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Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000917225-08-000018.txt : 20081208
<SEC-HEADER>0000917225-08-000018.hdr.sgml : 20081208
<ACCEPTANCE-DATETIME>20081208121558
ACCESSION NUMBER:		0000917225-08-000018
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20081202
ITEM INFORMATION:		Other Events
FILED AS OF DATE:		20081208
DATE AS OF CHANGE:		20081208

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SOLITARIO EXPLORATION & ROYALTY 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:		081235225

	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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SOLITARIO RESOURCES CORP
		DATE OF NAME CHANGE:	20000711
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>newm8k.htm
<TEXT>
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<HEAD>
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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): December 2, 2008 </P>
</FONT><P ALIGN="LEFT"></P>
<B><P ALIGN="CENTER">SOLITARIO EXPLORATION &amp; ROYALTY CORP</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=0 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=0 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=0 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=0 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=0 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=0 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="LEFT"></P>
<P ALIGN="CENTER">1</P>
<P ALIGN="LEFT">&lt;PAGE&gt;</P>
<P ALIGN="LEFT"></P>
<TABLE BORDER=0 CELLSPACING=0 WIDTH=624>
<TR><TD WIDTH="13%" VALIGN="TOP">
<B><FONT SIZE=2><P ALIGN="LEFT">ITEM 8.01</B></FONT></TD>
<TD WIDTH="87%" VALIGN="TOP">
<B><FONT SIZE=2><P ALIGN="LEFT">OTHER EVENTS                                                                                                                                                                                                        </B></FONT></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=2>
<U><FONT SIZE=2><P ALIGN="JUSTIFY">Newmont elects to terminate its option to earn and interest in the Pachuca Project</P>
</U><P ALIGN="JUSTIFY">On December 2, 2008, Solitario received notice that Newmont de Mexico, S.A. de C.V., a wholly owned subsidiary of Newmont Mining Corporation, has elected to terminate its rights to earn an interest in the Pachuca Real silver-gold project in central Mexico.  </FONT></TD>
</TR>
<TR><TD WIDTH="13%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="87%" VALIGN="TOP" HEIGHT=14><P></P></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 Exploration &amp; Royalty Corp. press release regarding our Pachuca Real silver-gold project in central Mexico dated December 2, 2008</FONT></TD>
</TR>
</TABLE>

<B><P ALIGN="CENTER"></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">December 5, 2008 </P></FONT>
<P ALIGN="RIGHT"><TABLE BORDER=0 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 Exploration &amp; Royalty Corp.</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>
</TABLE>
</P>

<P ALIGN="LEFT"></P>
<P ALIGN="CENTER">3</P>
<P ALIGN="LEFT"></P></BODY>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exh991.htm
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<U><FONT FACE="Calibri" SIZE=3><P ALIGN="RIGHT">Exhibit 99.1</P>
</U><P ALIGN="RIGHT">December 2, 2008</P>
</FONT><B><FONT FACE="Calibri" SIZE=4><P ALIGN="CENTER">SOLITARIO ANNOUNCES ADDITIONAL MINERALIZATION INTERSECTED ON<BR>
 ITS <U>PEDRA BRANCA PLATINUM-PALLADIUM PROJECT, BRAZIL<BR>
</U>NEWMONT WITHDRAWS FROM PACHUCA SILVER-GOLD PROJECT,<BR>
 MEXICO</P>
</FONT><FONT FACE="Calibri" SIZE=3><P ALIGN="LEFT">Denver, Colorado:  </B>Solitario Exploration &amp; Royalty Corp. (NYSE Alternext US: <B>XPL;</B> TSX: <B>SLR</B>) announces significant new platinum-palladium ("PGM") drill hole assay results that suggest good potential to establish new mineral resources on its Pedra Branca project in northeastern Brazil.  Additionally, Solitario received notice from Newmont de Mexico, S.A. ("Newmont"), a subsidiary of Newmont Mining that Newmont has elected to terminate its rights under a previously signed joint venture to earn an interest in the Pachuca Real silver-gold project in central Mexico.  Solitario will retain 100% interest in the project moving forward.</P>
</FONT><B><U><FONT FACE="Calibri"><P ALIGN="LEFT">Pedra Branca Drilling</P>
</B></U></FONT><FONT FACE="Calibri" SIZE=3><P ALIGN="LEFT">The 2008 Pedra Branca core drilling program consisted of 27 drill holes totaling 1,839 meters.  Results for the first 17 drill holes were previously released (www.solitarioresources.com/news/082608.pdf ).  Today's release covers the final 10 holes, with the results of the best six drill holes as follows:</P></FONT>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=590>
<TR><TD WIDTH="20%" VALIGN="BOTTOM">
<B><U><FONT FACE="Calibri" SIZE=3><P ALIGN="CENTER">Prospect</B></U></FONT></TD>
<TD WIDTH="24%" VALIGN="BOTTOM">
<B><U><FONT FACE="Calibri" SIZE=3><P ALIGN="CENTER">Drill Hole Meters</B></U></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<B><FONT FACE="Calibri" SIZE=3><P ALIGN="CENTER">From-To<BR>
<U>Meters</B></U></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Calibri" SIZE=3><P ALIGN="CENTER">Interval<BR>
<U>GPT PGM</B></U></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Calibri" SIZE=3><P ALIGN="CENTER">Grade<BR>
<U>Gold</B></U></FONT></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Calibri" SIZE=3><P ALIGN="LEFT">Curiu</FONT></TD>
<TD WIDTH="24%" VALIGN="BOTTOM">
<FONT FACE="Calibri" SIZE=3><P ALIGN="CENTER">CU-24</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Calibri" SIZE=3><P ALIGN="CENTER">14.1-19.3</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Calibri" SIZE=3><P ALIGN="CENTER">5.2</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Calibri" SIZE=3><P ALIGN="CENTER">1.90</FONT></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="24%" VALIGN="BOTTOM">
<FONT FACE="Calibri" SIZE=3><P ALIGN="CENTER">CU-27</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Calibri" SIZE=3><P ALIGN="CENTER">0.0-6.0</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Calibri" SIZE=3><P ALIGN="CENTER">6.0</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Calibri" SIZE=3><P ALIGN="CENTER">2.29</FONT></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="24%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Calibri" SIZE=3><P ALIGN="CENTER">13.8-15.0</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Calibri" SIZE=3><P ALIGN="CENTER">1.2</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Calibri" SIZE=3><P ALIGN="CENTER">4.01</FONT></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Calibri" SIZE=3><P ALIGN="LEFT">Cedro</FONT></TD>
<TD WIDTH="24%" VALIGN="BOTTOM">
<FONT FACE="Calibri" SIZE=3><P ALIGN="CENTER">CD-42</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Calibri" SIZE=3><P ALIGN="CENTER">0.0-44.4</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Calibri" SIZE=3><P ALIGN="CENTER">44.4</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Calibri" SIZE=3><P ALIGN="CENTER">1.32</FONT></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="24%" VALIGN="BOTTOM">
<FONT FACE="Calibri" SIZE=3><P ALIGN="CENTER">CD-44</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Calibri" SIZE=3><P ALIGN="CENTER">54.0-64.7</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Calibri" SIZE=3><P ALIGN="CENTER">10.7</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Calibri" SIZE=3><P ALIGN="CENTER">1.10</FONT></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Calibri" SIZE=3><P ALIGN="LEFT">Cedro IV</FONT></TD>
<TD WIDTH="24%" VALIGN="BOTTOM">
<FONT FACE="Calibri" SIZE=3><P ALIGN="CENTER">CD-47</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Calibri" SIZE=3><P ALIGN="CENTER">54.2-73.9</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Calibri" SIZE=3><P ALIGN="CENTER">19.7</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Calibri" SIZE=3><P ALIGN="CENTER">1.29</FONT></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="24%" VALIGN="BOTTOM">
<FONT FACE="Calibri" SIZE=3><P ALIGN="CENTER">CD-48</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Calibri" SIZE=3><P ALIGN="CENTER">55.8-70.0</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Calibri" SIZE=3><P ALIGN="CENTER">14.2</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Calibri" SIZE=3><P ALIGN="CENTER">1.25</FONT></TD>
</TR>
</TABLE>

<I><FONT SIZE=1><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT FACE="Calibri" SIZE=1>*True widths cannot be accurately estimated at this time</P>
<P ALIGN="CENTER">1</P>
<P ALIGN="LEFT">&lt;PAGE&gt;</P>
</I></FONT><FONT FACE="Calibri" SIZE=3><P ALIGN="LEFT">All work conducted during 2008 is being funded by Solitario's joint venture partner, Anglo Platinum Ltd., through the jointly held Brazilian subsidiary, Pedra Branca Minera&ccedil;&atilde;o ("PBM").   To date, Anglo Platinum has earned a 15% interest in PBM (Solitario owns 85%).  Anglo can earn a 51% interest by spending a total of $7.0 million and a further 9% interest (to 60%) by spending an additional $10 million.  To date Anglo Platinum has funded nearly $4.0 million for exploration activities.  By the end of 2008, Anglo Platinum will have earned a 30% interest in the project.</P>
<P ALIGN="JUSTIFY">Chris Herald, President and CEO, stated, "This round of drilling suggests that meaningful new PGM-resources could be established at the Cedro I, II, III and IV prospects.  Additionally, we were able to enlarge the higher grade Curiu deposit."   </P>
<P ALIGN="JUSTIFY">The drill hole information contained within this release is reported under a quality control program supervised by Mr. Walt Hunt, Chief Operating Officer for Solitario, 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 SGS Geosol, Minas Gerais, Brazil and ALS Chemex Inc., North Vancouver, Canada, both ISO9001:2000 registered companies.  In addition to the laboratory's quality control program, a check assay program is ongoing.</P>
<P ALIGN="JUSTIFY">Newmont Withdraws from Pachuca Real Project</P>
<P ALIGN="JUSTIFY">Solitario received notice that Newmont has elected to terminate its rights to earn an interest in the Pachuca Real silver-gold project in central Mexico.  Newmont conducted extensive surface exploration over the entire 46,000-hectare property during the past two years.   This work identified 38 separate drill targets with detailed geologic mapping and geochemical sampling completed on all 38 prospects.  Twelve of these targets were drilled by Newmont, with one or two holes per tested target.   </P>
<P ALIGN="JUSTIFY">Chris Herald, President and CEO, stated, "Although Newmont has elected not to continue exploration funding, we are very pleased with the comprehensive program that Newmont completed during its extended tenure with the project.  We now have a rich pipeline of untested and partially tested drill targets in one of the most prolific silver producing regions in the world.   With 100% interest in the project, and a solid geologic data base produced by Newmont, we will evaluate whether to move the project forward independently, or seek another joint venture partner.   Additionally, we continue to work closely with Newmont within our Strategic Alliance arrangement in central Peru where we are developing several exciting new projects."</P>
<P ALIGN="CENTER">2</P>
<P ALIGN="LEFT">&lt;PAGE&gt;</P>
<B><P ALIGN="JUSTIFY">About Solitario</P>
</B><P ALIGN="JUSTIFY">Solitario is a gold, silver, platinum-palladium, and base metal exploration and royalty company actively exploring in Brazil, Mexico and Peru.  Solitario has significant business relationships with Anglo Platinum, Newmont Mining and Votorantim Metais.  Solitario has approximately US$18 million in cash and marketable securities and no debt.  Solitario is traded on the NYSE Alternext US:  XPL and on the Toronto Stock Exchange (TSX:  SLR).  Additional information about Solitario is available online at www.solitarioxr.com</P></FONT>
<TABLE BORDER=0 CELLSPACING=1 CELLPADDING=0 WIDTH=516>
<TR><TD WIDTH="49%" VALIGN="TOP" HEIGHT=59>
<FONT FACE="Arial" SIZE=3><P ALIGN="LEFT">FOR MORE INFORMATION, CONTACT:Debbie Mino-Austin<BR>
Director - Investor Relations</FONT></TD>
<TD WIDTH="51%" VALIGN="TOP" HEIGHT=59>
<FONT FACE="Arial" SIZE=3><P ALIGN="LEFT"></P>
<P ALIGN="LEFT">(800) 229-6827</FONT></TD>
</TR>
<TR><TD WIDTH="49%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=3><P ALIGN="LEFT">Christopher E. Herald<BR>
President &amp; CEO</FONT></TD>
<TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=3><P ALIGN="LEFT"></P>
<P ALIGN="LEFT">(303) 534-1030</FONT></TD>
</TR>
</TABLE>

<I><FONT FACE="Calibri" SIZE=2><P ALIGN="JUSTIFY">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.</P>
<P ALIGN="CENTER">3</P>
</FONT><FONT SIZE=2><P ALIGN="JUSTIFY"></P></I></FONT></BODY>
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