee of 5% (no GST payable) as well as a non-transferable option (the "Option") to acquire 1,071,428 units of the Company (the "Units"), equivalent to 10% of the total units sold in the Private Placement. The Option is exercisable into Units for a period of 24 months following the Closing at an exercise price of $0.07 per Unit. Each Unit consists of one common share of the Company and one-half (1/2) of one non-transferable share purchase warrant of the Company, each such warrant entitling the holder to purchase one common share of the Company at an exercise price of $0.10 for the first 12 months following the Closing and at an exercise price of $0.125 between 12 and 24 months following the Closing.

"We are very pleased to be renewing our relationship with MineralFields Group," said Charles Desjardins, President of Solitaire. "This is an important milestone in the growth of Solitaire and we look forward to working with MineralFields Group as we develop our exploration targets."

All securities issued pursuant to this private placement will have a hold period expiring four months after the date of issuance.

Non Flow-Through Private Placement

Solitaire would also like to announce that it has arranged a non-brokered private placement to raise up to $500,000 by issuing both non flow-through units and flow-through units subject to the approval of the TSX Venture Exchange. 

Up to 3,571,428 flow-through units will be sold at a price of $0.07 and will be issued as units consisting of one common share and one half (1/2) transferable share purchase warrant. One transferable share purchase warrant will entitle the holder to purchase one additional common share of the Company at a price of $0.10 per share for the first year and $0.125 per share until expiration on the second year.

Up to 5,000,000 non flow-through units will be sold at a price of $0.05 and will be issued as units consisting of one common share and one transferable share purchase warrant. One transferable share purchase warrant will entitle the holder to purchase one additional common share of the Company at a price of $0.10 per share for the first year and $0.125 per share until expiration on the second year.

The proceeds of the private placement will be used for exploration work on the Company's mineral properties and general working capital.

"About MineralFields, Pathway and First Canadian Securities ®"

MineralFields Group (a division of Pathway Asset Management), based in Toronto, Montreal, Vancouver and Calgary, is a mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds (including the Pathway Multi Series Funds Inc. corporate-class mutual fund series). Information about MineralFields Group is available at www.mineralfields.com. First Canadian Securities ® (a division of Limited Market Dealer Inc.) is active in leading resource financings (both flow-through and hard dollar PIPE financings) on competitive, effective and service-friendly terms, and offers investment banking, mergers and acquisitions, and mining industry consulting, services to resource companies. MineralFields and Pathway have financed several hundred mining and oil and gas exploration companies to date through First Canadian Securities ®.

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 America. In addition, the Company intends to acquire Metallurgical coal leases.

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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