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News Library:
Solitario Platinum To Proceed With Next Phase Of Work On Solitario's Pedra Branca Platinum/Palladium Project, Brazil
November 30, 2005
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Denver, Colorado: Solitario Resources Corporation ("Solitario", TSX: SLR) today announced that Anglo American Platinum Corporation Limited ("Anglo Platinum") has elected to proceed with the next phase of work on Solitario's Pedra Branca platinum-palladium ("PGM") project in northeastern Brazil. This phase is a US$1.25 million work commitment over a one-year period. Solitario and Anglo Platinum must negotiate and sign a definitive operating agreement before this phase will begin.
Anglo Platinum has funded two drilling campaigns totaling US$1.0 million during the past two years. The results of this drilling, and drilling previously conducted by Solitario, indicate near-surface PGM-mineralization in four different deposits. More recently, Anglo Platinum completed internal preliminary conceptual assessments including metallurgical testing which supports continued investment in exploration. A considerable amount of additional exploration and pre-feasibility work will be required before the decision is made whether or not to conduct a feasibility study.
Anglo Platinum can earn a 51% interest in Pedra Branca by spending a total of US$7.0 million on exploration and development over a five-year period (from the Agreement's inception) of which Anglo Platinum has funded approximately US$1.0 million in the above mentioned drilling campaigns. Anglo Platinum can earn a further 14% interest (to a total 65% interest) by completing a bankable feasibility study and arranging 100% project financing.
Chris Herald, President and CEO of Solitario, stated, "Anglo Platinum's decision to continue funding the next US$1.25 million work commitment confirms our belief in the project and is another milestone in the advancement of the Pedra Branca PGM project. With Anglo Platinum's expertise in PGM operations, we believe we have the right partner to further explore, technically review, and if warranted, develop the project."
Solitario is a gold, platinum-palladium, and base metal exploration company actively exploring in Peru, Brazil, Mexico 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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