SOURCE: Solitaire Minerals Corp.

June 22, 2009 08:30 ET

Solitaire Minerals Corp. Signs Letter of Intent to Acquire a Significant Interest in Peruvian Gold/Copper Properties

VANCOUVER, BC--(Marketwire - June 22, 2009) - Solitaire Minerals Corp. (TSX-V: SLT) (the "Company") announces that it has signed a Letter of Intent (LOI) with Acero-Martin Exploration Inc. (Acero-Martin) to acquire up to a 75% interest in the Pinaya gold/copper deposit located in Southern Peru as well as the Minas Lucho Property and the La Mamita Property. The final agreement will be subject to TSX Venture Exchange approval.

The Pinaya Deposit is located on a 16,000 hectare property located 110km Northeast of Arequipa. There is excellent infrastructure in place with highway, railway, and a port close by. The geological model is similar to the Las Bambas deposit and Tintaya mine located to the North of the project. There is extensive geological, geochemical and geophysical data recorded over the Pinaya property.

The Pinaya Deposit contains an initial NI 43-101 (filed on www.Sedar.com by Acero-Martin Exploration Inc. Oct 31, 2006 - Technical Report) compliant resource estimate as reported in October of 2006 based on the first 70 holes drilled at the project. Estimates for the Western Porphyry zone show indicated mineral resources of 10.96 million tonnes grading 0.716 % copper and 0.65 gpt gold, and inferred mineral resources of 3.75 million tonnes grading 0.828 % copper and 0.55 gpt gold at a cut-off grade of 0.20 % copper. The Gold Oxide Skarn zone has indicated mineral resources estimated at 7.03 million tonnes grading 0.433 % copper and 0.29 gpt gold, and inferred mineral resources of 3.83 million tonnes grading 0.386 % copper and 0.23 gpt gold at the same cut-off grade of 0.20 % copper. Drilling at the project has not exceeded 800 metres in depth so the Company is focused on an open pit model. Significant drilling has occurred since the original NI 43-101 resource estimate completed in 2006. With an additional 90 holes drilled and to be added to a future resource estimate, there has now been a total of more than 45,000 metres of drilling on the Pinaya gold/copper deposit.

Pinaya Project Assay Table (Notable intercepts subsequent to the 2006 NI 43-101):

Hole Number               From (m)   To (m)   Width (m)  Au g/t     Cu%
                          --------- --------- --------- --------- ---------
PDH - 93                      20.00     71.15     51.15      1.61      0.21
                          --------- --------- --------- --------- ---------
PDH - 94                      55.20    122.50     67.30      1.35      0.18
                          --------- --------- --------- --------- ---------
PDH - 95                      29.30     53.85     24.55      2.13      0.23
                          --------- --------- --------- --------- ---------
PDH - 98                      45.00    105.20     60.20      2.81      0.19
                          --------- --------- --------- --------- ---------
PDH - 99                      34.50     64.00     29.50      2.30      0.16
                          --------- --------- --------- --------- ---------
PDH - 100                     49.50     79.50     30.00      1.02      0.12
                          --------- --------- --------- --------- ---------
PDH - 102                    221.50    227.50      6.00      2.13         -
                          --------- --------- --------- --------- ---------
PDH - 103                     31.50     46.50     15.00      1.93      0.11
                          --------- --------- --------- --------- ---------
Includes                      55.50     63.00      7.50      2.61      0.11
                          --------- --------- --------- --------- ---------
Includes                     296.20    303.50      7.30      1.57      0.31
                          --------- --------- --------- --------- ---------
PDH - 106                    185.50    238.00     52.50      1.55      0.08
                          --------- --------- --------- --------- ---------
PDH - 109                    316.00    438.50    122.50      0.54      0.25
                          --------- --------- --------- --------- ---------
PDH - 115                     29.00     35.00      6.00      2.15      0.03
                          --------- --------- --------- --------- ---------
PDH - 123                    152.00    156.50      4.50      1.73      0.00
                          --------- --------- --------- --------- ---------
PDH - 128                     15.00     40.00     25.00      4.90      0.29
                          --------- --------- --------- --------- ---------
Includes                      29.50     31.00      1.50     47.80      0.64
                          --------- --------- --------- --------- ---------
PDH - 129                     16.00     70.85     54.85      1.75      0.28
                          --------- --------- --------- --------- ---------
Includes                      17.80     41.50     23.70      3.07      0.48
                          --------- --------- --------- --------- ---------
PDH - 138                    121.00    122.50      1.50     12.14      0.00
                          --------- --------- --------- --------- ---------
PDH - 144                    210.70    222.00     11.30      1.11      0.60
                          --------- --------- --------- --------- ---------
PDH - 148                    283.00    310.10     27.00      1.22         -
                          --------- --------- --------- --------- ---------
                             288.20    298.00      9.80      2.28         -
                          --------- --------- --------- --------- ---------

Subsequent drilling results pending:

In July 2008, a drill program totaling 5,588 metres (18,333 feet) drilled in 11 holes was designed to expand upon the gold/copper deposit outlined by previous drilling and to test a large undrilled geophysical anomaly to the east of the main mineralized body. Drill core samples have been submitted to the lab. Analytical results will be reported on receipt thereof and will be used to guide further exploration.

The first 8 holes, PDH-150 to 158, were 100 to 200 metre step out holes drilled at the North Western Porphyry zone to potentially increase the project's overall resource base. Hole PDH-159 was drilled at the North Western Porphyry zone to a depth of 800 metres and bottomed in mineralization. It was the first hole drilled to test the depth potential of the deposit beyond 550 metres. The final hole, PDH-160, was drilled at the Los Vientos zone, a recently discovered target located 1 kilometre to the Southeast of the main deposit with a strong geophysical signature and trenching highlights of 2.0 g/t gold over 6.7 metres, including 10.7 g/t gold over 1.2 metres (trench PTR-152).

The Minas Lucho concessions cover an area of about 2,400 hectares and are located Southeast of the Pinaya Project on the Andahuaylas-Yauri metallogenic belt. The claims cover an extensive zone of alteration, which lies along a trend of structurally controlled zones of gold mineralization. Minas Lucho is a grassroots project being evaluated for further exploration.

La Mamita is located in Northern Peru in the Ancash mining camp near the multi-million ounce Alto Chicama gold deposit (Barrick Gold). The project consists of a single concession and covers an area of approximately 1,000 hectares. Results from a recent surface sampling program showed highly anomalous gold values ranging from 0.23 to 6.37 g/t gold, and averaging 1.43 g/t gold. La Mamita is a grassroots to early exploration stage project with evaluation continuing.

Agreement:

For the Company to acquire a 60% right, title and interest in and to the Peru properties it must make payments and have exploration costs totalling US$4.8 million as follows:

--  With the completed LOI, Solitaire has advanced to Acero-Martin a
    refundable deposit of US$150,000 (to be considered a portion of the first
    payment).
    
--  Solitaire must make a payment of US$1.6 million to Canper
    Exploraciones S.A. ("Canper") (wholly owned subsidiary of Acero-Martin).  A
    portion of this first payment will be applied to the accounts payable of
    Canper; the remainder will be applied to exploration expenditures on the
    properties.  This first payment will earn Solitaire a 20% interest and must
    be paid on or before December 31, 2009.
    
--  In order to earn a 40% total interest, Solitaire must incur an
    additional US$1.6 million in exploration expenditures payable on or before
    December 31, 2010.
    
--  In order to earn a 60% total interest, Solitaire must incur an
    additional US$1.6 million in exploration expenditures payable on or before
    December 31, 2011.
    

Solitaire also has an option to purchase another 15% right, title and interest in the Peru properties, which would bring Solitaire's total interest to 75%, by incurring a further US$ 1.6 million in exploration expenditures and a US$ 2.4 million payment to Acero-Martin prior to December 31, 2012. Acero-Martin will retain a 1.5% net smelter royalty (the "NSR").

Mike Magrum, P.Eng., a qualified person under National Instrument 43-101, has approved the technical content of this news release.

MPH Consulting Limited of Toronto has been retained by Solitaire Minerals Corp. to conduct a property evaluation and prepare an Independent Technical Report incorporating the newly acquired exploration drilling information. There will be an upcoming site visit with Howard Coates, Vice President of MPH, Michael Scholz, Acero-Martin Exploration Inc., and Charles Desjardins, Solitaire Minerals Corp.

Solitaire Minerals Corp. Announces Private Placement

The Company has arranged a non-brokered private placement, subject to the approval of the TSX Venture Exchange, of up to 5,000,000 units at a price of $0.20 per unit for total proceeds of up to $1,000,000 up to 5,000,000 units will be issued as non flow-through units consisting of one common share and one full warrant. One full warrant will entitle the holder to purchase one additional common share of the Company at a price of $0.25 per share for the first year, and $0.30 per share in the second year, subject to acceleration on the occurrence of certain events.

The proceeds of the private placement will be used for general working capital and exploration. A finder's fee may be payable according to the policies of the TSX Venture Exchange.

About Solitaire Minerals Corp.

Solitaire Minerals Corp. (TSX-V: 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, and the North West Territories. Solitaire's Red Lake, Ontario properties include the Baird and Chukuni projects, in which the Company has earned 100% interest. In addition, the Solitaire has entered into an option agreement with Rubicon Minerals Corp., whereby the Solitaire may earn up to a 55% interest in Red Lake North property. Also in Ontario, Solitaire has an option to earn 100% in the Lateral Lake property. In Saskatchewan, the Company has acquired a 90% interest in the Riou Lake Property. In the North West Territories, the Company has purchased the Mystery Island IOCG Property, and the Eldorado Property located in the Great Bear Lake area in which the Company has 100% interest.

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"

Charles Desjardins,
President and Director

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.

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.

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