News
Solitario Resources Quadruples Pedra Branca Platinum-Palladium Land Holdings to 178,514 Hectares
DENVER-(Business Wire)-March 13, 2008 - Solitario Resources Corporation (AMEX:XPL) (TSX:SLR) announced that it has quadrupled its land holding on the Pedra Branca platinum-palladium ("PGM") project to 178,514 hectares and received notice that its joint venture partner, Anglo Platinum, has elected to fund Solitario's $1.5 million 2008 exploration program. The Pedra Branca project is an advanced exploration project that hosts four defined PGM deposits in the northeastern part of Brazil. To date a total of 243 drill holes have been completed on the project.
Land Holdings Quadruple
During 2007, Solitario initiated regional exploration efforts surrounding its original concessions, which identified new areas with potential to host significant PGM and nickel mineralization. This regional exploration program utilized satellite images, previously gathered regional geochemical information and new Brazilian geochemical reports indicating areas of high chrome concentrations in stream sediments (chrome is often associated with PGM mineralization). As a result of this effort, we acquired vast new concession areas in virtually all directions from our original land holdings and Solitario and Anglo Platinum now control concessions totaling 178,514 hectares. Our concessions extend over an area 100 kilometers long in a north-south direction and 25 kilometers wide in an east-west direction.
Concurrent with our exploration and mineral rights acquisition activity, there was also a considerable increase in competitor exploration surrounding the original 45,365-hectare Pedra Branca land position in 2007. Several of the largest mining companies in the world including Vale (formerly CVRD), Xtrata and Votorantim Metais staked large concession blocks surrounding much of our expanded claim position.
Although we just recently initiated follow-up exploration work on our new concessions, we have already discovered a new chromitite boulder field where our only composite sample of boulders yielded an assay of 8.6 gpt platinum and 6.4 gpt palladium. In addition, we have also identified a new area with nickel mineralization where our only sample of subcropping boulders yielded 0.98% Ni. With this excellent start, we are optimistic about the potential of our new land holdings.
2007 Drilling Program
We completed a total of 3,251 meters of core drilling in 35 drill holes at Pedra Branca during 2007. Sixteen different prospect areas were drilled with four returning favorable results. These successful tests were at the Cedro Prospects (three areas) and an extension of mineralization at Trapia West. All of these successes were in the central "core" of our original project area. Significant potential is thought to exist in each of these four new specific areas of recent drilling success and in several other nearby areas that display thick ultramafic rock formations and/or areas with strong PGM anomalies in rocks or soils. Highlights of the 2007 drilling program include: -0- *T Table I ————— Hole Area From To Interval Pt Pd PGM+Au Ni (%) ————— ———- ——— ——- ———— ——- ——- ———- ———— CD-24 Cedro 1.35 26.2 24.85 0.54 1.04 1.64 0.26 37.5 49.0 11.50 0.58 1.57 2.15 0.31 CD-25 Cedro 40.5 40.9 0.40 1.36 1.91 3.26 0.17 CD-26 Cedro 19.4 21 1.6 1.51 1.64 3.16 0.13 CD-30 Cedro 21.89 52.64 30.75 .45 .65 1.21 0.31 CD-31 Cedro 14.32 28.87 14.55 0.43 0.96 1.39 0.24 TW-12 Trapia 11.57 30.88 19.31 0.70 0.72 1.47 0.19 *T
Additional information about the Pedra Branca PGM project can be found at: http://www.solitarioresources.com/pedrabranca.html
Drill hole information contained within this release is reported under a quality control program directed 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.
2008 Exploration Program
Going forward, Anglo Platinum will fund Solitario's $1.5 million 2008 Pedra Branca exploration program. This program includes regional surface work on our recently acquired concessions to identify new drill targets as well as 2,000 meters (approximately 18-20 holes) of core drilling to be conducted in mid-2008 to further test currently identified high-priority targets.
About Pedra Branca Agreement with Anglo Platinum
Anglo Platinum has spent approximately $2.5 million on exploration since signing the initial Letter Agreement in January 2003 and has earned a 15% interest in the project. Anglo Platinum has the option to incrementally earn up to a 51% interest in the project by spending an additional $4.5 million (total of $7 million) on exploration at Pedra Branca by mid-2010. Anglo Platinum can earn an additional 9% interest (for a total of 60%) by completing either (i) a bankable feasibility study or (ii) spending an additional $10.0 million on exploration or development; whichever occurs first. Anglo Platinum can also earn an additional 5% interest (for a total of 65%) by arranging for 100% financing to put the project into commercial production.
About Solitario
Solitario is a gold, silver, platinum-palladium, and base metal exploration company actively exploring in Brazil, Mexico and Peru. Besides Anglo Platinum, Solitario has significant business relationships with Newmont Mining and Votorantim Metais. Solitario has approximately US$27 million in cash and marketable securities and no debt. Solitario is traded on the American Stock Exchange (AMEX:XPL) and on the Toronto Stock Exchange (TSX:SLR). Additional information about Solitario is available online at www.solitarioresources.com
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 Solitario's properties are 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, compliance with operating parameters established by such authorities and political risks such as higher tax and royalty rates, foreign ownership controls and our ability to finance in countries that may become politically unstable. 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.
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