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<SEC-DOCUMENT>0000917225-07-000034.txt : 20071017
<SEC-HEADER>0000917225-07-000034.hdr.sgml : 20071017
<ACCEPTANCE-DATETIME>20071017171202
ACCESSION NUMBER:		0000917225-07-000034
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20071017
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20071017
DATE AS OF CHANGE:		20071017

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SOLITARIO RESOURCES CORP
		CENTRAL INDEX KEY:			0000917225
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				841285791
		STATE OF INCORPORATION:			CO
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32978
		FILM NUMBER:		071177033

	BUSINESS ADDRESS:	
		STREET 1:		4251 KIPLING STREET
		STREET 2:		SUITE 390
		CITY:			WHEAT RIDGE
		STATE:			CO
		ZIP:			80033
		BUSINESS PHONE:		3035341030

	MAIL ADDRESS:	
		STREET 1:		4251 KIPLING STREET
		STREET 2:		SUITE 390
		CITY:			WHEAT RIDGE
		STATE:			CO
		ZIP:			80033
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>ubs8k.htm
<TEXT>
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<TITLE>UNITED STATES</TITLE>
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<B><P ALIGN="CENTER">UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B> </P>
<B><P ALIGN="CENTER">Washington, D.C. 20549</B> </P>
<B><P ALIGN="CENTER">Form&nbsp;8-K</P>
</B><FONT SIZE=2><P ALIGN="CENTER">CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d)<BR>
OF THE SECURITIES EXCHANGE ACT OF 1934 </P>
<P ALIGN="CENTER">Date of Report (Date of earliest event reported): October 12, 2007 </P>
</FONT><P ALIGN="LEFT"></P>
<B><P ALIGN="CENTER">SOLITARIO RESOURCES CORPORATION</P>
</B><FONT SIZE=2><P ALIGN="CENTER">(Exact name of registrant as specified in its charter) </P>
</FONT><P ALIGN="LEFT"></P>
<P ALIGN="CENTER"><CENTER><TABLE BORDER CELLSPACING=0 WIDTH=503>
<TR><TD WIDTH="38%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">Colorado<BR>
(State or other jurisdiction of<BR>
incorporation or organization) </FONT></TD>
<TD WIDTH="26%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">0-05602<BR>
(Commission<BR>
File Number) </FONT></TD>
<TD WIDTH="36%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">84-1285791<BR>
(I.R.S. Employer<BR>
Identification No.)</FONT></TD>
</TR>
</TABLE>
</CENTER></P>

<FONT SIZE=2><P ALIGN="CENTER">4251 Kipling Street, Suite 390<BR>
Wheat Ridge, CO 80033<BR>
(Address of principal executive offices) </P></FONT>
<P ALIGN="CENTER"><CENTER><TABLE BORDER CELLSPACING=0 WIDTH=484>
<TR><TD WIDTH="66%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="LEFT">Registrant's telephone number, including area code:<BR>
Registrant's facsimile number, including area code: </FONT></TD>
<TD WIDTH="34%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="LEFT">(303) 534-1030<BR>
(303)&nbsp;534-1809</FONT></TD>
</TR>
</TABLE>
</CENTER></P>

<FONT SIZE=2><P ALIGN="CENTER">None<BR>
(Former name or former address, if changed since last report) </P>
<P ALIGN="LEFT">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: </P></FONT>
<P ALIGN="CENTER"><CENTER><TABLE BORDER CELLSPACING=0 WIDTH=572>
<TR><TD WIDTH="2%" VALIGN="TOP">
<FONT FACE="Wingdings" SIZE=2><P ALIGN="LEFT">o</FONT></TD>
<TD WIDTH="98%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="LEFT">Written communications pursuant to Rule&nbsp;425 under the Securities Act (17&nbsp;CFR 230.425)</FONT></TD>
</TR>
</TABLE>
</CENTER></P>

<P ALIGN="CENTER"></P>
<P ALIGN="CENTER"><CENTER><TABLE BORDER CELLSPACING=0 WIDTH=572>
<TR><TD WIDTH="2%" VALIGN="TOP">
<FONT FACE="Wingdings" SIZE=2><P ALIGN="LEFT">o</FONT></TD>
<TD WIDTH="98%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="LEFT">Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17&nbsp;CFR 240.14a-12)</FONT></TD>
</TR>
</TABLE>
</CENTER></P>

<P ALIGN="CENTER"></P>
<P ALIGN="CENTER"><CENTER><TABLE BORDER CELLSPACING=0 WIDTH=572>
<TR><TD WIDTH="2%" VALIGN="TOP">
<FONT FACE="Wingdings" SIZE=2><P ALIGN="LEFT">o</FONT></TD>
<TD WIDTH="98%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="LEFT">Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17&nbsp;CFR&nbsp;240.14d-2(b))</FONT></TD>
</TR>
</TABLE>
</CENTER></P>

<P ALIGN="CENTER"></P>
<P ALIGN="CENTER"><CENTER><TABLE BORDER CELLSPACING=0 WIDTH=572>
<TR><TD WIDTH="2%" VALIGN="TOP">
<FONT FACE="Wingdings" SIZE=2><P ALIGN="LEFT">o</FONT></TD>
<TD WIDTH="98%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="LEFT">Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17&nbsp;CFR&nbsp;240.13e-4(c))</FONT></TD>
</TR>
</TABLE>
</CENTER></P>

<P ALIGN="CENTER">1</P>
<P ALIGN="LEFT">&lt;PAGE&gt;</P>
<P ALIGN="LEFT"></P>
<TABLE BORDER CELLSPACING=0 WIDTH=624>
<TR><TD WIDTH="13%" VALIGN="TOP">
<B><FONT SIZE=2><P ALIGN="LEFT">ITEM 1.01(a)</B></FONT></TD>
<TD WIDTH="87%" VALIGN="TOP">
<B><FONT SIZE=2><P ALIGN="LEFT">ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT                                                                                                                                                                                                        </B></FONT></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=2>
<U><FONT SIZE=2><P ALIGN="JUSTIFY">Kinross Stock Price Hedging Agreement</P>
</U><P ALIGN="JUSTIFY">On October 12, 2007 Solitario entered into a Zero-Premium Collar Hedge (the "Hedge") pursuant to a Master Agreement for Equity Collars and a Pledge and Security Agreement between Solitario and UBS AG, London, England, an Affiliate of UBS Securities LLC (collectively "UBS") whereby Solitario pledged 900,000 shares of Kinross Gold Corporation ("Kinross") common shares to be sold (or delivered back to Solitario with any differences settled in cash) in the amounts of (i) 400,000 shares on April 14, 2009 (18 months) for a lower threshold price of no less than $13.81 per share (the "Floor Price") and an upper threshold price of no more than $21.77 per share (Cap Price One); (ii) 400,000 shares on April 13, 2010 (30 months) for a lower threshold of the Floor Price and an upper threshold price of no more than $24.46 per share ("Cap Price Two"); and (iii) 100,000 shares on April 12, 2011 (42 months) for no less than the Floor Price and an upper threshold price of no more than $27.62 per share (
"Cap Price Three").</P>
<P ALIGN="JUSTIFY">The business purpose of the Hedge is to provide downside price protection of the Floor Price on approximately 900,000 shares of the 1,342,920 shares Solitario currently owns, in the event Kinross stock drops significantly from the current price.  In consideration for obtaining this price protection, Solitario has given up the upside appreciation above the Cap Prices discussed above during the term of the respective tranches.  Kinross' quoted closing price was $16.37 per share on October 12, 2007, the date of the initiation of the Hedge.  </P>
<P ALIGN="JUSTIFY">The Hedge is structured as a European-style synthetic hedge, which allows for the close of the position of each tranche (the "Termination") of the Hedge only on the specific dates for each tranche, 18, 30 and 42 months from the date of entering into the Hedge.  UBS will keep any ordinary cash dividends declared by Kinross on any of the shares subject to the Hedge during the term of the Hedge.  Solitario has the option to satisfy its obligations under the Hedge upon Termination of each tranche in either cash or Kinross shares.  The settlement price on the Termination date of each tranche will be the volume weighted-average price of Kinross shares on such date (the "Reference Price").  </P>
<P ALIGN="JUSTIFY">If the Hedge is to be settled in cash on the relevant Termination date, the cash settlement amount will be determined in the following manner: (a) if, on the Termination date, the Reference Price is less than the Floor Price, UBS will pay to Solitario a cash settlement amount equal to the product of (x) the number of underlying shares multiplied by (y) the excess of the Floor Price over the Reference Price, and (b) if, on the Termination date, the Reference Price is greater than the relevant Cap Price, Solitario will pay to UBS a cash settlement amount equal to the product of (x) the number of underlying shares multiplied by (y) the excess of the Reference Price over the relevant Cap Price. If the Reference Price is neither grater than the Cap Price nor less than the Floor Price, the cash settlement amount shall be zero. </P>
<P ALIGN="JUSTIFY">If the Hedge is to be settled in Kinross shares on the relevant Termination date, the settlement will be structured as follows: (a) if, on the Termination date, the Reference Price is greater than the relevant Cap Price, (i) UBS will pay to Solitario a dollar amount equal to the product of (x) the number of underlying shares and (y) the relevant Cap Price and (ii) Solitario will deliver to UBS the underlying shares, and (b) if, on the Termination date, the Reference Price is less than the Floor Price, (i) Solitario will deliver to UBS the underlying shares and (ii) UBS will pay to Solitario a dollar amount equal to the product of (x) the number of underlying shares and (y) the Floor Price. </P>
<P ALIGN="JUSTIFY">Pursuant to the Master Agreement for Equity Collars, appropriate adjustments may be made if during the life of the collar any event shall occur that has a dilutive or concentrative effect on the value of the underlying Kinross shares such as an extraordinary dividend, recapitalization, merger, consolidation or similar reorganization.</P>
<P ALIGN="JUSTIFY"></FONT></TD>
</TR>
<TR><TD WIDTH="13%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=2><P ALIGN="LEFT">ITEM 7.01</FONT></TD>
<TD WIDTH="87%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=2><P ALIGN="LEFT">REGULATION FD DISCLOSURE.</FONT></TD>
</TR>
<TR><TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="87%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="LEFT">On October&nbsp;17, 2007, Solitario issued a press release announcing the entry into a Zero-Premium Collar Hedge with respect to its Kinross holdings with UBS. A copy of the press release is furnished with this Current Report on Form 8-K as Exhibit&nbsp;99.1. </P>
<P ALIGN="LEFT"></P>
<P ALIGN="LEFT">The information in this Item&nbsp;7.01 and Exhibit&nbsp;99.1 is being furnished and shall not be deemed "filed" for purposes of Section&nbsp;18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act or the Exchange Act, except as shall be expressly set forth in such filing. </P>
<P ALIGN="LEFT"></FONT></TD>
</TR>
<TR><TD WIDTH="13%" VALIGN="TOP">
<B><FONT SIZE=2><P ALIGN="LEFT">ITEM 9.01 </B></FONT></TD>
<TD WIDTH="87%" VALIGN="TOP">
<B><FONT SIZE=2><P ALIGN="LEFT">FINANCIAL STATEMENTS AND EXHIBITS</B></FONT></TD>
</TR>
<TR><TD WIDTH="13%" VALIGN="TOP">
<U><FONT SIZE=2><P ALIGN="LEFT">(d) Exhibits</U></FONT></TD>
<TD WIDTH="87%" VALIGN="TOP">
<U><FONT SIZE=2><P ALIGN="LEFT">Exhibit Description</U> </FONT></TD>
</TR>
<TR><TD WIDTH="13%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="LEFT">99.1</FONT></TD>
<TD WIDTH="87%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="LEFT">Solitario Resources Corporation press release regarding equity collar hedge transaction with respect to its Kinross stock holdings entered into with UBS dated October 17, 2007</FONT></TD>
</TR>
</TABLE>

<B><P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">2</P>
<P ALIGN="LEFT">&lt;PAGE&gt;</P>
<P ALIGN="CENTER">SIGNATURES</B> </P>
<FONT SIZE=2><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant caused this report to be signed on its behalf by the undersigned thereunto duly authorized. </P>
<P ALIGN="LEFT"></P>
<P ALIGN="LEFT">October 17, 2007 </P></FONT>
<P ALIGN="RIGHT"><TABLE BORDER CELLSPACING=0 WIDTH=288>
<TR><TD WIDTH="7%" VALIGN="BOTTOM">
<P ALIGN="LEFT">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="BOTTOM">
<P ALIGN="LEFT">&nbsp;</TD>
<TD WIDTH="91%" VALIGN="BOTTOM">
<P ALIGN="LEFT">&nbsp;</TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=3>
<FONT SIZE=2><P ALIGN="LEFT">Solitario Resources Corporation</FONT></TD>
</TR>
<TR><TD WIDTH="7%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">&nbsp; </FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="LEFT">&nbsp;</FONT></TD>
<TD WIDTH="91%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="LEFT">&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="7%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">&nbsp; </FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="LEFT">&nbsp;</FONT></TD>
<TD WIDTH="91%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="LEFT">&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="7%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="LEFT">By: </FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="LEFT">&nbsp;</FONT></TD>
<TD WIDTH="91%" VALIGN="TOP">
<U><FONT SIZE=2><P ALIGN="LEFT">/s/&nbsp;James R. Maronick</U></FONT></TD>
</TR>
<TR><TD WIDTH="7%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="LEFT">&nbsp;</FONT></TD>
<TD WIDTH="91%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="LEFT">James R. Maronick, CFO</FONT></TD>
</TR>
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</P>

<P ALIGN="LEFT">&nbsp;</P>
<P ALIGN="CENTER">3</P>
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<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exh991.htm
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<TITLE>DENVER, COLORADO:  Today Solitario Resources Corporation announced significant drilling results on two of its exploration properties</TITLE>
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<B><FONT SIZE=3><P ALIGN="RIGHT">Exhibit 99.1</P>
<P ALIGN="RIGHT">October 17, 2007</P>
<P ALIGN="CENTER"></P>
</FONT><U><P ALIGN="CENTER">SOLITARIO ANNOUNCES ENTERING INTO COSTLESS COLLAR ON ITS KINROSS STOCK HOLDINGS </P>
</U><FONT SIZE=3><P ALIGN="CENTER"></P>
<P ALIGN="JUSTIFY">Denver, Colorado: </B> Solitario Resources Corporation (Solitario) announces that on October 12, 2007 Solitario entered into a Zero-Premium Collar Hedge (the "Hedge") with UBS AG, London, England, an Affiliate of UBS Securities LLC (collectively "UBS") whereby Solitario pledged 900,000 shares of Kinross Gold Corporation ("Kinross") common shares to be sold (or delivered back to Solitario with any differences settled in cash) in the amounts of (i) 400,000 shares on April 14, 2009 (18 months) for a lower threshold price of no less than $13.81 per share (the "Floor Price") and an upper threshold price of no more than $21.77 per share (Cap Price One); (ii) 400,000 shares on April 13, 2010 (30 months) for a lower threshold of the Floor Price and an upper threshold price of no more than $24.46 per share ("Cap Price Two"); and (iii) 100,000 shares on April 12, 2011 (42 months) for no less than the Floor Price and an upper threshold price of no more than $27.62 per share ("Cap Price Three").</P>
<P ALIGN="JUSTIFY">The business purpose of the Hedge is to provide downside price protection of the Floor Price on approximately 900,000 shares of the 1,342,920 shares Solitario currently owns, in the event Kinross stock drops significantly from the current price.  In consideration for obtaining this price protection, Solitario has given up the upside appreciation above the Cap Prices discussed above during the term of the respective tranches.  Kinross' quoted closing price was $16.37 per share on October 12, 2007, the date of the initiation of the Hedge.  </P>
<P ALIGN="JUSTIFY">The Hedge is structured as a European-style synthetic hedge, which allows for the close of the position of each tranche (the "Termination") of the Hedge only on the specific dates for each tranche, 18, 30 and 42 months from the date of entering into the Hedge.  UBS will keep any ordinary cash dividends declared by Kinross on any of the shares subject to the Hedge during the term of the Hedge.  Solitario has the option to satisfy its obligations under the Hedge upon Termination of each tranche in either cash or Kinross shares.  The market price of Kinross for determining the cash settlement price will be based upon the volume weighted-average price of Kinross on the Termination date of each tranche.</P>
<P ALIGN="JUSTIFY">The above description of the Hedge is described more fully in a form 8-K as filed with the Securities and Exchange Commission today.</P>
<P ALIGN="JUSTIFY">Chris Herald, President and CEO of Solitario stated that the protection provided on approximately two-thirds of our investment in Kinross, which is the largest single asset on our balance sheet, gives Solitario excellent downside protection against that asset while still preserving significant potential appreciation (with a weighted average capped price of $23.62 on our hedged Kinross shares), and allowing Solitario to fully participate in all appreciation related to our non-hedged Kinross shares.  Furthermore, this price protection provides additional confidence that Solitario will have an assured source of funds to meet our exploration needs for approximately the next four years at current exploration and expenditure levels.</P>
</FONT><B><U><P ALIGN="JUSTIFY">ABOUT SOLITARIO</P>
</B></U><FONT SIZE=3><P ALIGN="JUSTIFY">Solitario is a gold, silver, platinum-palladium, and base metal exploration company actively exploring in Brazil, Mexico, Peru and Bolivia.  Solitario has significant business relationships with Newmont Mining, Anglo Platinum and Votorantim Metais.  Solitario has approximately US$22 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</P>
<P ALIGN="LEFT">FOR MORE INFORMATION, CONTACT:</P>
<P ALIGN="LEFT"></P></FONT>
<TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=324>
<TR><TD WIDTH="59%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="LEFT">Christopher E. Herald</P>
<P ALIGN="LEFT">President &amp; CEO</FONT></TD>
<TD WIDTH="41%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="LEFT"></P>
<P ALIGN="LEFT">(303) 534-1030</FONT></TD>
</TR>
<TR><TD WIDTH="59%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="LEFT">James R. Maronick</P>
<P ALIGN="LEFT">CFO</FONT></TD>
<TD WIDTH="41%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="LEFT"></P>
<P ALIGN="LEFT">(303) 534-1030</FONT></TD>
</TR>
</TABLE>

<FONT SIZE=3><P ALIGN="JUSTIFY"></P>
</FONT><FONT SIZE=2><P ALIGN="JUSTIFY"><BR>
<I>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. The recovery of Solitario's investment in Kinross is subject to many factors beyond the control of Solitario, including market price changes in the price of Kinross stock.  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.  This release also contains information about adjacent properties on which Solitario has no right to explore or mine. We advise U.S. investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties.</I></FONT> </P>
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