Solitario Resources Corporation

February 24, 2005 09:30 ET

Solitario Intersects Significant Widths of PGM Mineralization on Its Pedra Branca Project, Brazil


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: SOLITARIO RESOURCES CORPORATION

TSX SYMBOL: SLR

FEBRUARY 24, 2005 - 09:30 ET

Solitario Intersects Significant Widths of PGM
Mineralization on Its Pedra Branca Project, Brazil

DENVER--(CCNMatthews - Feb 24, 2005) -

Newmont to Initiate a Second Round of Drilling on the La Tola Gold
Project, Peru

Solitario Resources Corporation today announced that drilling on its
Pedra Branca platinum-palladium ("PGM") project in northeastern Brazil
intersected significant widths and grades of platinum-palladium ("PGM")
mineralization on three emerging PGM deposits, Santa Amaro, Trapia I and
Cedro. Highlights of this drilling campaign included SA-08 and TU-06
that intersected 82.7 meters grading 1.45 grams per tonne ("gpt")
PGM+gold and 56.0 meters grading 1.75 gpt PGM+gold. The 30-hole drilling
program was funded by Solitario's exploration partner, Anglo American
Platinum Corporation Limited ("Anglo Platinum"), as part of Anglo
Platinum's Phase II US$500,000 work commitment.

In other project news, Newmont Peru S.L.R. ("Newmont"), a subsidiary of
Newmont Mining Corporation, completed 13 reverse circulation drill holes
testing six target areas on the La Tola gold project in southern Peru.
Highlights of this round of drilling included LT-04 and LT-05, that
intersected 18.0 meters grading 1.29 gpt gold and 14.0 meters grading
0.85 gpt gold, respectively. As part of its joint venture arrangement
with Solitario, Newmont funded this round of drilling and plans to
commence a second round of drilling testing several new target areas.

Pedra Branca PGM Project, Brazil

Anglo Platinum can earn a 51% interest in Pedra Branca by spending a
total of US$7.0 million on exploration and development over a four-year
period. Anglo Platinum can earn a further 14% interest (to a total 65%
interest) by completing a bankable feasibility study and arranging 100%
project financing. Having now received all the Phase II drilling
results, Anglo Platinum and Solitario are reviewing the data to
determine future exploration activities at Pedra Branca.

Highlights of the latest Phase II drilling results are:

-- Santa Amaro drill holes SA-08 and SA-09 that intersected 82.7 meters
grading 1.45 grams per tonne ("gpt") of PGM+gold and 32.2 meters of 1.61
gpt of PGM+gold, respectively,

-- Trapia I drill holes TU-04 and TU-06 that intersected 41.4 meters of
1.08 gpt of PGM+gold and 58.0 meters of 1.72 gpt of PGM+gold,
respectively; and

-- Cedro drill holes CD-21 and CD-22 that intersected 9.0 meters of
3.51 gpt PGM+gold and 12.8 meters grading 1.26 gpt, respectively.

Excluding drilling conducted on the Esbarro and Curiu prospects that was
previously reported (Dec. 2, 2004), 11 prospect areas were drill tested
in this latest program. Significant mineralization was intersected in
five of these areas. The table below provides a complete listing of
significant assay results for the final 19 Phase II core holes. Drill
hole location maps for the Esbarro, Curiu, Cedro, Trapia I and Santa
Amaro prospects may be viewed on the company's Web site
(http://www.solitarioresources.com).



Phase II Pedra Branca Drill Hole Assay Results

Prospect Hole From To Interval Pt Pd PGM
Name Number Meters Meters Meters Feet g/t g/t (+gold)
----------------------------------------------------------------------
Santa Amaro SA-08 0.6 14.0 13.4 44.0 0.26 0.62 0.91
----------------------------------------------------------------------
37.7 39.1 1.5 4.8 2.68 3.00 5.76
----------------------------------------------------------------------
59.4 142.0 82.7 271.1 0.60 0.84 1.45
----------------------------------------------------------------------
including 108.0 120.0 12.0 39.4 1.66 1.41 3.08
----------------------------------------------------------------------
SA-09 1.8 34.0 32.2 105.6 0.82 0.76 1.61
----------------------------------------------------------------------
74.0 78.0 4.0 13.1 1.28 1.92 3.33
----------------------------------------------------------------------
Trapia I TU-04 71.3 73.2 1.9 6.2 0.41 0.82 1.24
----------------------------------------------------------------------
81.2 122.6 41.4 135.8 0.33 0.73 1.08
----------------------------------------------------------------------
128.6 130.6 2.0 6.6 0.33 0.80 1.16
----------------------------------------------------------------------
TU-06 70.0 128.0 58.0 190.2 0.52 1.05 1.72
----------------------------------------------------------------------
Cedro Area CD-18 23.5 25.1 1.6 5.2 0.49 1.28 1.78
----------------------------------------------------------------------
CD-19 56.4 60.0 3.6 11.8 0.35 0.76 1.12
----------------------------------------------------------------------
CD-20 65.1 71.9 6.8 22.3 0.28 0.59 0.87
----------------------------------------------------------------------
CD-21 91.0 100.0 9.0 29.5 1.24 2.22 3.51
----------------------------------------------------------------------
CD-22 11.2 24.0 12.8 42.0 0.43 0.83 1.26
----------------------------------------------------------------------
Massape MS-02 43.3 46.9 3.6 11.8 0.38 0.50 0.88
----------------------------------------------------------------------
87.4 89.3 1.9 6.2 0.63 2.89 3.54
----------------------------------------------------------------------
93.3 95.3 2.0 6.6 0.28 0.82 1.10
----------------------------------------------------------------------
102.6 107.7 5.1 16.7 0.49 1.25 1.80
----------------------------------------------------------------------
Trapia II TD-02 4.5 15.1 10.6 34.8 0.43 0.74 1.18
----------------------------------------------------------------------
63.0 65.0 2.0 6.6 0.22 1.37 1.61
----------------------------------------------------------------------

Drill intervals were calculated utilizing a 0.7 g/t PGM+gold
cutoff. Mineralized intervals in the table are all thought to be
within 90% of true width, except for the Santa Amaro drill holes,
where the geometry of mineralization is not yet well enough understood
to estimate true width.



Chris Herald, president and CEO of Solitario, stated, "This drilling
campaign demonstrates that the Cedro, Trapia I and Santo Amaro prospects
have the potential to host significant deposits of open-pitable PGM
mineralization. All three prospects remain open at depth and in at least
one direction of strike. Combined with the Esbarro and Curiu deposits,
that are much better drill-defined, the Pedra Branca project is starting
to develop into a significant PGM district."

The drill hole information contained within this release is reported
under a quality control program supervised by Mr. Walt Hunt, vice
president of Operations for Solitario Resources Corporation, who is a
qualified person as defined by National Instrument 43-101. Samples are
derived from 50% splits of HQ and NQ (2.5 and 1.9 inch) diameter core.
Samples are then shipped via secured third-party land and air
transportation companies and analyzed by ALS Chemex Inc., North
Vancouver, Canada, an ISO9002 registered company. In addition to the
laboratory's quality control program, a check assay program is ongoing.

La Tola Gold Project, Peru

Newmont completed 13 reverse circulation drill holes testing six target
areas on the 11,000-hectare (27,240-acre) La Tola gold project in
southern Peru. All assay results have now been received from this
initial drilling program. Newmont plans to commence a second round of
drilling to test several new target areas. The Table below lists drill
holes that had intersections exceeding 0.25 gpt gold.



Phase I - La Tola Drill Hole Assay Results

Hole Number From To Interval Gold
Meters Meters Meters Feet gpt
----------------------------------------------------------------------
LT-02 16.0 22.0 6.0 19.7 0.30
----------------------------------------------------------------------
44.0 48.0 4.0 13.1 0.54
----------------------------------------------------------------------
62.0 108.0 46.0 150.9 0.29
----------------------------------------------------------------------
LT-03 0.0 2.0 2.0 6.6 0.58
----------------------------------------------------------------------
LT-04 0.0 18.0 18.0 59.0 1.29
----------------------------------------------------------------------
LT-05 6.0 20.0 14.0 45.9 0.85
----------------------------------------------------------------------
44.0 50.0 6.0 19.7 0.27
----------------------------------------------------------------------
LT-07 26.0 30.0 4.0 13.1 0.34
----------------------------------------------------------------------
LT-08 8.0 16.0 8.0 26.2 0.36
----------------------------------------------------------------------
LT-11 20.0 22.0 2.0 6.6 0.99
----------------------------------------------------------------------

Drill intervals were calculated utilizing a 0.25 g/t gold cutoff.
The true width of these mineralized intervals are not known as the
geometry of mineralization is not yet well enough understood to make a
reliable estimate.



Solitario identified and acquired the La Tola property in late-2003
through its successful grassroots exploration program and signed a
letter agreement with Newmont in April 2004. Newmont's exploration
program has focused on an eight-kilometer long corridor of altered
Tertiary volcanic rocks with disseminated and stockwork gold
mineralization. Newmont collected approximately 4,000 surface samples,
including 3,820 meters of trench and channel samples, and conducted 850
line-kilometers of magnetic geophysical surveys and 102 line-kilometers
of IP-geophysical surveys to define drill targets.

Newmont can earn a 51% interest in the La Tola gold property by spending
US$7.0 million on exploration and development work over a four-year
period. Newmont can earn an additional 14% interest (to a total interest
of 65%) by completing a positive feasibility study and arranging 100% of
project financing. In addition to its retained participating interest in
the project, Solitario retains a sliding scale net smelter return
royalty interest on gold and silver production (0 to 2.25% subject to
gold price and other conditions).

Solitario is a gold, platinum-palladium, and base metal exploration
company actively exploring in Peru, Brazil and Bolivia. Solitario is
traded on the Toronto Stock Exchange (TSX:SLR).

This press release includes certain "Forward-Looking Statements" within
the meaning of section 21E of the United States Securities Exchange Act
of 1934, as amended. All statements, other than statements of historical
fact, included herein, including without limitation, statements
regarding potential mineralization and reserves, exploration results and
future plans and objectives of Solitario, are forward-looking statements
that involve various risks and uncertainties. There can be no assurance
that such statements will prove to be accurate and actual results and
future events could differ materially from those anticipated in such
statements. Development of the Solitario's Royalty Property is subject
to the success of exploration, completion and implementation of an
economically viable mining plan, obtaining the necessary permits and
approvals from various regulatory authorities, and compliance with
operating parameters established by such authorities. Important factors
that could cause actual results to differ materially from Solitario's
expectations are disclosed under the heading "Risk Factors" and
elsewhere in Solitario's documents filed from time to time with Canadian
Securities Commissions, the United States Securities and Exchange
Commission and other regulatory authorities.

-30-

Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Solitario Resources Corporation
    Debbie W. Mino, 800-229-6827
    dwmino@solitarioresources.com
    or
    Christopher E. Herald, 303-534-1030