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News Library:
Solitario Acquires Significant Land Position in Major Silver-Gold District in Mexico
February 1, 2006
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Denver, Colorado: Solitario Resources Corporation (TSX:SLR) today announced that it has acquired a 100%-interest in the mineral rights to approximately 46,350 hectares (114,500 acres) in the famed Pachuca silver-gold mining district in central Mexico, one of the largest silver districts in the world. Historic production from the Pachuca district has totaled approximately 1.4 billion ounces of silver and over 7.0 million ounces of gold. A map of the newly acquired property, called Pachuca Real, can be viewed by clicking here.
The Pachuca Real land package encompasses parts of the old district, but more importantly, covers the most prospective extensions of the district to the north and northwest. Prior to Solitario’s acquisition of the subject mineral rights, the entire land package had been held by the Mexican government from 1947 to 1990, and then sold to a private Mexican company that controlled the claims until recently. During this 58-year period only a limited amount of exploration was conducted. Initial surface work conducted by Solitario substantiates a number of mineralized structures identified by the Mexican Geological Service that are geologically very similar to those mined in the old district.
Chris Herald, President and CEO of Solitario, stated, "We are very excited about the potential of this important land package in one of the most prolific silver-gold districts in the world. It is truly rare to establish such a dominant land position in a district such as this. The key element to this acquisition was our recognition of this exceptional opportunity and our swift execution in applying for the lapsed claims the minute they became available. We intend to initiate an aggressive surface exploration program to define and prioritize drill targets and expect to begin drilling by mid-year."
Solitario controls 33,000 hectares of the 46,000-hectare project outright with no underlying leases or royalties. On the remaining 13,000-hectare area, Solitario holds an option to purchase a 100% interest.
Solitario is a gold, silver, platinum-palladium, and base metal exploration company actively exploring in Brazil, Mexico, Peru and Bolivia. Solitario is traded on the Toronto Stock Exchange (TSX: SLR).
FOR MORE INFORMATION, CONTACT: |
Debbie W. Mino
Director-Investor Relations
(800) 229-6827
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Christopher E. Herald
President & CEO
(303) 534-1030
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This press release includes certain "Forward-Looking Statements" within the meaning of section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein, including without limitation, statements regarding potential mineralization and reserves, exploration results and future plans and objectives of Solitario, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Development of Solitario’s properties are subject to the success of exploration, completion and implementation of an economically viable mining plan, obtaining the necessary permits and approvals from various regulatory authorities, compliance with operating parameters established by such authorities and political risks such as higher tax and royalty rates, foreign ownership controls and our ability to finance in countries that may become politically unstable. Important factors that could cause actual results to differ materially from Solitario’s expectations are disclosed under the heading "Risk Factors" and elsewhere in Solitario’s documents filed from time to time with Canadian Securities Commissions, the United States Securities and Exchange Commission and other regulatory authorities.
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