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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000917225-09-000033.txt : 20091103
<SEC-HEADER>0000917225-09-000033.hdr.sgml : 20091103
<ACCEPTANCE-DATETIME>20091103105630
ACCESSION NUMBER:		0000917225-09-000033
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20091102
ITEM INFORMATION:		Termination of a Material Definitive Agreement
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20091103
DATE AS OF CHANGE:		20091103

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:		091153265

	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
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<B><P ALIGN="CENTER">UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B> <BR>
Washington, D.C. 20549 <BR>
<B>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): November 2, 2009 </P>
</FONT><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="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">001-32978<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:</FONT></TD>
<TD WIDTH="34%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="LEFT">(303) 534-1030</FONT></TD>
</TR>
</TABLE>
</CENTER></P>

<FONT SIZE=2><P ALIGN="CENTER">Not Applicable <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 </P>
<P ALIGN="LEFT">  (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 </P>
<P ALIGN="LEFT">  (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="BOTTOM" HEIGHT=30>
<B><FONT SIZE=2><P ALIGN="LEFT">ITEM 1.02</B></FONT></TD>
<TD WIDTH="87%" VALIGN="BOTTOM" HEIGHT=30>
<B><FONT SIZE=2><P ALIGN="LEFT">Termination of a Material Contract</B></FONT></TD>
</TR>
<TR><TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=30><P></P></TD>
<TD WIDTH="87%" VALIGN="BOTTOM" HEIGHT=30>
<FONT SIZE=2><P ALIGN="LEFT">On August 24, 2009 Solitario Exploration &amp; Royalty Corp. (NYSE Amex: XPL; TSX-TO: SLR;<B> </B>"Solitario") and Metallic Ventures Gold Inc. (&quot;Metallic Ventures&quot;) entered into a definitive arrangement agreement (&quot;Agreement&quot;) whereby Solitario would acquire all outstanding shares of Metallic Ventures, subject to certain conditions.  On October 13, 2009, Solitario and Metallic Ventures entered into an amendment (the "Amendment") to their definitive arrangement agreement dated August 24, 2009, whereby Solitario increased its bid to acquire, through a friendly statutory plan of arrangement under Canadian Law, all outstanding shares of Metallic Ventures.  The Agreement, as amended, provided that Solitario would issue 19.5 million shares of Solitario common stock and would pay cash consideration of $18 million for all of the outstanding shares of Metallic Ventures.  The Agreement, as amended, also provided for a termination deadline of February 28, 2010 and that M
etallic Ventures would pay a termination fee of $2.2 million under certain circumstances, including if Metallic Ventures accepted a superior offer, as defined.  The Agreement, as amended, was subject to shareholder and regulatory approval.  In order to offer Metallic Venture shareholders the increased number of shares, Solitario and certain of its Officers, Directors and employees agreed to voluntarily cancel 1,935,000 previously granted options concurrently with the signing of the Amendment</P>
<P ALIGN="LEFT">On November 2, 2009 Metallic Ventures terminated the Agreement.    Metallic Ventures' board of directors determined that it had received a superior offer from International Minerals Corporation (TSX-V: IMZ) compared to the offer by Solitario pursuant to the Agreement, as amended, and terminated the Agreement in accordance with its terms.  Metallic Ventures paid Solitario a termination fee of $2.2 million upon termination of the Agreement.  </FONT></TD>
</TR>
<TR><TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=30>
<B><FONT SIZE=2><P ALIGN="LEFT">ITEM 8.01 </B></FONT></TD>
<TD WIDTH="87%" VALIGN="BOTTOM" HEIGHT=30>
<B><FONT SIZE=2><P ALIGN="LEFT">OTHER EVENTS</B></FONT></TD>
</TR>
<TR><TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=96><P></P></TD>
<TD WIDTH="87%" VALIGN="BOTTOM" HEIGHT=96>
<FONT SIZE=2><P ALIGN="JUSTIFY">On November 3, 2009, Solitario Exploration &amp; Royalty Corp. (NYSE Amex: XPL; TSX-TO: SLR;<B> </B>"Solitario") announced that it received $2.2 million from Metallic Ventures Gold Inc. (TSX-TO: MVG;<B> </B>"Metallic Ventures") upon termination of the definitive arrangement agreement dated August 24, 2009, as amended October 13, 2009 (the "Agreement"). </P>
<P ALIGN="LEFT"> A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated by reference herein.&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="13%" VALIGN="TOP" HEIGHT=30>
<B><FONT SIZE=2><P ALIGN="LEFT">ITEM 9.01 </B></FONT></TD>
<TD WIDTH="87%" VALIGN="TOP" HEIGHT=30>
<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="JUSTIFY">Press Release, issued on November 3, 2009, announcing receipt of $2.2 million from Metallic Ventures upon termination of the Agreement. </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 has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. </P>
<P ALIGN="LEFT">November 3, 2009 </P></FONT>
<P ALIGN="RIGHT"><TABLE BORDER=0 CELLSPACING=0 WIDTH=288>
<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="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, Chief Financial Officer</FONT></TD>
</TR>
</TABLE>
</P>

<P ALIGN="LEFT"></P>
<P ALIGN="CENTER">3</P>
<P ALIGN="LEFT">&lt;PAGE&gt;</P>
<B><FONT SIZE=2><P ALIGN="CENTER">EXHIBITS</P>
</B><P ALIGN="CENTER"></P><DIR>
<DIR>

<P ALIGN="LEFT">99.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Press Release, issued on November 3, 2009, announcing receipt of $2.2 million from Metallic Ventures upon termination of the Agreement.</P></DIR>
</DIR>

<P ALIGN="CENTER">4</P>
<P ALIGN="LEFT"></P></FONT></BODY>
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<B><FONT FACE="Arial" SIZE=3><P ALIGN="RIGHT">Exhibit 99.1</P>
<P ALIGN="RIGHT">November 3, 2009</P></DIR>
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</FONT><FONT FACE="Arial"><P ALIGN="CENTER">SOLITARIO EXPLORATION &amp; ROYALTY RECEIVES US$2.2 MILLION UPON TERMINATION OF METALLIC VENTURES AGREEMENT </P>
</FONT><FONT FACE="Arial" SIZE=3><P ALIGN="JUSTIFY">Denver, Colorado:  </B>Solitario Exploration &amp; Royalty Corp. (NYSE Amex: XPL; TSX: SLR;<B> "Solitario"</B>) announced that it received US$2.2 million in cash from Metallic Ventures Gold Inc. (TSX: MVG;<B> "Metallic Ventures"</B>) upon the termination of the definitive arrangement agreement dated August 24, 2009, as amended October 13, 2009 (the "Agreement") between Solitario and Metallic Ventures.  </P>
<P ALIGN="JUSTIFY">Information concerning the Solitario-Metallic Ventures Agreement was provided in news releases dated August 24, October 13 and October 30, 2009, and as filed by Solitario on SEDAR and with the Securities and Exchange Commission (www.sec.gov).</P>
<B><P ALIGN="JUSTIFY">About Solitario Exploration &amp; Royalty Corp.</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.  Besides Votorantim, Solitario has significant business relationships with Newmont Mining and Anglo Platinum.    Solitario is traded on the NYSE Amex ("XPL") and on the Toronto Stock Exchange ("SLR").  </P>
<P ALIGN="JUSTIFY">Additional information about Solitario is available online at www.solitarioxr.com, or for more information contact:</P>
<P ALIGN="LEFT">Christopher E. Herald&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debbie Mino-Austin<BR>
President and CEO&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Director - Investor Relations<BR>
Solitario Exploration &amp; Royalty Corp.&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;Solitario Exploration &amp; Royalty Corp.<BR>
303-534-1030&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800-229-6827</P>
</FONT><I><FONT FACE="Arial" 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 r
isks such as higher tax and royalty rates, foreign ownership controls and our ability to finance in countries that may </P>
<P ALIGN="JUSTIFY">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>
</I></FONT><B><FONT FACE="Arial" SIZE=3><P ALIGN="JUSTIFY">Additional Information</P>
</B><I><P ALIGN="JUSTIFY">No regulatory authority has approved or disapproved the content of this release. The Toronto Stock Exchange accepts no responsibility for the adequacy or accuracy of this release.</P></I></FONT></BODY>
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