Solitario Exploration & Royalty (NYSE Amex: XPL; TSX: SLR) engages in the acquisition and exploration of mineral properties located in Peru, Brazil, and Mexico.  Our focus is on gold, silver, platinum, and palladium, but we have advanced projects with zinc and lead.

Solitario’s success has been fueled by its ability to identify large-potential early-stage exploration properties and subsequently leverage these successes into partnerships with senior mining companies including Newmont, Anglo Platinum and Votorantim Metais.    Our joint ventures are structured very similarly to Net Profit Interest Royalties in which we are essentially financed through production, to cash flow.  In 2009 our joint venture partners are planning approximately $5 million in expenditures on our projects.

We also have a pipeline of high-potential 100%-owned exploration properties that will be advanced during 2009.   In addition to our high-quality diversified asset portfolio, Solitario has a strong balance sheet with approximately US$20 million in cash and securities, and no debt.

High-Quality Diversified Asset Portfolio:

• Zinc: Bongará & Chambara (Peru)
• Silver/Gold: Pachuca Real (Mexico)
• PGM: Pedra Branca (Brazil)
• Gold: Mercurio (Brazil), Strategic Alliance Projects (Peru)
• Silver/Base Metals: La Promesa & Chonta (Peru)
• NSR Royalties: Yanacocha (Peru)
• Peru Alliance with Newmont

Joint ventures with:

• Anglo Platinum: world’s largest platinum producer
• Votorantim Metais: world's 3rd largest zinc producer
• Peru Alliance with Newmont