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Solitario Intersects 125 Feet Grading 2.16 Grams Per Tonne Gold Equivalent On Its Mt. Hamilton Gold Project, Nevada

Stocks in this article: XPL

Solitario Exploration & Royalty Corp. (“Solitario;” NYSE MKT: XPL; TSX: SLR) and Ely Gold & Minerals (“Ely Gold;” TSX.V: ELY) are pleased to announce assay results for 25 new drill holes on its recently completed 2012 Mt. Hamilton drilling program. Eight of the holes were drilled within the vicinity of the Centennial ore body and 17 holes were drilled in the Seligman deposit area.

Highlights of this round of drilling results are presented in the Table below. Results from the last 25 drill holes are appended to this release. Drill hole location maps for both the Centennial and Seligman deposits can be accessed at:

www.solitarioxr.com/art/MtHamilton_Seligman_6Dec2012.pdf

                                                                         

Drill Hole (Deposit)

         

From

         

To

         

Interval*

         

Gold

         

Silver

         

Gold Eq.***

(C)=Centennial;

(S)=Seligman

         

(feet)

         

(feet)

         

(feet)/(m)

         

(gpt)

         

(gpt)

         

(g/tn)

MH-12-07 (C)           340           460           120 / 36.6           1.46           11.44           1.67
MH-12-10 (C)           425           550           125 / 38.1           1.82           18.54           2.16
MH-12-18 (C)           575           635           60 / 18.3           1.00           24.25           1.44
MH-12-30 (S)**           4.2           34.4           30.2 / 9.2           1.64           1.35           1.66
MH-12-35 (S)**           259.0           372.2           113.2 / 34.5           0.74           3.2           0.80
MH-12-43 (C)**           589.30           615.0           25.7 / 7.8           0.83           135.03           3.29
MH-12-47 (C)**           574.5           601.0           26.5 / 8.1           3.61           15.54           3.89
MH-12-48 (S)           305           380           75 / 22.9           0.63           19.56           0.99
MH-12-49 (S)           320           385           65 / 19.8           1.12           7.21           1.25
MH-12-51 (S)           265           355           90 / 27.4           0.95           10.77           1.15
 

* True width is estimated to be approximately 80% of true width for most intervals ** Core hole; all other reported holes in this chart are reverse circulation drill hole *** Gold Equivalent = gold grade + (silver grade ÷ 55)

In total, 42 reverse circulation drill holes and 11 core holes were recently completed totaling 16,615 feet and 3,969 feet of drilling, respectively. Assay results for the last two Seligman core holes are expected before year’s end. On September 10, 2012, Solitario announced its initial NI-43-101 resource estimate for the Seligman deposit. The 53-hole 2012 drilling campaign was designed to achieve several objectives. The main focus was to convert Seligman inferred resources in specific areas to measured and indicated categories. Other objectives included obtaining sample material to carry-out metallurgical and geochemical testing and to measure geotechnical characteristics for mine planning at Seligman. Several holes were also drilled at the Centennial gold deposit to convert inferred resources to measured and indicated categories as well as to test potential extensions of mineralization to the south. The Centennial deposit was the subject of a Feasibility Study issued earlier this year ( http://www.solitarioresources.com/news/022712.pdf).

Chris Herald, President and CEO of Solitario commented, “With the successful completion of our 2012 drilling program, together with the filing of our Mt. Hamilton Plan of Operations last week, we will now focus our attention on managing the permitting process, as well as completing the technical studies required to fully evaluate Seligman economics.” Trey Wasser, Ely Gold’s President & CEO, commented, “Solitario continues to complete the necessary milestones to move the Mt. Hamilton project through permitting towards construction of this new low-cost gold producer in Nevada.”

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