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Solitario Reports Best Hole Ever Drilled On Its Bongará High-Grade Zinc Project, Peru

Solitario Exploration & Royalty Corp. (NYSE MKT: XPL) (TSX: SLR) announced continued outstanding drilling results on its high-grade Bongará zinc project in Peru. Included in these results is the best hole ever drilled on the project, underground core hole V-297, that intersected 56.6 meters grading 22.69% zinc, 1.15% lead and 31.23 gpt silver. In addition, drill hole V-298 intersected 7.4 meters grading 40.05% zinc, 3.68% lead and 58.99 gpt silver, representing the highest grade ever intersected at Bongará.

All drill holes reported in this news release were drilled from the San Jorge underground exploration tunnel completed in late-2011, a part of the overall 2012 Florida Canyon drilling program managed and entirely funded by Solitario's joint venture partner Votorantim Metais (“Votorantim”). The 13 best intercepts in this round of underground drilling are presented below.

Drill Hole

Number

    Intercept*

(meters)

    Zinc

%

    Lead

%

    Zn + Pb

%

    Silver

gpt

V-278     22.1     8.72     2.28     11.00     17.73
V-292     22.2     12.45     0.97     13.42     17.23
V-294     13.8     7.17     2.66     9.83     27.78
V-297     56.6     22.69     1.15     23.84     31.23
V-298     7.4     40.05     3.68     43.73     58.99
And     6.5     14.75     2.5     17.25     20.90
V-299     7.7     19.03     2.80     21.83     30.26
V-300     14.5     26.57     2.15     28.72     29.46
And     8.7     12.87     1.41     14.28     11.14
V-301     15.4     22.81     0.40     23.21     35.00
V-302     16.9     19.16     0.98     20.14     31.12
V-354     11.2     11.62     0.09     11.71     12.73
And     11.8     11.87     0.48     12.35     10.10

* True thickness has not been estimated for each individual intercept.

The San Jorge underground drilling program began in the fourth quarter of 2011 and was completed in the second quarter of 2012. During this period 70 core holes totaling 12,342 meters were completed from eight different underground drill stations. Results from 39 of the final 48 core holes are presented in the table at the end of this release. None of the results contained in this news release were previously reported. The San Jorge mineralized area, and the Florida Canyon deposit in general, remains open to expansion in all directions.

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