Solitaire Minerals Corp.

Solitaire Minerals Corp.

August 16, 2006 09:00 ET

Solitaire Minerals Corp. Completes Mystery Island Airborne Survey

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Aug. 16, 2006) - Solitaire Minerals Corp. (TSX VENTURE:SLT) (the Company) has received preliminary results from its recently completed VTEM (Geotech Ltd.) geophysical survey on the Mystery Island iron-oxide, copper, gold, silver and uranium (IOGC) project. This survey has identified a 12 kilometer long magnetic low which is coincident with the largest fault in the Port Radium mining camp. Preliminary interpretation suggests that this is an expression of a major alteration zone. This is very significant because this fault bounds the mining camp and has the same orientation as the faults which hosted the Eldorado Mines and Echo Bay Mines high grade uranium, silver and copper orebodies. This target is on the property boundary between Solitare and Alberta Star Development Corp. (TSX VENTURE:ASX).

The Mystery Island project consists of approximately 21,830 acres in the Great Bear Lake area and is located approximately 430 kilometres north of Yellowknife, NWT. The property adjoins the Contact Lake (Eldorado) project of Alberta Star Development Corp., which is being explored for iron-oxide, copper, gold, silver and uranium (IOCG) targets. Alberta Star has commenced a major exploration program, including a minimum of 15,000 metres of diamond drilling. Solitaire Minerals' Mystery Island property is on strike with, and could host extensions of, the Eldorado uranium mine, Canada's first uranium producer. The mineralization and geology of the Great Bear magmatic zone indicate similarities with the Olympic Dam IOCG deposit.

The Olympic Dam, or the (IOGC) model, is proposed as the main exploration model for the Mystery Island property in this specific 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 tonnes 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. 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.

For a map of the Mystery Island property location and Aero-mag survey in the Great Bear Lake area, visit the company's website or visit the following link directly.

Mike Magrum, P.Eng., a qualified person under National Instrument 43-101, has approved the technical content of this news release. 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. (TSX VENTURE:SLT) 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, Alberta, and the North West Territories. 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. In the North West Territories, the Company has purchased the Mystery Island IOCG Property located in the Great Bear Lake area in which the Company has 100% interest.

On Behalf of the Board of Directors


Charles Desjardins, President and 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. News release contains certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. 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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