<SEC-DOCUMENT>0000917225-11-000031.txt : 20110518
<SEC-HEADER>0000917225-11-000031.hdr.sgml : 20110518
<ACCEPTANCE-DATETIME>20110518131551
ACCESSION NUMBER:		0000917225-11-000031
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20110517
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20110518
DATE AS OF CHANGE:		20110518

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:		11854223

	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>
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<TYPE>8-K
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<FILENAME>buydn8k.htm
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<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><B>Form&nbsp;8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0">CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d)<BR>
OF THE SECURITIES EXCHANGE ACT OF 1934</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0">Date of Report (Date of
earliest event reported): May 17, 2011</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><B>SOLITARIO EXPLORATION
&amp; ROYALTY CORP.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact name of registrant as specified in its
charter)</P>

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    <TD STYLE="width: 38%; font: 10pt Times New Roman, Times, Serif; text-align: center">Colorado <BR> (State or other jurisdiction of<BR> incorporation or organization)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">001-32978 <BR> (Commission<BR> File Number)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">84-1285791 <BR> (I.R.S. Employer<BR> Identification No.)</TD></TR>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><FONT STYLE="font-size: 10pt">4251
Kipling Street, Suite 390<BR>
Wheat Ridge, CO 80033<BR>
(Address of principal executive offices) </FONT></P>

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    <TD STYLE="width: 65%; font: 10pt Times New Roman, Times, Serif">Registrant&rsquo;s telephone number, including area code:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">(303) 534-1030</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0">Not Applicable<BR>
(Former name or former address, if changed since last report)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">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>

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    <TD STYLE="width: 2%; font: 10pt Wingdings">o</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Written communications pursuant to Rule&nbsp;425 under the Securities Act (17&nbsp;CFR 230.425)</TD></TR>
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    <TD STYLE="font: 10pt Wingdings">o</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17&nbsp;CFR 240.14a-12)</TD></TR>
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    <TD STYLE="font: 10pt Wingdings">o</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17&nbsp;CFR&nbsp;240.14d-2(b))</TD></TR>
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    <TD STYLE="font: 10pt Wingdings">o</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17&nbsp;CFR&nbsp;240.13e-4(c))</TD></TR>
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    <TD STYLE="width: 13%; font: bold 10pt Times New Roman, Times, Serif">ITEM 1.01</TD>
    <TD STYLE="width: 87%; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 12pt">Entry into a Material Definitive Agreement</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">On May 17, 2011, Mt. Hamilton, LLC (&ldquo;MH-LLC),
        a joint venture between Solitario Exploration &amp; Royalty Corp. (the &ldquo;Company&rdquo; or &ldquo;Solitario&rdquo;) and DHI
        Minerals (US), Ltd., (&ldquo;DHI-US&rdquo;), and Solitario entered into an agreement (the &ldquo;Purchase Agreement&rdquo;) with
        Centennial Minerals Company LLC (&ldquo;Centennial). Centennial is currently entitled to a sliding scale production royalty on
        the production of minerals from patented and unpatented mining claims, owned by DHI-US, starting at 3.0% of net&nbsp;smelter returns
        (at a gold price of $400 per ounce or less), increasing by one-half of one percentage point for each $50 increase in the price
        of gold, to a maximum of 8.0% of net smelter returns (the &ldquo;Royalty&rdquo;). MH-LLC has the right to reduce the maximum Royalty
        from 8.0% to 6.5% of net smelter returns by making a $2,000,000 payment to Centennial, to further reduce the maximum Royalty from
        6.5% to 4.75% of net smelter returns by making an additional $1,500,000 payment to Centennial, and to further reduce the maximum
        Royalty from 4.75% to 3.0% of net smelter returns by making another $1,500,000 payment to Centennial. The Purchase Agreement provides
        for the buy-down by MH-LLC of an additional two percentage points of the Royalty, as it applies to gold and silver. The result
        of the buy-down of the Royalty under the Purchase Agreement is that for gold and silver, the maximum Royalty will be 6% of net
        smelter returns rather than 8%, the sliding scale royalty will start at 1% rather than 3%, and MH-LLC will have the right, if it
        exercises all of its royalty reduction rights, to reduce the Royalty on gold and silver to 1% of net smelter returns, regardless
        of the price of gold. The purchase price to be paid for the buy-down of the Royalty is $2,520,000 (the &ldquo;Purchase Price&rdquo;),
        of which $1,519,999 is to be paid in cash, and $1,000,001 is to be paid by the delivery by Solitario, for the benefit of MH-LLC,
        of 344,116 shares of Solitario&rsquo;s common stock (the &ldquo;Shares&rdquo;) to Centennial, pursuant to the valuation method
        for the Shares set forth in the Purchase Agreement (the volume weighted 20-day average per share closing price, as of May 16, 2011,
        of our common stock as quoted on the NYSE Amex).</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We entered into a letter agreement with DHI-US
        on May 17, 2011, with respect to the funding of the Purchase Price and related amendments to the Limited Liability Company Operating
        Agreement of MH-LLC (the &ldquo;Letter Agreement&rdquo;). The Letter Agreement allocates the Purchase Price such that Solitario
        shall contribute eighty percent (80%) of the Purchase Price ($2,016,000) to MH-LLC, and DHI-US shall contribute twenty percent
        (20%) of the Purchase Price ($504,000) to MH&nbsp;LLC. In order to facilitate DHI-US making its contribution of twenty percent
        (20%) of the Purchase Price to MH-LLC, the Letter Agreement provides that Solitario shall contribute the entire amount of the cash
        portion ($1,519,999) of the Purchase Price to MH-LLC and shall deliver the Shares to Centennial for the benefit of MH-LLC, as a
        result of which Solitario shall be deemed to have loaned DHI-US&rsquo;s share of the Purchase Price ($504,000) to DHI-US, such
        amount bearing interest at a rate of six&nbsp;percent (6%) per annum until fully repaid (the entire amount of principal and interest
        referred to collectively as the &ldquo;Loan Amount&rdquo;), with repayment of the Loan Amount to Solitario exclusively from eighty
        percent (80%) of DHI-US&rsquo;s share of distributions from MH-LLC. The proportionate shares of the amounts contributed by Solitario
        and DHI-US to MH-LLC shall constitute capital contributions to MH-LLC and shall be credited to the respective members&rsquo; capital
        accounts in MH-LLC.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Purchase Agreement contains customary representations,
        warranties and agreements by MH-LLC, the Company, and Centennial and closing of the transaction is subject to customary conditions,
        including required approvals of the NYSE Amex Equities and Toronto Stock Exchange. The Shares are being issued pursuant to the
        Company&rsquo;s existing shelf registration statement on Form S-3 (File No. 333-172929), as amended (the &ldquo;Registration Statement&rdquo;),
        which was filed with the Securities and Exchange Commission (the &ldquo;Commission&rdquo;) on March 18, 2011 and declared effective
        by the Commission on March 29, 2011 and is described in more detail in a prospectus supplement dated April 17, 2011 and an accompanying
        base prospectus dated March 29, 2011.</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">A copy of the opinion of Hensley Kim &amp; Holzer,
        LLC relating to the legality of the issuance and sale of the Shares is attached as Exhibit 5.1 hereto. A copy of the Purchase Agreement
        is filed herewith as Exhibit 99.1and a copy of the Letter Agreement is filed herewith as Exhibit 99.2. These exhibits are incorporated
        into this Item 1.01 by reference.&nbsp; The foregoing description of these transactions by the Company and the documentation related
        thereto does not purport to be complete and is qualified in its entirety by reference to such Exhibits.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Calibri, Halvetica, Sans-Serif; margin: 0; text-align: left">&nbsp;</P></TD></TR>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><B>&nbsp;</B></P>

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    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold">ITEM 8.01</TD>
    <TD STYLE="width: 85%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold">Other Events</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On May 18, 2011, the Company issued a press release announcing the royalty buy-down.&nbsp; A copy of the press release is attached hereto as Exhibit 99.3 and is incorporated herein by reference.</TD></TR>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><B>&nbsp;</B></P>

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<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">ITEM 9.01</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">FINANCIAL STATEMENTS AND EXHIBITS</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline">Exhibits</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline">Exhibit Description</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">5.1</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Opinion of Hensley Kim &amp; Holzer, LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">99.1</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Purchase Agreement for a royalty buy-down by and among MH-LLC, the Company and Centennial &nbsp;dated May 17, 2011.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">99.2</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Letter agreement between the Company and DHI-US with respect to the funding of the Purchase Price and related amendments to the MH-LLC Operating Agreement dated May 17, 2011.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">99.3</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Press Release of Solitario Exploration &amp; Royalty Corp. dated May 18, 2011</TD></TR>
<TR>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 83%">&nbsp;</TD></TR>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&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 STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">May 18, 2011</P>

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    <TD STYLE="width: 7%; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 92%; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="font-family: Times New Roman, Times, Serif">Solitario Exploration &amp; Royalty Corp.</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">By:</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif; text-decoration: underline">/s/ &nbsp;James R. Maronick</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">James R. Maronick, Chief Financial Officer</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><B>EXHIBIT INDEX</B></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 13%; font-family: Times New Roman, Times, Serif; text-decoration: underline">&nbsp; Exhibits</TD>
    <TD STYLE="width: 87%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>Exhibit Description</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif">5.1</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">Opinion of Hensley Kim &amp; Holzer, LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif">99.1</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">Purchase Agreement for a royalty buy-down by and among MH-LLC, the Company and Centennial &nbsp;dated May 17, 2011.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif">99.2</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">Letter agreement between the Company and DHI-US with respect to the funding of the Purchase Price and related amendments to the MH-LLC Operating Agreement dated May 17, 2011.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif">99.3</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">Press Release of Solitario Exploration &amp; Royalty Corp. dated May 18, 2011</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B>&nbsp;</B></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: right">Exhibit 5.1</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center">May 17, 2011</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9pt 0 0">Solitario Exploration &amp; Royalty Corp.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">4251 Kipling Street, Suite 390</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Wheat Ridge, Colorado 80033</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9pt 0 0">Ladies and Gentlemen:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">This opinion letter is furnished to you
in connection with a Registration Statement (File No. 333-172929) on Form S-3 (as amended or supplemented, the &ldquo;Registration
Statement&rdquo;) pursuant to the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), relating to the registration
of up to $75,000,000 of any combination of (i)&nbsp;shares of common stock, par value $.01 per share (&ldquo;Common Stock&rdquo;),
of Solitario Exploration &amp; Royalty Corp., a Colorado corporation (the &ldquo;Company&rdquo;), (ii)&nbsp;shares of preferred
stock, par value $.01 per share, of the Company (the &ldquo;Preferred Stock&rdquo;), (iii)&nbsp;debt securities of the Company
(the &ldquo;Debt Securities&rdquo;), (iv)&nbsp;warrants to purchase shares of Common Stock or Preferred Stock and/or Debt Securities
(the &ldquo;Warrants&rdquo;), and (v)&nbsp;units comprised of shares of Common Stock and/or Preferred Stock, Warrants, Debt Securities
and/or other securities of the Company in any combination (the &ldquo;Units&rdquo;). The Common Stock, Preferred Stock, Debt Securities,
Warrants and Units are sometimes referred to collectively herein as the &ldquo;Securities.&rdquo; The Registration Statement was
declared effective by the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) on March 29, 2011. Reference is made to our
opinion letter dated March&nbsp;18, 2011 and included as Exhibit 5.1 to the Registration Statement. We are delivering this supplemental
opinion letter in connection with the prospectus supplement (the &ldquo;Prospectus Supplement&rdquo;) filed on May 17, 2011 by
the Company with the SEC pursuant to Rule 424 under the Securities Act. The Prospectus Supplement relates to the offering by the
Company of 344,116 shares of Common Stock (the &ldquo;Shares&rdquo;) covered by the Registration Statement. We understand that
the Shares are to be offered and sold to Centennial Minerals Company LLC, a Nevada limited liability company (&ldquo;Centennial&rdquo;)
in the manner described in the Prospectus Supplement pursuant to that certain purchase agreement, dated May 17, 2011, by and among
Centennial, Mt. Hamilton LLC and the Company (the &ldquo;Purchase Agreement&rdquo;).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">We have reviewed such matters of law
and made such inquiries and reviewed such documents and records as we have deemed necessary or appropriate to enable us to express
an opinion on the matters covered hereby, and we have also examined and relied upon representations, statements or certificates
of public officials and officers and representatives of the Company. In expressing the opinion set forth below, we have assumed,
with your consent, that all documents submitted to us as originals are authentic, all documents submitted to us as certified or
photostatic copies conform to the original documents, and all signatures on all documents submitted to us for examination are genuine
and made by natural persons with legal capacity.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">We render no opinion herein as to matters
involving the laws of any jurisdiction other than the State of Colorado and the federal securities laws of the United States of
America. This opinion is limited to the facts as they presently exist and the effect of the present state of the laws of the State
of Colorado and the federal securities laws of the United States of America. We assume no obligation to revise or supplement this
opinion in the event of future changes in such laws or the interpretations thereof or such facts. We express no opinion as to the
application of the securities or blue sky laws of any states with respect to the offer or sale of the Securities. Without limiting
the generality of the foregoing, except as set forth herein, we express no opinion in connection with the matters contemplated
by the Registration Statement, and no opinion may be implied or inferred, except as expressly set forth herein. Based upon the
foregoing, and subject to the limitations, qualifications and assumptions contained herein, we are of the opinion that the Shares,
when issued as contemplated in the Purchase Agreement, and in accordance with the Registration Statement and the Prospectus Supplement,
will be validly issued, fully paid and nonassessable.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">This opinion is based upon the laws and
legal interpretations in effect, and the facts and circumstances existing, on the date hereof, and we assume no obligation to revise
or supplement this opinion should any such law or legal interpretation be changed by legislative action, judicial interpretation
or otherwise or should there be any change in such facts and circumstances.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Our opinion is furnished specifically
for you, and may not be relied upon, assigned, quoted or otherwise used in any manner or for any purpose by any other person or
entity. Notwithstanding the preceding sentence, we hereby consent to the use of this opinion as Exhibit 5.1 to the Company&rsquo;s
Current Report on Form 8-K dated May 17, 2011 which is incorporated by reference into the Registration Statement and to the references
to our firm under the caption &ldquo;Legal Matters&rdquo; in the Registration Statement and Prospectus Supplement. In giving such
consent, we do not thereby admit that we are in the category of persons whose consent is required under Section 7 of the Securities
Act or the rules and regulations of the SEC thereunder.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR>
    <TD STYLE="width: 100%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif">Very truly yours,</TD></TR>
<TR>
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif">/s/ HENSLEY KIM &amp; HOLZER, LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; text-indent: -12pt; margin-right: 0; margin-left: 12pt">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">HENSLEY KIM &amp; HOLZER, LLC</P></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>


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<P STYLE="font: bold 14pt Times New Roman Bold; margin: 0 0 12pt; text-align: right">Exhibit 99.1</P>

<P STYLE="font: bold 14pt Times New Roman Bold; margin: 0 0 12pt; text-align: center">PURCHASE AGREEMENT</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">THIS PURCHASE AGREEMENT
(the &ldquo;Agreement&rdquo;) is made and entered into this 17th&nbsp;day of May, 2011 (the &ldquo;Effective Date&rdquo;), by and
among Centennial Minerals Company LLC, a Nevada limited liability company, whose address is P.O. Box&nbsp;21350, Carson City, Nevada
89721 (&ldquo;CMC&rdquo;), Mt.&nbsp;Hamilton LLC, a Colorado limited liability company, whose address is 4251&nbsp;Kipling Street,
Suite&nbsp;390, Wheat&nbsp;Ridge, Colorado 80033 (&ldquo;MH LLC&rdquo;), and Solitario Exploration &amp; Royalty Corp., the Manager
of MH LLC, whose address is 4251 Kipling Street, Suite 390, Wheat Ridge, Colorado 80033 (&ldquo;Solitario&rdquo;).</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-decoration: underline; text-align: center">RECITALS</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">A.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>CMC and MH&nbsp;LLC are parties to that Mining Lease Agreement between CMC and Diamond Hill Investment Corp. (predecessor-in-interest
to DHI Minerals (U.S.) Ltd.) dated November&nbsp;19, 2004, amended by that First Amending Agreement between CMC and DHI Minerals
(U.S.) Ltd. (&ldquo;DHI&rdquo;) dated April&nbsp;20, 2005, further amended by that Amendment Agreement dated November 15, 2009,
further amended by that Royalty Reduction Agreement among CMC, DHI and Ely Gold&nbsp;&amp; Minerals Inc. (&ldquo;Ely&rdquo;), dated
February&nbsp;27, 2010, and further amended by that Amendment of Lease Agreement and Royalty Reduction Agreement among CMC, DHI
and Ely dated April&nbsp;28, 2010 (collectively, the &ldquo;Mt.&nbsp;Hamilton Lease&rdquo;). DHI assigned its interest in the Mt.&nbsp;Hamilton
Lease to MH&nbsp;LLC pursuant to a Mineral Deed and Assignment dated effective as of December&nbsp;22, 2010.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">B.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Pursuant to the Mt.&nbsp;Hamilton Lease, CMC is entitled to a sliding scale production royalty on the production of minerals
from the patented and unpatented mining claims covered thereby, starting at 3.0% of Net&nbsp;Smelter Returns (at a gold price of
$400 per ounce or less), increasing by one-half of one percentage point for each $50 increase in the price of gold, to a maximum
of 8.0% of Net Smelter Returns (the &ldquo;Royalty&rdquo;).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">C.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Pursuant to the Mt.&nbsp;Hamilton Lease, MH&nbsp;LLC has the right to reduce the maximum Royalty from 8.0% to 6.5% of Net
Smelter Returns by making a $2,000,000 payment to CMC, to further reduce the maximum Royalty from 6.5% to 4.75% of Net Smelter
Returns by making an additional $1,500,000 payment to CMC, and to further reduce the maximum Royalty from 4.75% to 3.0% of Net
Smelter Returns by making another $1,500,000 payment to CMC.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">D.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>CMC and MH&nbsp;LLC now desire to enter into this Agreement to allow for the buy-down by MH&nbsp;LLC of an additional two
percentage points of the Royalty, as it applies to gold and silver, pursuant to the terms of this Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">E.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The result of the buy-down of the Royalty under this Agreement is that for gold and silver, the maximum Royalty will be
6% of Net Smelter Returns rather than 8%, the sliding scale royalty will start at 1% rather than 3%, and MH&nbsp;LLC will have
the right under the Mt. Hamilton Lease, if it exercises all of its royalty reduction rights as described in Recital&nbsp;C above,
to reduce the Royalty on gold and silver to 1% of Net Smelter Returns, regardless of the price of gold.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-decoration: underline; text-align: center">AGREEMENT</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">NOW, THEREFORE,
in consideration of the receipt of the Purchase Price (as defined below), and other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged and confirmed, the parties agree as follows:</P>

<P STYLE="font: normal 12pt Times New Roman, Times, Serif; margin: 4.8pt 0 12pt; text-align: justify; text-indent: 0in">1.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>CMC hereby agrees that pursuant to this Agreement, effective as of the Closing Date (as defined below) MH&nbsp;LLC is buying
down two percentage points from the Royalty, to the extent it is payable on gold and silver produced from the Property covered
by the Mt.&nbsp;Hamilton Lease (the &ldquo;Royalty Buy-Down&rdquo;), so that the Royalty payable under the Mt.&nbsp;Hamilton Lease
on gold and silver Products is a sliding scale production royalty beginning at 1.0% of Net Smelter Returns (at a gold price of
$400 per ounce), increasing by one-half of one percentage point for each $50 increase in the price of gold, to a maximum of 6.0%
of Net Smelter Returns. For greater certainty, the parties also agree that if MH LLC exercises all of its royalty reduction rights
described in Recital C above, the Royalty payable on gold and silver will no longer be on a sliding scale, but will be reduced
to 1% of Net Smelter Returns regardless of the price of gold, and under no circumstances shall the Royalty payable to CMC under
those circumstances be less than 1% of Net Smelter Returns.</P>

<P STYLE="font: normal 12pt Times New Roman, Times, Serif; margin: 4.8pt 0 12pt; text-align: justify; text-indent: 0in">2.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The purchase price for the Royalty Buy-Down shall be $2,520,000 (the &ldquo;Purchase Price&rdquo;). The Purchase Price shall
be payable by a combination of $1,519,999 in cash and $1,000,001 worth of Solitario common stock (to be delivered by Solitario
for the benefit of MH&nbsp;LLC). The number of shares of Solitario common stock (the &ldquo;Stock&rdquo;) to be delivered to CMC
shall be 344,116 shares, determined based on the 20-day weighted average closing price of the Stock as quoted on the NYSE Amex
Equities Exchange (the &ldquo;Exchange&rdquo;) for the 20&nbsp;trading days prior to the Effective Date, based upon the&nbsp;sum
total of the product of the closing price of the Stock as quoted on the Exchange for each trading day in such 20-day period, multiplied&nbsp;by
the number of shares traded during such day, such sum divided by the sum total of the number of shares traded during such 20-day
period.</P>

<P STYLE="font: normal 12pt Times New Roman, Times, Serif; margin: 4.8pt 0 12pt; text-align: justify; text-indent: 0in">3.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>On the date that is three business days following receipt of approvals from both of the stock exchanges referred to in paragraph
7 (the &ldquo;Closing Date&rdquo;), the parties shall execute and deliver an amendment to the Mt.&nbsp;Hamilton Lease (the &ldquo;Amendment&rdquo;),
reflecting the modification of the Royalty percentages as a result of the Royalty Buy-Down, as described in paragraph&nbsp;1 of
this Agreement. The Amendment shall be substantially in the form of Exhibit A attached hereto and incorporated herein by reference.
In addition, on the Closing Date, MH&nbsp;LLC shall tender to CMC the Purchase Price, payable (a)&nbsp;with respect to the cash
portion of the Purchase Price, by wire transfer pursuant to written instructions previously provided by CMC to MH&nbsp;LLC, and
(b)&nbsp;with respect to Stock, by the delivery to CMC or its designated agent, by Solitario, for the benefit of MH&nbsp;LLC, of
stock certificate(s) representing the requisite number of shares of Stock (determined in accordance with paragraph&nbsp;2).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">On the Closing Date,
CMC shall deliver to MH&nbsp;LLC a certificate of non-foreign status for U.S. tax purposes and a receipt evidencing the delivery
of the stock certificate(s). In addition, each of the parties will deliver such other closing certificates, agreements and documents
as are reasonably requested by the other party.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; text-align: center">2</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">All of the documents
delivered and payments made on the Closing Date by each of the parties shall be deemed to have been made and paid simultaneously.</P>

<P STYLE="font: normal 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">4.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If CMC fails to execute and deliver the Amendment or any other documents in accordance with the provisions of paragraph&nbsp;3,
the parties agree that MH&nbsp;LLC shall have the right to the remedy of specific performance, as well as all other legal and equitable
rights and remedies available to it as a result of such failure.</P>

<P STYLE="font: normal 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">5.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>CMC represents and warrants to MH&nbsp;LLC and Solitario, and MH&nbsp;LLC and Solitario represent and warrant to CMC, as
follows:</P>

<P STYLE="font: normal 12pt Times New Roman, Times, Serif; margin: 4.8pt 0 12pt; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>It has full corporate or limited liability company power and authority to execute and deliver this Agreement and the documents
and instruments contemplated hereby and to carry out the transactions contemplated hereby. This Agreement constitutes its valid
and binding agreement, enforceable against it in accordance with its terms, except that (i)&nbsp;the enforceability hereof may
be limited by bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer or other similar laws now or hereafter in
effect relating to creditors&rsquo; rights generally and (ii)&nbsp;the availability of injunctive and other forms of equitable
relief may be subject to equitable defenses and to the discretion of the court before which any proceeding therefor may be brought.</P>

<P STYLE="font: normal 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The execution and delivery of this Agreement and the consummation of the transactions contemplated hereby have been duly
authorized by its members and its Manager, or its Board of Directors, as the case may be, and no other proceedings are necessary
to authorize the execution and delivery by it of this Agreement and the consummation of the transactions contemplated hereby.</P>

<P STYLE="font: normal 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">6.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>With respect to the Stock to be delivered to CMC on the Closing Date,</P>

<P STYLE="font: normal 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>CMC represents and warrants to MH LLC and Solitario (which such representations and warranties shall be true and correct
as of the Effective Date and as of the Closing Date), as follows:</P>

<P STYLE="font: normal 12pt Times New Roman, Times, Serif; margin: 4.8pt 0 12pt; text-align: justify; text-indent: 1in">(i)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>CMC has taken full cognizance of and understands all of the risk factors related to the purchase of the Stock, including
the possible loss of the total amount of the investment. CMC has sufficient knowledge and experience in financial and business
matters to be capable of evaluating the merits and risks of an investment in Solitario, and CMC is able to bear a complete loss
of its entire investment.</P>

<P STYLE="font: normal 12pt Times New Roman, Times, Serif; font-variant: normal; font-variant: normal; margin-top: 4.8pt; margin-bottom: 12pt; text-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;(ii)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>CMC has had sufficient access to documents, materials and information concerning Solitario as CMC deems necessary or appropriate
for evaluating an investment in Solitario. CMC has received and reviewed a copy of Solitario&rsquo;s Prospectus Supplement (including
without limitation the Base Prospectus included therewith) to be filed with the Securities and Exchange Commission (&ldquo;SEC&rdquo;)
pursuant to rule 424(b)(5) of the Securities Act of 1933, as amended, and relating to Solitario&rsquo;s Registration Statement
on Form S-3 (Reg. No. 333-172929), as amended (the &ldquo;Prospectus Supplement&rdquo;). CMC was able to make such appropriate
independent investigation as CMC deemed necessary to verify the information furnished and to obtain such information as CMC requested
prior to making the decision to enter into this Agreement. CMC has had a reasonable opportunity to review the Prospectus Supplement
and ask questions of and receive answers from Solitario&rsquo;s officers, or a person or persons acting on<BR></P>

<P STYLE="font: normal 12pt Times New Roman, Times, Serif; font-variant: normal; font-variant: normal; margin-top: 4.8pt; margin-bottom: 12pt; text-align: center">3</P>

<P STYLE="font: normal 12pt Times New Roman, Times, Serif; font-variant: normal; font-variant: normal; font-variant: normal; margin-top: 4.8pt; margin-bottom: 12pt; text-align: left"></P>

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their behalf, concerning
Solitario, the Prospectus Supplement and the Stock and all such questions have been answered to CMC&rsquo;s full satisfaction.</P>

<P STYLE="font: normal 12pt Times New Roman, Times, Serif; margin: 4.8pt 0 12pt; text-align: justify; text-indent: 1in">(iii)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No oral or written representations or statements have been made in connection with the offering of the Stock other than
as set forth in the Prospectus Supplement.</P>

<P STYLE="font: normal 12pt Times New Roman, Times, Serif; margin: 4.8pt 0 12pt; text-align: justify; text-indent: 1in">(iv)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No foreign, federal, or state authority has made a finding or determination as to the fairness for investment of the Stock
and no foreign, federal or state authority has recommended or endorsed or will recommend or endorse the Stock.</P>

<P STYLE="font: normal 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Solitario represents and warrants to CMC that the Stock to be issued pursuant to this Agreement (i)&nbsp;will, when issued,
be duly authorized, validly issued, fully paid and non-assessable and (ii)&nbsp;will be issued pursuant to the Registration Statement.</P>

<P STYLE="font: normal 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">7.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Promptly after the Effective Date, Solitario shall make an application to each of the Exchange and the Toronto Stock Exchange
for the additional listing of the Stock. The parties hereto agree that Solitario shall have the right to provide a copy of this
Agreement to the Exchange and the Toronto Stock Exchange as required. Solitario shall have no obligation to pay the Purchase Price
or issue the Stock and deliver the stock certificate(s) referred to in paragraph 3 above until the listing applications have been
approved by both the Exchange and the Toronto Stock Exchange. If the approval of either the Exchange or the Toronto Stock Exchange
cannot be obtained, MH LLC and Solitario may terminate this Agreement by providing written notice to CMC, and they shall have no
further obligations or liability to CMC under this Agreement, and this Agreement will have no further force or effect on the existing
Mt. Hamilton Lease as currently amended.</P>

<P STYLE="font: normal 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">8.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Any notice, election or other correspondence required or permitted hereunder shall be in writing and (a)&nbsp;delivered
personally to an officer of the party to whom directed; (b)&nbsp;sent by registered or certified United States mail, postage prepaid,
return receipt requested; (c)&nbsp;sent by reputable overnight courier; or (d)&nbsp;sent by facsimile transmission with confirmation
of receipt. All such notices shall be addressed to the party to whom directed as follows:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 2.75in; text-indent: -1.75in">MH&nbsp;LLC or Solitario:&#9;4251
Kipling Street, Suite 390<BR>
Wheat Ridge, Colorado 80333<BR>
Attention:&#9;Chris Herald<BR>
Telephone:&#9;(303) 534-1030<BR>
Facsimile:&#9;(303) 534-1809</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 2.75in; text-indent: -1.75in">CMC:&#9;P.O. Box 21350<BR>
Carson City, Nevada 89721<BR>
Attention: Sam Nunnemaker<BR>
Telephone:&#9; (775) 230-0962<BR>
Facsimile:&#9;(775) 474-1710</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Any party may, from time to time, change
its address for future notices hereunder by notice in accordance with this paragraph&nbsp;8. Notices, all other documents, and
payments shall be complete and deemed to have been given or made when mailed or sent by overnight courier, or upon personal delivery
when delivered personally, or, in the case of notices, when receipt is confirmed when sent by facsimile transmission.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; text-align: center">4</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; text-align: center"></P>

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<P STYLE="font: normal 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">9.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The parties hereto agree that they will (a)&nbsp;execute any and all other instruments that may be necessary or required
to carry out and effectuate any and all of the provisions hereof, and (b)&nbsp;take all such other actions as are reasonably necessary
and requested by any other party to facilitate the transactions contemplated by this Agreement and to allow for the full enjoyment
of the rights granted hereunder.</P>

<P STYLE="font: normal 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">10.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>This Agreement shall be binding upon, and shall inure to, the benefit of the parties hereto, their administrators, legal
representatives, successors and assigns.</P>

<P STYLE="font: normal 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">11.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>This Agreement shall be governed by the laws of the State of Nevada, other than conflicts of law principles which would
require the imposition of the laws of another jurisdiction.</P>

<P STYLE="font: normal 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">12.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>This Agreement may be executed in several counterparts, any one of which may contain the execution of CMC, MH&nbsp;LLC or
Solitario, which together shall constitute a single original document.</P>

<P STYLE="font: normal 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">13.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Capitalized terms used but not defined in this Agreement shall have the same meaning ascribed to them in the Mt.&nbsp;Hamilton
Lease.</P>

<P STYLE="font: normal 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">14.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>CMC acknowledges and agrees that Solitario will file the Prospectus Supplement with the relevant U.S. and Canadian securities
regulators and stock exchanges, as well as an 8-K filing and related press release which describe the transactions set forth in
this Purchase Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 4.8pt 0 12pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 4.8pt 0 0; text-align: center"><B><I>(Signature page follows)</I></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 4.8pt 0 0; text-align: center">5&nbsp;</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 4.8pt 0 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF,
the parties have executed this Agreement effective as of the date first set forth above.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 24pt 3.25in">CENTENNIAL MINERALS COMPANY LLC, a&nbsp;Nevada limited
liability company</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0.5in 3.25in">By: /s/Robert G. Carrington<BR>
Name: Robert G. Carrington<BR>
Title: Managing Member</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 3.25in">MT.&nbsp;HAMILTON LLC,<BR>
a&nbsp;Colorado limited liability company</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 24pt 261pt; text-indent: -27pt">By:&#9;Solitario Exploration&nbsp;&amp;
Royalty Corp., as Manager</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0.5in 261.35pt">By: /s/ Christopher E. Herald<BR>
Name: Christopher E. Herald<BR>
Title: President &amp; CEO</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0.5in 3.25in">SOLITARIO EXPLORATION &amp; ROYALTY CORP., a Colorado
corporation</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3.25in">By: /s/ Christopher E. Herald<BR>
Name: Christopher E. Herald<BR>
Title: President &amp; CEO</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><BR STYLE="mso-special-character: line-break">
6<BR STYLE="mso-special-character: line-break">
</P>

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<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 0.5in">When recorded, please return to:<BR>
<BR>
Mt.&nbsp;Hamilton LLC<BR>
Attention: Chris Herald<BR>
4251 Kipling Street, Suite&nbsp;390<BR>
Wheat Ridge, Colorado 80033<BR>
<BR>
The undersigned affirm that this<BR>
document does not contain the<BR>
personal information of any person.</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-decoration: underline; text-align: center">EXHIBIT
A<BR STYLE="mso-special-character: line-break">
<BR STYLE="mso-special-character: line-break">
</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 4.8pt 0 12pt; text-align: center">FOURTH AMENDMENT TO MINING LEASE
AGREEMENT</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">THIS FOURTH AMENDMENT
TO MINING LEASE AGREEMENT (the &ldquo;Fourth Amendment&rdquo;) is made and entered into effective as of _____&nbsp;___, 2011 (the
&ldquo;Effective Date&rdquo;), by and among Centennial Minerals Company LLC, a Nevada limited liability company, whose address
is P.O. Box 21350, Carson City, Nevada 89721 (&ldquo;CMC&rdquo;), and Mt.&nbsp;Hamilton LLC, a Colorado limited liability company,
whose address is 4251 Kipling Street, Suite 390, Wheat Ridge, Colorado 80033 (&ldquo;MH&nbsp;LLC&rdquo;).</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-decoration: underline; text-align: center">RECITALS</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">1.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>CMC and MH&nbsp;LLC are parties to a Mining Lease Agreement dated November&nbsp;19, 2004, as amended by (a)&nbsp;that First
Amending Agreement dated April&nbsp;20, 2005, (b)&nbsp;that Royalty Reduction Agreement dated February&nbsp;27, 2010, and (c)&nbsp;that
Amendment of Lease Agreement and Royalty Reduction Agreement dated April&nbsp;28, 2010 (collectively, the &ldquo;Mt.&nbsp;Hamilton
Lease&rdquo;). A Short Form of the Mt.&nbsp;Hamilton Lease was recorded in the official records of White Pine County, Nevada on
February&nbsp;21, 2008 as Document No.&nbsp;341950.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">2.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Mt.&nbsp;Hamilton Lease allows MH&nbsp;LLC to conduct exploration, development and mining activities on certain patented
and unpatented mining claims owned by CMC in White Pine County, Nevada, as more particularly described in Exhibit&nbsp;A attached
hereto and incorporated herein by reference.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">3.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Pursuant to the Mt.&nbsp;Hamilton Lease, CMC is entitled to a sliding scale production royalty of 3.0% of Net&nbsp;Smelter
Returns (at a gold price of $400 per ounce), increasing by one-half of one percentage point for each $50 increase in the price
of gold, to a maximum of 8.0% of Net Smelter Returns (the &ldquo;Royalty&rdquo;).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">4.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Pursuant to the Mt.&nbsp;Hamilton Lease, MH&nbsp;LLC has the right to reduce the maximum Royalty from 8.0% to 6.5% of Net
Smelter Returns by making a $2,000,000 payment to CMC, to further reduce the maximum Royalty from 6.5% to 4.75% of Net Smelter
Returns by <BR></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 12pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 12pt">A-1</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 12pt"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 12pt"><BR>
making an additional $1,500,000 payment to CMC, and to further reduce the maximum Royalty from 4.75% to 3.0% of Net
Smelter Returns by making another $1,500,000 payment to CMC.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">5.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>CMC and MH&nbsp;LLC now desire to amend the Mt.&nbsp;Hamilton Lease to reflect MH&nbsp;LLC&rsquo;s buy-down of an additional
two percentage points of the Royalty, as it applies to gold and silver, pursuant to the terms of this Fourth Amendment.</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-decoration: underline; text-align: center">AGREEMENT</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">NOW, THEREFORE,
in consideration of the mutual covenants and promises contained in this Fourth Amendment, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged and confirmed, the parties hereto agree as follows:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">A.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>CMC and MH&nbsp;LLC agree to amend and restate the Mt.&nbsp;Hamilton Lease by adding a new sentence to Section 5.3 after
the sixth sentence of Section&nbsp;5.3, to read as follows:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt">Notwithstanding the foregoing, for gold and silver Products,
the Royalty percentage base rate shall be one&nbsp;percent (1.0%) of Net Smelter Returns. For each $50&nbsp;dollar increment wherein
the London PM Fix is greater than $400 per ounce, the Royalty on gold and silver Products (the &ldquo;Gold Royalty&rdquo;) shall
increase by one-half of one percentage point (0.5%), such that at a London PM Fix of $425, the Gold Royalty would be 1% of Net
Smelter Returns, and at a London PM Fix of $450, the Gold Royalty would be 1.5% of Net Smelter Returns, to a maximum royalty of
6% of Net Smelter Returns.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">B.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>CMC and MH&nbsp;LLC agree to amend and restate the remainder of Section&nbsp;5.3 of the Mt.&nbsp;Hamilton Lease to read
in its entirety as follows:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt">For the purposes of this Agreement, the &ldquo;date of
commencement of commercial production from the Property&rdquo; shall mean that date on which ore from the Property is being consistently
processed on a continuous basis at 75% of the rate projected in the final feasibility study, if any, prepared by or for [the Lessee]
in respect of the Property or 180&nbsp;days after the date on which ore from the Property is first mined, whichever shall first
occur. Notwithstanding the definition of commencement of commercial production above, Royalty payments shall be made to the Lessor
from all production from the Property.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt">[The Lessee] is hereby irrevocably granted the following
rights and options (collectively the &ldquo;Royalty Reduction Options&rdquo;):</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt 1in; text-indent: -0.5in">(a)&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the right and option
(the &ldquo;First Royalty Reduction Option&rdquo;), exercisable at any time prior to the date of commencement of commercial production
from the Property, to reduce the Royalty by purchasing one and one-half (1.5%) percentage points of the Royalty for $2,000,000;
and if [the Lessee] so elects to reduce the Royalty, the maximum Royalty on all Products other than gold and silver will be reduced
from 8% to 6.5% of<BR></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 12pt">A-2</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt 1in; text-indent: -0.5in"><BR>
Net Smelter Returns, and the maximum Gold Royalty will be reduced from 6% to 4.5% of Net Smelter Returns;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt 1in; text-indent: -0.5in">(b)&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;subject only the first
having exercised the First Royalty Reduction Option, the right and option (the &ldquo;Second Royalty Reduction Option&rdquo;),
exercisable at any time prior to the date of commencement of commercial production from the Property, to further reduce the Royalty
by purchasing another one and three-quarters (1.75%) percentage points of the Royalty for a further $1,500,000; and if [the Lessee]
so elects to reduce the Royalty, the maximum Royalty on all Products other than gold and silver will be reduced from 6.5% to 4.75%
of Net Smelter Returns, and the maximum Gold Royalty will be reduced from 4.5% to 2.75% of Net Smelter Returns; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt 1in; text-indent: -0.5in">(c)&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;subject only to first
having exercised the First Royalty Reduction Option and the Second Royalty Reduction Option (the &ldquo;Third Royalty Reduction
Option&rdquo;), exercisable at any time prior to the first anniversary of the date of commencement of commercial production from
the Property, to further reduce the Royalty by purchasing another one and three-quarters (1.75%) percentage points of the Royalty
for a further $1,500,000; and if [the Lessee] so elects to reduce the Royalty, the maximum Royalty payable on all Products other
than gold and silver will be reduced from 4.75% to 3% of Net Smelter Returns, and the maximum Gold Royalty will be reduced from
2.75% to 1% of Net Smelter Returns. In that event, the Gold Royalty will no longer be based on a sliding scale, but instead shall
be 1% of Net Smelter Returns regardless of the price of gold, and shall never be reduced to less than 1% of Net Smelter Returns.
<B> </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">C.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>All capitalized terms used but not defined in this Fourth Amendment shall have the meaning ascribed to them in the Mt.&nbsp;Hamilton
Lease.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">D.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The parties hereby confirm and agree that the Mt.&nbsp;Hamilton Lease, as amended by the terms and provisions of this Fourth
Amendment, remains in full force and effect.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF,
the parties have executed this Fourth Amendment as of the date first set forth above.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0.5in 207.35pt">CENTENNIAL MINERALS COMPANY LLC</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0.5in 207.35pt">By: <U>&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;&#9;<BR>
</U>Name: <U>&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;&#9;<BR>
</U>Title: <U>&#9;&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;</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0.5in">A-3&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0.5in">MT. HAMILTON LLC<BR>
<BR>
By:&#9;SOLITARIO EXPLORATION &amp; ROYALTY CORP., &#9;its Manager</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0.5in 3.2in">By: <U>&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;&#9;<BR>
</U>Name: <U>&#9;&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;<BR>
</U>Title: <U>&#9;&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;</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">STATE OF ___________&#9;)<BR>
&#9;) ss.<BR>
COUNTY OF _________&#9;)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The foregoing instrument
was acknowledged before me this ____ day of __________, 2011, by ____________ as ____________ of Centennial Minerals Company LLC,
a Nevada limited liability company.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Witness my hand
and official seal</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">My commission expires:
_________________________</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 24pt 0 24pt 3in"><U>&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;&#9;<BR>
</U>Notary Public</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">STATE OF ___________&#9;)<BR>
&#9;) ss.<BR>
COUNTY OF _________&#9;)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The foregoing instrument
was acknowledged before me this ____ day of __________, 2011, by ____________ as ____________ of Solitario Exploration &amp; Royalty&nbsp;Corp.,
a Colorado corporation, as Manager of Mt.&nbsp;Hamilton LLC, a Colorado limited liability company.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Witness my hand
and official seal</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">My commission expires:
_________________________</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 24pt 0 24pt 3in"><U>&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;&#9;<BR>
</U>Notary Public</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 24pt; text-align: center; margin-bottom: 24pt">A-4</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-decoration: underline; text-align: center">Exhibit
A<BR>
<BR>
Mining Claims Covered by Mt.&nbsp;Hamilton Lease<BR STYLE="mso-special-character: line-break">
<BR STYLE="mso-special-character: line-break">
</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-decoration: underline">Patented Mining Claims</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="1" STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">Claim Name</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Patent</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Issued</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="1" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56%; padding-left: 5.4pt">Badger State</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">6449</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">09/15/1882</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 5.4pt">Centennial</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4705</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">05/31/1881</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 5.4pt">Gloucester</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">867</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">04/15/1874</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 5.4pt">Woo Hop</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5404</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">02/28/1882</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 5.4pt">Chester</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1131</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12/21/1874</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 5.4pt">Chester 1</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">256014</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">04/01/1912</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 5.4pt">Chester 2-4</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">256018</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">04/01/1912</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-decoration: underline">Unpatented Mining Claims</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">Claim Name</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Claim Number</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Book/Page</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">NMC</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 39%; text-align: center; padding-left: 5.4pt">H</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">10</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">352/265</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="text-align: center">839910</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; padding-left: 5.4pt">H</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">352/266</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">839911</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center; padding-left: 5.4pt">H</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">352/267</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">839912</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; padding-left: 5.4pt">H</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">352/268</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">839913</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center; padding-left: 5.4pt">H</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">352/269</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">839914</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; padding-left: 5.4pt">H</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">352/270</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">839915</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center; padding-left: 5.4pt">H</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">352/271</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">839916</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; padding-left: 5.4pt">H</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">352/272</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">839917</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center; padding-left: 5.4pt">H</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">352/273</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">839918</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; padding-left: 5.4pt">H</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">352/274</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">839919</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center; padding-left: 5.4pt">H</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">352/275</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">839920</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; padding-left: 5.4pt">H</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">352/276</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">839921</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center; padding-left: 5.4pt">H</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">352/277</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">839922</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; padding-left: 5.4pt">H</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">352/278</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">839923</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center; padding-left: 5.4pt">H</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">352/279</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">839924</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; padding-left: 5.4pt">H</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">352/280</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">839925</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center; padding-left: 5.4pt">H</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">352/281</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">839926</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; padding-left: 5.4pt">H</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">36</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">352/282</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">839927</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center; padding-left: 5.4pt">H</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">37</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">352/283</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">839928</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; padding-left: 5.4pt">H</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">38</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">352/284</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">839929</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center; padding-left: 5.4pt">H</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">39</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">352/285</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">839930</TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>


<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">A-5</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>4
<FILENAME>exh992.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 11pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 9pt Arial; margin: 0; text-align: right; color: Red"><FONT STYLE="font: 12pt Times New Roman, Times, Serif; color: Black">Exhibit
99.2</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><BR>
<BR>
<IMG SRC="ltrhd.jpg" ALT=""><BR>
May 17, 2011</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><BR>
<BR>
<BR>
<BR>
Mr. Trey Wasser<BR>
DHI Minerals (U.S.) Ltd.<BR>
680-789 West Pender Street<BR>
Vancouver, B.C., Canada<BR>
V6C 1H2</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-indent: -0.5in">Re:&#9;Royalty Buy-Down</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Dear Trey:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">This letter (the &ldquo;Letter Agreement&rdquo;)
will confirm certain agreements between Solitario Exploration &amp; Royalty Corp. (&ldquo;Solitario&rdquo;) and DHI Minerals (U.S.)
Ltd. (&ldquo;DHI US&rdquo;), as the Members of Mt. Hamilton LLC, a Colorado limited liability company (&ldquo;MH LLC&rdquo;), concerning
the buy-down by MH LLC of a portion of the production royalty payable under the Mt.&nbsp;Hamilton Lease (as defined in paragraph&nbsp;1
below) and related amendments to the December 22, 2010 Limited Liability Operating Agreement of MH LLC (the &ldquo;Operating Agreement&rdquo;).
For good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged and confirmed, Solitario and
DHI US agree as follows:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">1.&#9;Centennial Minerals Company LLC
(&ldquo;CMC&rdquo;) and MH&nbsp;LLC are parties to that Mining Lease Agreement between CMC and Diamond Hill Investment Corp. (predecessor-in-interest
to DHI US) dated November&nbsp;19, 2004, amended by that First Amending Agreement between CMC and DHI US dated April&nbsp;20, 2005,
further amended by that Royalty Reduction Agreement among CMC, DHI US and Ely Gold&nbsp;&amp; Minerals Inc. (&ldquo;Ely&rdquo;),
dated February&nbsp;27, 2010, and further amended by that Amendment of Lease Agreement and Royalty Reduction Agreement among CMC,
DHI US and Ely dated April&nbsp;28, 2010 (collectively, the &ldquo;Mt.&nbsp;Hamilton Lease&rdquo;). DHI US assigned its interest
in the Mt.&nbsp;Hamilton Lease to MH&nbsp;LLC pursuant to a Mineral Deed and Assignment dated effective as of December&nbsp;22,
2010. Pursuant to the Mt.&nbsp;Hamilton Lease, CMC is entitled to a sliding scale production royalty on the production of minerals
from the patented and unpatented mining claims covered thereby, starting at 3.0% of Net&nbsp;Smelter Returns (at a gold price of
$400 per ounce), increasing by one-half of one percentage point for each $50 increase in the price of gold, to a maximum of 8.0%
of Net Smelter Returns (the &ldquo;Royalty&rdquo;). Pursuant to the Mt.&nbsp;Hamilton Lease, MH&nbsp;LLC has the right to reduce
the maximum Royalty from 8.0% to 6.5% of Net Smelter Returns by making a<BR>
 </P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><BR>
$2,000,000 payment to CMC, to further reduce the maximum
Royalty from 6.5% to 4.75% of Net Smelter Returns by making an additional $1,500,000 payment to CMC, and to further reduce the
maximum Royalty from 4.75% to 3.0% of Net Smelter Returns by making another $1,500,000 payment to CMC.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">2.&#9;CMC, MH&nbsp;LLC and Solitario
have agreed to the terms of a Purchase Agreement (the &ldquo;Purchase Agreement&rdquo;), a copy of which is attached hereto as
Exhibit A and incorporated herein by reference, which will allow for the buy-down by MH&nbsp;LLC of an additional two percentage
points of the Royalty, as it applies to gold and silver, pursuant to the terms of the Purchase Agreement. The result of the buy-down
of the Royalty under the Purchase Agreement is that for gold and silver, the maximum Royalty will be 6% of Net Smelter Returns
rather than 8%, and MH&nbsp;LLC will have the right under the Mt. Hamilton Lease, as described above, to reduce the Royalty on
gold and silver to 1% of Net Smelter Returns rather than 3%.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">3.&#9;The purchase price to be paid for
the buy-down of the royalty is $2,520,000 (the &ldquo;Purchase Price&rdquo;), of which $1,519,999 is to be paid in cash, and $1,000,001
is to be paid by the delivery of 344,116 shares of Solitario&rsquo;s common stock (the &ldquo;Stock&rdquo;) to CMC, the number
of shares of Stock determined pursuant to the valuation method for the Stock set forth in the Purchase Agreement. Solitario has
agreed to deliver the Stock for the benefit of MH LLC.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">4.&#9;In order to pay the Purchase Price,
on the Closing Date provided for in the Purchase Agreement, MH&nbsp;LLC will be required to deliver $1,519,999 in cash to CMC,
and Solitario will be required to deliver, for the benefit of MH&nbsp;LLC, share certificates representing the Stock. DHI&nbsp;US
and Solitario have agreed and do hereby agree that Solitario shall contribute eighty percent (80%) of the Purchase Price ($2,016,000)
to MH&nbsp;LLC, and DHI US shall contribute twenty percent (20%) of the Purchase Price ($504,000) to MH&nbsp;LLC, in respect of
the payment by MH LLC of the Purchase Price under the Purchase Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">5.&#9;DHI US and Solitario have agreed
and hereby agree that, in order to facilitate DHI US making its contribution of twenty percent (20%) of the Purchase Price to MH&nbsp;LLC,
Solitario shall contribute the entire amount of the cash portion of the Purchase Price to MH LLC, and shall deliver the Stock to
CMC for the benefit of MH LLC, and Solitario shall be deemed to have loaned DHI US&rsquo;s share of the Purchase Price, $504,000,
to DHI US, such amount bearing interest at a rate of six&nbsp;percent (6%) per annum until fully repaid (the entire amount of principal
and interest referred to collectively as the &ldquo;Loan Amount&rdquo;). The parties agree that the Loan Amount will be repaid
to Solitario exclusively from eighty percent (80%) of DHI US&rsquo;s share of distributions from MH LLC, in the manner set forth
in Section 3.2(c)(v) of the Operating Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">6.&#9;The proportionate shares of the
Purchase Price under the Purchase Agreement contributed by Solitario and DHI US to MH LLC under paragraph&nbsp;4 shall constitute
capital contributions to MH LLC and shall be credited to their respective Capital Accounts under the Operating Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">7.&#9;DHI US agrees that its making a
$504,000 capital contribution to MH LLC under paragraph 4 shall in no way be deemed a breach by Solitario of Solitario&rsquo;s
sole funding obligations under Section 3.2(c)(v) of the Operating Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">8.&#9;DHI US acknowledges and agrees
that Solitario will prepare, make available to CMC, and file with the relevant U.S. and Canadian securities regulators and stock
exchanges a prospectus supplement and an 8-K filing and related press release which describe the transactions set forth in the
Purchase Agreement and this Letter Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">9.&#9;Each of the parties represents
and warrants to the other that it has the full corporate power and authority to execute and deliver this Letter Agreement and has
taken all corporate actions required in connection therewith, and that the consummation of this Letter Agreement will not result
in or constitute a default or an event that, with notice or lapse of time or both, would be a default, breach or violation of any
contract, lease, license, commitment, or any other agreement, instrument or arrangement to which it is a party, or by which it
is bound.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">10.&#9;The parties hereby confirm that,
as amended by this Letter Agreement, the Operating Agreement remains in good standing and in full force and effect.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Please confirm DHI US&rsquo;s agreement
with the foregoing by executing duplicate originals of this Letter Agreement in the space provided below and returning one fully-executed
original to me.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 3.25in">Yours very truly,</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0.5in 3.25in"><B>Solitario Exploration &amp; Royalty Corp.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0.5in 3.25in">By: /s/ Christopher E. Herald<BR>
Name: Christopher E. Herald<BR>
Title: President and Chief Executive Officer</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Accepted and agreed to this 17th&nbsp;day<BR>
of May, 2011</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 0.5in; text-align: justify">DHI Minerals (U.S.) Ltd.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">By: /s/ Trey Wasser<U><BR>
</U>Name: Trey Wasser<BR>
Title: Secretary</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">3<U></P>

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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>6
<FILENAME>exh993.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 11pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">Exhibit 99.3</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>May 18, 2011</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><U>SOLITARIO REDUCES ROYALTY AND OPTIONS SIGNIFICANT
GOLD AND MOLYBDENUM DEPOSIT ON ITS MT. HAMILTON PROJECT, NEVADA</U></B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Halvetica, Sans-Serif; margin: 0; text-align: justify"><B>Denver, Colorado: </B>Solitario Exploration
&amp; Royalty Corp. (&ldquo;Solitario;&rdquo; NYSE Amex: <B>XPL;</B> TSX: <B>SLR</B>) and Ely Gold &amp; Minerals Inc. (&ldquo;Ely
Gold&rdquo; - including Ely Gold&rsquo;s 100%-owned US subsidiary DHI US; TSX.V: <B>ELY</B>) are pleased to announce that their
joint venture, Mt. Hamilton LLC (&ldquo;MH LLC&rdquo;), has bought-down an existing 2.0% NSR royalty obligation on gold and silver
production on the Mt. Hamilton gold project and has completed an initial evaluation of the Shell gold-molybdenum property optioned
in the first quarter of 2011. The Shell property comprises eight strategically located mining claims on the south side of the Mt.
Hamilton project area. Completion of the royalty buy-down along with the new potential on the Shell property significantly enhances
overall project economics and exploration potential. Mt. Hamilton is situated at the southern end of the prolific Battle Mountain
gold trend in eastern Nevada where Solitario is currently managing feasibility work.</P>

<P STYLE="font: 11pt Calibri, Halvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Halvetica, Sans-Serif; margin: 0; text-align: justify"><B>Terms of the Royalty Reduction Purchase</B><FONT STYLE="font-size: 11pt">
</FONT></P>

<P STYLE="font: 11pt Calibri, Halvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Halvetica, Sans-Serif; margin: 0; text-align: justify">MH LLC purchased the 2.0% NSR royalty for
$2.52 million, consisting of $1.52 million in cash and $1.0 million by the delivery of 344,116 shares of Solitario. Solitario contributed
the entire purchase price and loaned Ely Gold its 20% proportionate share. The loan to Ely Gold will bear interest at 6% per annum
and will be repaid from Ely&rsquo;s future production proceeds. With the completion of the 2.0% NSR royalty reduction purchase,
the royalty rate on gold and silver mineralization on the Mt. Hamilton gold project will be reduced to 1.0%, assuming MH LLC fully
exercises its current option to further reduce the royalty from 6.0% to 1.0% for cash payments totaling $5.0 million to underlying
royalty holders. The $5.0 million NSR royalty reduction option is exercisable at any time prior to commercial production. Closing
of the royalty purchase, including the issuance of Solitario&rsquo;s common shares, is subject to customary approvals including
required regulatory approval by the NYSE Amex Equities exchange and the Toronto Stock Exchange.</P>

<P STYLE="font: 11pt Calibri, Halvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Halvetica, Sans-Serif; margin: 0; text-align: justify"><B>Shell Property</B></P>

<P STYLE="font: 11pt Calibri, Halvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Halvetica, Sans-Serif; margin: 0; text-align: justify">The Shell property contains significant deposits
of both high-grade gold and molybdenum that were partially defined by drilling conducted 30 to 40 years ago, principally by Union
Carbide. Confirmatory drilling was subsequently conducted in 2006 and 2007. Of the 40 holes drilled on the property, 23 contain
significant intercepts of gold and/or molybdenum. The Shell property, situated less than a mile from Mt. Hamilton&rsquo;s Centennial
deposit, is subject to two leases previously controlled solely by Ely Gold.</P>

<P STYLE="font: 11pt Calibri, Halvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<!-- Field: Page; Sequence: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 11pt Calibri, Halvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 12pt Calibri, Halvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Calibri, Halvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Calibri, Halvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Calibri, Halvetica, Sans-Serif; margin: 0; text-align: justify"><B>Shell Mineralization</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Halvetica, Sans-Serif; margin: 0; text-align: justify">The ten best pre-1983 drill hole intercepts
are presented in <U>Table 1 (gold)</U> and<U> Table 3 (molybdenum) </U>and are historical in nature, requiring additional infill
drilling before resources for the Shell gold deposit can be measured in a NI 43-101 compliant estimate. Drill hole data presented
in <U>Table 2 (gold)</U> and <U>Table 4 (molybdenum)</U> are from a 2006/2007 drill hole assay verification program conducted prior
to Solitario&rsquo;s participation in the project. The results of the verification program substantially confirm previous drilling.</P>

<P STYLE="font: 11pt Calibri, Halvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Halvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Halvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 14pt Calibri, Halvetica, Sans-Serif; margin: 0; text-align: center"><B>Table 1: Pre-1983 Drill Hole Assays Results
for Gold </B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Calibri, Halvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: black">
    <TD STYLE="width: 20%; border-top: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Calibri, Halvetica, Sans-Serif; margin: 0; text-align: center; color: white"><B>Hole</B></P>
        <P STYLE="font: 11pt Calibri, Halvetica, Sans-Serif; margin: 0; text-align: center; color: white"><B>Number</B></P></TD>
    <TD STYLE="width: 21%; border-top: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: white; font-weight: bold; text-align: center">Mineralized &nbsp; Interval (Ft.)</TD>
    <TD STYLE="width: 17%; border-top: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Calibri, Halvetica, Sans-Serif; margin: 0; text-align: center; color: white"><B>Thickness</B></P>
        <P STYLE="font: 11pt Calibri, Halvetica, Sans-Serif; margin: 0; text-align: center; color: white"><B>(Feet)</B></P></TD>
    <TD STYLE="width: 18%; border-top: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: white; font-weight: bold; text-align: center">Gold Grade (oz./ton)</TD>
    <TD STYLE="width: 24%; border-top: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: white; font-weight: bold; text-align: center">Gold Grade (grams/tonne)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center"> <FONT STYLE="font: 11pt Calibri, Halvetica, Sans-Serif"><B>DDH-13</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> <FONT STYLE="font: 11pt Calibri, Halvetica, Sans-Serif">1365.5-1388.8</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> <FONT STYLE="font: 11pt Calibri, Halvetica, Sans-Serif">23.3</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> <FONT STYLE="font: 11pt Calibri, Halvetica, Sans-Serif">0.326</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">11.16</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">DDH-21</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1263.6-1279.6</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">16.0</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">0.201</TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">6.88</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">DDH-21A</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1269.7-1285.1</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">15.4</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">0.220</TD>
    <TD STYLE="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">7.80</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">DDH-21B</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1272.8-1291.3</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">18.5</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">0.160</TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5.48</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">DDH-26</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1287.1-1296.1</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">9.0</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">0.132</TD>
    <TD STYLE="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">4.52</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">DDH-27</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1397.5-1405.5</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">8.0</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">0.129</TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">4.57</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">DDH-30</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1504.0-1512.0</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">8.0</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">0.110</TD>
    <TD STYLE="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">3.77</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">DDH-32</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1633.0-1636.0</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">3.0</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">0.236</TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">8.37</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">DDH-U-9</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1382.7-1388.7</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">6.0</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">0.727</TD>
    <TD STYLE="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">24.90</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">DDH-U-9B</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1383.9-1390.9</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">7.0</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">0.939</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">32.16</TD></TR>
</TABLE>
<P STYLE="font: 10pt Calibri, Halvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: center"><I>All drill thicknesses are thought
to represent at least a 90% true thickness of the mineralized interval. </I></P>

<P STYLE="font: 10pt Calibri, Halvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Calibri, Halvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Calibri, Halvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Calibri, Halvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Calibri, Halvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 14pt Calibri, Halvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"><B>Table 2: 2006/07 Drill Hole Assay
Verification Program for Gold </B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Calibri, Halvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: black">
    <TD STYLE="width: 14%; border-top: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Calibri, Halvetica, Sans-Serif; margin: 0; text-align: center; color: white"><B>2006 Hole</B></P>
        <P STYLE="font: 11pt Calibri, Halvetica, Sans-Serif; margin: 0; text-align: center; color: white"><B>Number</B></P></TD>
    <TD STYLE="width: 26%; border-top: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: white; font-weight: bold; text-align: center">Twinned Pre-1983 Drill Hole(s)</TD>
    <TD STYLE="width: 16%; border-top: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: white; font-weight: bold; text-align: center">Mineralized &nbsp; Interval (Ft.)</TD>
    <TD STYLE="width: 12%; border-top: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Calibri, Halvetica, Sans-Serif; margin: 0; text-align: center; color: white"><B>Thickness</B></P>
        <P STYLE="font: 11pt Calibri, Halvetica, Sans-Serif; margin: 0; text-align: center; color: white"><B>(Feet)</B></P></TD>
    <TD STYLE="width: 15%; border-top: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: white; font-weight: bold; text-align: center">Gold Grade (oz./ton)</TD>
    <TD STYLE="width: 17%; border-top: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: white; font-weight: bold; text-align: center">Gold Grade (grams/tonne)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center"> <FONT STYLE="font: 11pt Calibri, Halvetica, Sans-Serif"><B>MC-6001</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">DDH-U-9, DDH-U-9B</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> <FONT STYLE="font: 11pt Calibri, Halvetica, Sans-Serif">1389.0-1395.0</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> <FONT STYLE="font: 11pt Calibri, Halvetica, Sans-Serif">6.0</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> <FONT STYLE="font: 11pt Calibri, Halvetica, Sans-Serif">0.328</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">11.23</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">MC-6002</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">DDH-21, 21A &amp; 21B</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1269.5-1288.0</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">18.5</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">0.102</TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">3.49</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">MC-6003</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">DDH-27</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">876.0-914.0</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">35.0</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">0.141</TD>
    <TD STYLE="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">4.83</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">MC-7001</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">DDH-27</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1204.0-1216.0</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">12.0</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">0.115</TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">3.94</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1301.0-1305.5</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">4.5</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">0.188</TD>
    <TD STYLE="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">6.44</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">MC-7002</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">DDH-U-7*</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1153.5-1163.5</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">10.0</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">0.022</TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">0.75</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">MC-7003</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">DDH-U-7*</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1450.7-1460.7</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">10.0</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">0.347</TD>
    <TD STYLE="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">11.88</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1482.6-1500.8</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">18.2</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">0.147</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5.03</TD></TR>
</TABLE>
<P STYLE="font: 10pt Calibri, Halvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><I>All drill thicknesses are thought to represent
at least a 90% true thickness of the mineralized interval. </I></P>

<P STYLE="font: 10pt Calibri, Halvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"><I>*DDH-U-7 intersected
2.0 feet (1427.6&rsquo;-1429.6&rsquo;) of gold grading 0.170 oz./ton.</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Halvetica, Sans-Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 11pt Calibri, Halvetica, Sans-Serif; margin: 0"></P>

<P STYLE="font: 14pt Calibri, Halvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 14pt Calibri, Halvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 14pt Calibri, Halvetica, Sans-Serif; margin: 0; text-align: center"><B>Table 3: Pre-1983 Drill Hole Assays Results
for Molybdenum*</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Calibri, Halvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: black">
    <TD STYLE="width: 25%; border-top: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Calibri, Halvetica, Sans-Serif; margin: 0; text-align: center; color: white"><B>Hole</B></P>
        <P STYLE="font: 11pt Calibri, Halvetica, Sans-Serif; margin: 0; text-align: center; color: white"><B>Number</B></P></TD>
    <TD STYLE="width: 30%; border-top: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: white; font-weight: bold; text-align: center">Mineralized &nbsp; Interval (Ft.)</TD>
    <TD STYLE="width: 22%; border-top: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Calibri, Halvetica, Sans-Serif; margin: 0; text-align: center; color: white"><B>Thickness</B></P>
        <P STYLE="font: 11pt Calibri, Halvetica, Sans-Serif; margin: 0; text-align: center; color: white"><B>(Feet)</B></P></TD>
    <TD STYLE="width: 23%; border-top: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Calibri, Halvetica, Sans-Serif; margin: 0; text-align: center; color: white"><B>Grade</B></P>
        <P STYLE="font: 11pt Calibri, Halvetica, Sans-Serif; margin: 0; text-align: center; color: white"><B>% MoS<SUB>2</SUB></B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center"> <FONT STYLE="font: 11pt Calibri, Halvetica, Sans-Serif"><B>DDH-6</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> <FONT STYLE="font: 11pt Calibri, Halvetica, Sans-Serif">1422.0-1430.0</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> <FONT STYLE="font: 11pt Calibri, Halvetica, Sans-Serif">8.0</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> <FONT STYLE="font: 11pt Calibri, Halvetica, Sans-Serif">1.18</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">DDH-17</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1305.0-1318.0</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">13.0</TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">0.96</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">DDH-21</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1227.0-1235.0</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">8.0</TD>
    <TD STYLE="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2.95</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">DDH-21B</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1228.0-1237.0</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">9.0</TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">0.74</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1265.0-1273.3</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">8.3</TD>
    <TD STYLE="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">0.79</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">DDH-27</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1369.0-1377.5</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">8.5</TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">7.74</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1400.0-1408.0</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">8.0</TD>
    <TD STYLE="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1.08</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">DDH-U-5A</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1421.0-1430.0</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">9.0</TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">0.78</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">DDH-U-7</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1573.0-1581.0</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">8.0</TD>
    <TD STYLE="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1.63</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">DDH-U-9B</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1381.0-1390.0</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">8.0</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">0.76</TD></TR>
</TABLE>
<P STYLE="font: 10pt Calibri, Halvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: center"><I>All drill thicknesses are thought
to represent at least a 90% true thickness of the mineralized interval. Mineralized intersections less than 8.0 feet diluted to
a minimum mining width of 8.0 feet.</I></P>

<P STYLE="font: 10pt Calibri, Halvetica, Sans-Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 14pt Calibri, Halvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><B>Table 4: 2006/07 Drill Hole Assay Verification
Program for Molybdenum</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Calibri, Halvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: black">
    <TD STYLE="width: 17%; border-top: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Calibri, Halvetica, Sans-Serif; margin: 0; text-align: center; color: white"><B>2006 Hole</B></P>
        <P STYLE="font: 11pt Calibri, Halvetica, Sans-Serif; margin: 0; text-align: center; color: white"><B>Number</B></P></TD>
    <TD STYLE="width: 29%; border-top: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: white; font-weight: bold; text-align: center">Twinned Pre-1983 Drill Hole(s)</TD>
    <TD STYLE="width: 20%; border-top: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: white; font-weight: bold; text-align: center">Mineralized &nbsp; Interval (Ft.)</TD>
    <TD STYLE="width: 15%; border-top: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Calibri, Halvetica, Sans-Serif; margin: 0; text-align: center; color: white"><B>Thickness</B></P>
        <P STYLE="font: 11pt Calibri, Halvetica, Sans-Serif; margin: 0; text-align: center; color: white"><B>(Feet)</B></P></TD>
    <TD STYLE="width: 19%; border-top: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Calibri, Halvetica, Sans-Serif; margin: 0; text-align: center; color: white"><B>Grade</B></P>
        <P STYLE="font: 11pt Calibri, Halvetica, Sans-Serif; margin: 0; text-align: center; color: white"><B>% MoS<SUB>2</SUB></B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center"> <FONT STYLE="font: 11pt Calibri, Halvetica, Sans-Serif"><B>MC-6001</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">DDH-U-9, DDH-U-9B</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> <FONT STYLE="font: 11pt Calibri, Halvetica, Sans-Serif">1357.0-1377.0</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> <FONT STYLE="font: 11pt Calibri, Halvetica, Sans-Serif">10.0</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> <FONT STYLE="font: 11pt Calibri, Halvetica, Sans-Serif">0.12</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">MC-6002</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">DDH-21, 21A &amp; 21B</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1221.0-1267.0</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">46.0</TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">0.17</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">MC-6003</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">DDH-27</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1359.0-1378.0</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">19.0</TD>
    <TD STYLE="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">0.17</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">MC-7001</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">DDH-27</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1391.0-1424.0</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">33.0</TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">0.32</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">MC-7002</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">DDH-U-7</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1592.5-1601.5</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">9.0</TD>
    <TD STYLE="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">0.16</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">MC-7003</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">DDH-U-7</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">824.1-828.3</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">4.2</TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1.03</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1481.3-1491.5</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">10.2</TD>
    <TD STYLE="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">0.24</TD></TR>
</TABLE>
<P STYLE="font: 10pt Calibri, Halvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><I>All drill thicknesses are thought to represent
at least a 90% true thickness of the mineralized interval. </I></P>

<P STYLE="font: 11pt Calibri, Halvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Halvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Halvetica, Sans-Serif; margin: 0">The gold and molybdenum deposits are spatially associated, with
a gently dipping tabular gold deposit situated coincident with, and more commonly, immediately below molybdenum mineralization.
Geologically, gold mineralization on the Shell property occurs along an unconformity between two rock formations associated with
a paleo-surface and karst (cave) features. Molybdenum mineralization is controlled by low angle fault structures in skarn rock.</P>

<P STYLE="font: 11pt Calibri, Halvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Halvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Halvetica, Sans-Serif; margin: 0; text-align: justify">Chris Herald, President and CEO of Solitario
commented, &ldquo;The reduction in the NSR royalty rate at Mt. Hamilton adds significant economic value by reducing future total
cash operating costs by nearly $30 per ounce at today&rsquo;s gold prices. With the Shell property acquisition, considerable upside
for future high-grade resource expansion has been added to the project. The gold mineralization at Shell is a natural fit with
the Mt. Hamilton-Centennial gold deposit that we plan to take through feasibility. The molybdenum mineralization also complements
other known molybdenum-tungsten occurrences on the Mt. Hamilton property. Both the gold and molybdenum grades for the Shell deposits
are impressive and potentially underground mineable. We anticipate additional exploration work to further define and expand resources
on the property based on further analysis of the historical data. &ldquo;</P>

<P STYLE="font: 11pt Calibri, Halvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 11pt Calibri, Halvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt Calibri, Halvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Halvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Halvetica, Sans-Serif; margin: 0; text-align: justify">&ldquo;These developments point directly to
Solitario&rsquo;s commitment to moving the Mt. Hamilton assets into production&rdquo;, according to Trey Wasser, Ely Gold&rsquo;s
President &amp; CEO. &ldquo;The royalty reduction adds to the already robust economics of the Mt Hamilton project and the Shell
properties could allow for additional resource growth beyond what has been outlined in the current reports.&rdquo;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Halvetica, Sans-Serif; margin: 0">The information contained in this release has been reviewed by
Walter Hunt, Chief Operating Officer for Solitario, who is a qualified person as defined by National Instrument 43-101.&nbsp; Whereas
the drilling programs were not directly supervised by Solitario, based upon the review, the information is believed to be substantially
accurate.</P>

<P STYLE="font: 12pt Calibri, Halvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Calibri, Halvetica, Sans-Serif; margin: 0; text-align: justify"><B>Terms of the Shell Leases </B></P>

<P STYLE="font: 11pt Calibri, Halvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Halvetica, Sans-Serif; margin: 0">The Shell property was acquired from Ely Gold by MH LLC, after
amending some of the terms of its two underlying leases. Solitario and Ely Gold equally contributed the $160,000 advanced royalty
payments due the underlying owners. In the future, MH LLC will be responsible for making advanced royalty payments of $160,000
per year to the lease holders for the next five years and conducting annual exploration work on the property ranging from $5,000
for the first year to $75,000 for year five and beyond. Both Shell leases are subject to a 4.5% NSR royalty that can be reduced
to 0.5% by making a $3.0 million cash payment to each royalty owner prior to commercial production. MH LLC has the right to terminate
the Shell leases at any time.</P>

<P STYLE="font: 11pt Calibri, Halvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Halvetica, Sans-Serif; margin: 0"><B>Terms of the Mt. Hamilton Joint Venture</B></P>

<P STYLE="font: 12pt Calibri, Halvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Halvetica, Sans-Serif; margin: 0; text-align: justify">Solitario and Ely Gold formed MH LLC, a limited
liability company which now holds 100% of the Mt. Hamilton project assets under an Operating Agreement (&ldquo;MH-Agreement&rdquo;).
Per the terms of the MH-Agreement, DHI-US, Ely Gold&rsquo;s wholly owned US subsidiary, currently has a 90% initial interest in
MH LLC and Solitario has a 10% initial interest. Solitario can earn up to an 80% interest in MH LLC by completing a feasibility
study, arranging project financing, and making future property and advanced royalty payments.</P>

<P STYLE="font: 11pt Calibri, Halvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Halvetica, Sans-Serif; margin: 0; text-align: justify"><B>About Solitario</B></P>

<P STYLE="font: 11pt Calibri, Halvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Halvetica, Sans-Serif; margin: 0; text-align: justify">Solitario is a gold, silver, platinum-palladium,
and base metal exploration and royalty company actively exploring in Brazil, Mexico, Peru and Nevada. Solitario has significant
business relationships with Votorantim Metais, Compa&ntilde;ia de Minas Buenaventura S.A.A., Anglo Platinum, and Newmont Mining.
Solitario has approximately US$17.5 million in net cash (after the royalty buy down) and marketable securities and is traded on
the NYSE Amex (&quot;XPL&quot;) and on the Toronto Stock Exchange (&quot;SLR&quot;). Additional information about Solitario is
available online at www.solitarioxr.com</P>

<P STYLE="font: 11pt Calibri, Halvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Halvetica, Sans-Serif; margin: 0; text-align: justify"><B>About Ely Gold</B></P>

<P STYLE="font: 11pt Calibri, Halvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Halvetica, Sans-Serif; margin: 0; text-align: justify">Ely Gold is focused on acquisition and development
of gold resources in the Americas. The Company is currently evaluating other near term production assets with a partnership business
model focused on royalties and cash flow. Ely Gold is traded on the TSX Venture Exchange (&quot;ELY&quot;). Additional information
about Ely Gold is available online at www.elygoldandminerals.com</P>

<P STYLE="font: 11pt Calibri, Halvetica, Sans-Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 11pt Calibri, Halvetica, Sans-Serif; margin: 0"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">FOR MORE INFORMATION AT SOLITARIO, CONTACT:</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Calibri, Halvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">Debbie Mino-Austin</P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">Director &ndash; Investor Relations</P></TD>
    <TD STYLE="width: 40%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">(800) 229-6827</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">Christopher E. Herald</P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">President &amp; CEO</P></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">(303) 534-1030</P></TD></TR>
</TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">FOR MORE INFORMATION AT ELY, CONTACT:</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Calibri, Halvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">Steve Kenwood</P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">Director</P></TD>
    <TD STYLE="width: 40%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">(604) 488-1104</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">Trey Wasser</P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">President &amp; CEO</P></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">(972) 803-3904</P></TD></TR>
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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>This press release includes certain &quot;Forward-Looking
Statements&quot; 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&rsquo;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&rsquo;s expectations
are disclosed under the heading &quot;Risk Factors&quot; and elsewhere in Solitario&rsquo;s documents filed from time to time with
Canadian Securities Commissions and the United States Securities and Exchange Commission.</I></P>


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