SOURCE: Solitaire Minerals Corp.

October 26, 2009 09:00 ET

Solitaire Minerals Corp. Updates Progress at Copper Mountain Project

VANCOUVER, BC--(Marketwire - October 26, 2009) - Solitaire Minerals Corp. (TSX-V: SLT) (Solitaire) is pleased to announce that its first-phase surface exploration program is progressing on schedule on its recently acquired Princeton land package. Solitaire has an option to earn a 100% undivided interest in this package, consisting of six separate blocks initially totaling 10,254 acres. One of these, "Block 6" (2,547 acres) immediately borders the property hosting the Copper Mountain Deposit south of Princeton, British Columbia. Please view the acquisition map at: http://www.solitaireminerals.com/pdf/pdf_projects/princeton.pdf.

As of October 22nd, "first pass" surface exploration programs consisting of geological mapping, prospecting, rock, soil and silt geochemical sampling have been completed on five of the six blocks, resulting in the identification of sizable alteration systems in three of these. Geological mapping on Block 1 (the most western block) identified a kilometric-scale system of strongly developed alteration suggesting an epithermal system, which includes several strongly pyritic occurrences hosted in outcrop as well as recently excavated road cuts.

Exploration in Block 4 (the most eastern block) led to the identification of a pyritic altered volcanic unit, with sub-zones of stronger alteration and increased pyrite emplacement. Outcrop exposures have been identified 300 metres apart; however, abundant similarly mineralized glacial float suggests a much larger extent of mineralization. Solitaire added two claims totaling 1,816 acres to this block to cover this zone.

Exploration on Block 6 has identified a zone of strongly altered granitic rock, commonly pyritic, as well as small mineralized occurrences elsewhere. Exploration on all blocks is aided by improved access resulting from recent logging activity, including newly exposed rock cuts and pits providing road fill. The majority of occurrences identified by Solitaire's geological ground crew to date show no sign of past sampling or exploration.

The exploration program is planned to extend until the beginning of November. The program will now focus on follow-up style sampling in areas of higher mineral potential. Assay results are pending.

Copper Mountain Summary

(Sourced from the September 3rd, 2009 release from Copper Mountain Mining Corp.)

The Copper Mountain Mining project is an open pit porphyry copper mine that operated from 1972 to 1996 and over its life produced 1.74 billion pounds of copper, 730 thousand ounces of gold and 9.1 million ounces of silver. The current resource is estimated at five billion pounds of copper at a 0.15-per-cent-Cu cut-off. The resource estimate incorporates data from over 4,400 historical drill holes totaling approximately 400,000 metres, and 370 new drill holes, totaling 107,000 metres from the company's 2007 and 2008 exploration programs.

To date, site activities have continued on schedule and were financed by the company's equity contributions and a $28.75-million line of credit from Mitsubishi. This line of credit has now been fully repaid. Long lead items have been ordered with the SAG and ball mill manufacturing well under way to maintain the target production schedule for mid-2011. Detailed engineering is progressing and site geotechnical excavation for the concentrator is now complete. The office and warehouse complex is now fully functional with power, heat, water, telephones, internet and sewerage. The company plans to start pouring concrete foundations in September, 2009, in preparation for a very busy spring 2010 construction schedule. The company has approximately 20 employees currently engaged at the site. It is estimated that the project will provide employment for 200 construction workers at its peak and the continuing operations will create 257 full-time positions. Over the 17-year life of the project, it is estimated that the mine will produce 1.47 billion pounds of copper, 452,000 ounces of gold, and 4.5 million ounces of silver.

Carl Schulze, PGeo, a qualified person under National Instrument 43-101, has approved the technical content of this news release. Exploration is being conducted by All-Terrane Mineral Exploration Services of Whitehorse, Yukon. Assaying and analysis is being done by ALS Chemex of North Vancouver, British Columbia.

Private Placement

Solitaire Minerals Corp. announces that it has arranged a non-brokered private placement of up to 7,000,000 units at a price of $0.11 per unit for total proceeds of up to $770,000 subject to the approval of the TSX Venture Exchange.

Up to 1,000,000 units will be issued as non flow-through units consisting of one common share and one full warrant. Each full warrant will entitle the holder to purchase one additional common share at a price of $0.15 per share for a period of three years.

Up to 6,000,000 units will be issued as flow-through common share and one half (1/2) non flow-through share purchase warrant. Each full warrant will entitle the holder to purchase one additional common share at a price of $0.15 per share for a period of three years.

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

About Solitaire Minerals Corp. (TSX-V: SLT) is a diversified Junior Canadian Mineral Exploration Company with a specific focus on precious and base metal properties in North and South America. The Company has assembled exploration projects in Ontario, Saskatchewan, the Northwest Territories, Quebec, British Columbia, and in southern Peru.

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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