Solitaire Minerals Corp.

Solitaire Minerals Corp.

February 01, 2006 09:00 ET

Solitaire Minerals Corp. Releases Preliminary Data from Fugro MEGATEM Airborne Survey at Riou Lake, Athabasca Basin

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Feb. 1, 2006) - Solitaire Minerals Corp. (TSX VENTURE:SLT) has received data and a preliminary interpretation from Fugro Airborne Surveys pertaining to a MEGATEM Electromagnetic and Magnetic survey recently completed on the Company's Riou Lake uranium exploration project located in the north central sector of the Athabasca Basin of northern Saskatchewan.

Condor Consulting Ltd., recognized experts in the field of airborne electromagnetics, have been retained to perform a detailed interpretation of results and final conclusions regarding the significance of the survey will depend on their findings. In the meantime the following preliminary comments can be made.

An east-west striking fault is represented on surface by a prominent 11 kilometer long sandstone escarpment. The MEGATEM results indicate a thick conductive layer in the Athabasca Group south of the fault and terminating against the fault. Since these conductive layers do not continue north of the fault, the implication is that there is a major vertical offset of the sandstone; any fault offsetting the sandstone is considered to be a favorable locus for unconformity-type uranium deposits. Initial interpretation from Fugro suggested that there is a vertical conductor that coincides with a section of the escarpment fault.

At least two north-south faults are interpreted to intersect the main east-west structure; these intersections are considered favorable for mineralization.

The initial Fugro interpretation also indicated another fault parallel to, and 3 kilometers north of, the escarpment fault.

A basement magnetic high anomaly some 8 km east-west and 2 to 3 km north-south lies along the south side of the main east-west structure and appears to be cut off by the fault; a sharp reduction in magnetic response along the fault in the central part of the body may indicate alteration of a type commonly surrounding unconformity uranium deposits.

Another basement magnetic high appears to represent a north-south dike-like feature 1 kilometer wide lying along one of the previously mentioned north-south faults which marks the west end of the larger magnetic body described above.

The magnetic features may be either magnetite-bearing granitic, or alternatively mafic-ultramafic intrusives. Regional magnetic and gravity data suggest that basement rocks on the property lie on the south rim of a large circular geological province known to host nickel, copper, PGE mineralization associated with mafic intrusives north of Lake Athabasca.

The excellent exposure of sandstone bedrock along the east-west fault escarpment is particularly amenable to litho-geochemical surveying. A detailed sampling both along the escarpment and of core from the one previous diamond drill hole to identify possible alteration haloes is planned prior to targeting new drilling. This work will commence as soon as weather conditions permit.

J.S. Kermeen, M.Sc., P.Eng. is the qualified person for the Riou Lake properties and has reviewed this news release.

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 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 purchased the Ravenscrag property in which the Company has 100% interest.

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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