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Solitario Announces High-Grade Drilling Results On Its Pachuca Real Silver-Gold Project

Solitario Exploration & Royalty Corp. (“Solitario;” NYSE Amex: XPL; TSX: SLR) announces that significant high-grade silver-gold mineralization was intersected in drilling on its Pachuca Real property in central Mexico. Highlights include drill hole PAN11-28 that intersected 1.05 meters grading 16.4 gpt gold and 239 gpt silver, PAN11-27 with 0.60 meters grading 5.6 gpt gold and 837 gpt silver, and PAN11-31 with 0.85 meters grading 8.4 gpt gold and 283 gpt silver.

The 2011 drilling program was managed and entirely funded by Solitario’s joint venture partner, Compania de Minas Buenaventura S.A.A. (“Buenaventura;” NYSE: BVN; Lima: BUE.LM). Buenaventura has informed Solitario that it has elected not to fund the second year $2.3 million program and will forfeit its right to earn an interest in the property.

Buenaventura recently completed a 38-hole core drilling program totaling 13,489 meters on the project. Click here to view results. Twenty of the holes intersected at least one interval grading in excess of 100 grams per tonne silver equivalent (see attached chart). The target at Pachuca consists of high-grade silver-gold mineralization in veins. Most of the holes were widely spaced on 17 separate vein prospects scattered over an area measuring nearly 14 kilometers in an east-west direction and 8 kilometers in a north-south direction.

The ten best drill hole intercepts are presented in the table below.

2011 PACHUCA DRILLING HIGHLIGHTS

                           
Vein     Drill Hole     From     To     Width     g/t Gold     g/t Silver     Ag Equivlent*
Investigadora     Pan11-12     217.75     218.60     0.85     1.95     271.47     368.93
Investigadora     Pan11-18     236.25     237.00     0.75     0.97     317.00     365.30
San Marcial     Pan11-19     225.15     225.60     0.45     0.75     657.00     694.50
La Perla     Pan11-22     344.90     345.90     1.00     6.30     53.48     368.23
Santa Rosa     Pan11-25     252.60     255.00     2.40     1.43     158.27     229.79
Santa Rosa     Pan11-27     144.90     145.50     0.60     5.60     837.00     1117.00
Sumbimblia     Pan11-28     46.30     47.35     1.05     16.40     238.86     1058.74
Escribano Norte     Pan11-29     444.45     445.05     0.60     2.60     834.00     964.00
Escondida     Pan11-31     250.30     251.15     0.85     8.40     283.00     703.00
Escribano Sur     Pan11-34     238.85     240.40     1.55     0.90     165.00     210.00

*Silver Equivalent: 1.0 g/gold = 50 g/silver; true widths of veins have not been estimated

The drill hole information contained within this release is reported under a quality control program reviewed by Mr. Walt Hunt, COO for Solitario Exploration & Royalty Corp., who is a qualified person as defined by National Instrument 43-101. Samples are derived from 50% splits of HQ and NQ (2.5 and 1.9 inch) diameter core. Samples are then shipped via secured third-party land and air transportation companies and analyzed by ALS Chemex Inc., North Vancouver, Canada, an ISO9002 registered company.

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