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News Library:
Solitario Resources Updates Status Of Its Crown Resources Equity Investment
June 22, 2005
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Denver, Colorado: Solitario Resources Corporation (TSX: SLR) ("Solitario") today announced the status of its equity investment in Crown Resources Corporation (OTCBB-CRCE) ("Crown"). Crown reported in a news release dated June 21, 2005 that it will distribute a dividend of $0.21 per share of Crown common stock (the "Special Dividend). The Special Dividend will be paid on July 26, 2005 to Crown shareholders of record as of the close of business on July 14, 2005 (the "Record Date"). Solitario holds 6,071,626 shares of Crown, or about 13% of Crown on a fully diluted basis. Assuming Crown makes the $0.21 per share special dividend distribution as announced, Solitario would receive approximately US$1.28 million in cash.
Crown previously announced that it had signed a Fourth Amendment ("Amendment") with Kinross Gold Corporation (TSX-K; NYSE-KGC) ("Kinross") to extend the termination date of a definitive acquisition agreement (the "Agreement") between the two companies. Under the terms of the recently signed Amendment to the Agreement, shareholders of Crown will now receive 0.34 shares of Kinross for each share of Crown, an increase to the original exchange ratio of 0.2911. This new ratio will result in Solitario receiving approximately 2.06 million shares of Kinross, assuming the transaction closes under the current terms of the Agreement.
In other news, Newmont informed Solitario that it has elected to terminate its option to earn an interest in the La Tola exploration project in southern Peru. Solitario is currently reviewing the results of Newmont's exploration program to determine if it will conduct any additional work on the property.
Solitario is a gold, platinum-palladium, and base metal exploration company actively exploring in Peru, Brazil 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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