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This website (including drill hole information
and mineral reserve and resource numbers)
has been reviewed for accuracy by Mr. Walt Hunt,
COO for Solitario Exploration & Royalty Corp.,
who is a qualified person as defined by
National Instrument 43-101. 

Solitario Exploration & Royalty (NYSE MKT: XPL; TSX: SLR) is on track to become one of the lowest cost U.S. gold producers with its development-stage Mt. Hamilton project in mining friendly Nevada. Great progress was made in 2014 on both the permitting and engineering fronts.

Federal permitting is now complete with the approval of the Environmental Assessment by the U.S. Forest Service in September 2014. We have nearly completed Nevada State permitting. The important Water Pollution Control Permit and two reclamation permits have been approved. We are awaiting the final state permit, Air Quality, which is expected in late-March. These permits pave the way to initiate project construction, pending financing.

The results of an updated Mt. Hamilton Feasibility Study completed in October 2014 revealed significantly higher annual gold production for the first four years, resulting in enhanced economics. The updated 2014 Feasibility Study schedules higher daily throughput of 10,000 tons per day, higher reserve grade and increased resources for the project compared to the original Feasibility Study completed in February 2012. Measured and Indicated Resources have doubled to 828,000 gold-equivalent ounces since acquisition of the project. The 2014 Feasibility Study estimates 73,000 gold-equivalent ounces a year production with total operating cash costs at $558/oz. and initial capital costs at $91 million, making it an attractive project, even at today’s gold price. Potential to increase both reserves and and resources to extend mine life is considered excellent.

Solitario’s high-grade Bongará zinc project in Peru is joint ventured with Milpo, the second largest zinc producer in Peru. Milpo, who operates three large underground zinc mines in Peru, recently acquired the project from its parent, Votorantim Metais. Milpo ended 2014 with $437 million in cash. Nearly $60 million has been spent on the property to date. With many commodity experts forecasting significantly higher zinc prices over the next couple of years, Bongará could become our most valuable asset.

A major milestone occurred in June 2014 with the release of the project’s first NI 43-101 compliant resource estimate. Based on 486 core holes, Measured & Indicated Resources were estimated at 2.8 million tonnes grading 15.5% zinc equivalent and Inferred Resources totaled 9.1 million tonnes grading 12.4% zinc equivalent. Mineralization remains open to expansion in all directions.

Votorantim has funded 100% of project expenditures since inception of the joint venture in 2006. As a result of Milpo’s purchase of Votorantim’s interest in the Bongará project in the fourth quarter of 2014, Milpo can earn up to a 70% interest in the project by continuing to fund all project expenditures and committing to place the project into production based upon a positive feasibility study. After earning 70%, Milpo has further agreed to finance Solitario’s 30% participating interest for construction. Solitario will repay the loan facility through 50% of its net cash flow distributions. The terms of the Milpo-Solitario joint venture make Bongará a dilution-free project to Solitario and its shareholders.

Advanced Projects
• Mt. Hamilton: Gold Project, USA
• Bongará: Zinc-Lead-Silver, Peru
• Pedra Branca: Platinum-Palladium, Brazil

Gold-Silver Exploration Projects
• Pachuca Norte: Silver-Gold, Mexico

Royalty Properties
• Yanacocha: Gold-Silver-Copper, Peru
• Mercurio: Gold, Brazil

Joint Ventures
Anglo Platinum: world’s largest platinum producer
Votorantim Metais: world's 5th largest zinc producer

What's New at Solitario

Solitario Exploration & Royalty Corp.
4251 Kipling Street, Suite 390; Wheat Ridge, CO 80033 | Tel: 303-534-1030; Fax: 303-534-1809

Copyright © 2013 Solitario Exploration & Royalty Corp.

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