Solitaire Minerals Corp.
TSX VENTURE : SLT

Solitaire Minerals Corp.

May 29, 2006 18:07 ET

Solitaire Minerals Signs Contract for Mystery Island Airborne Study

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 29, 2006) - Solitaire Minerals Corp. (TSX VENTURE:SLT) (the "Company") has contracted Geotech Ltd. to perform a helicopter-borne VTEM geophysical survey at the Mystery Island IOCG (iron oxide, copper and gold) project during June and July of 2006. This geophysical survey will consist of 774 line kilometres, to be flown at 100-metre line spacing. The VTEM survey is considered one of the airborne survey industry's best deep-penetrating electromagnetic systems.

The Mystery Island Project area consists of approximately 21,830 acres in the Great Bear Lake area, of the Northwest Territories. The property is located approximately 430 kilometres north of Yellowknife, NWT. This property adjoins the Alberta Star Development Corp. project which is being explored for iron oxide, copper, gold, silver and uranium (IOCG) targets. Alberta Star plans a major exploration program, including a 15,000-metre drill program, in the upcoming field season.

The Olympic Dam or iron oxide/copper/gold (IOCG) model is proposed as the main exploration target for the Mystery Island property in this 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.

Features of the mineralization and geology in the Great Bear magmatic zone indicate similarities with Olympic Dam IOCG. Four constants postulated by Skirrow (1999) exist in both areas: tectonothermal evolution, host sequence composition, existence of two contrasting hydrothermal fluid types that allow for co-existence of magnetite and hematite, and a setting within a deep, crustal-scale fault system.

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 property location in the Great Bear Lake area, visit the company's website.

Mike Magrum, PEng, 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. 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 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.

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, 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.

Contact Information