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Solitario Announces Resource And Metallurgy Update For Its Mt. Hamilton Gold Project, Nevada

Solitario Exploration & Royalty Corp. (“Solitario;” NYSE MKT: XPL; TSX: SLR) and Ely Gold & Minerals (“Ely Gold;” TSX.V: ELY) are pleased to announce an updated resource estimate and favorable metallurgical testing results on the Mt. Hamilton gold project in eastern Nevada, U.S.A. A new NI-43-101 compliant Mt. Hamilton resource estimate was completed incorporating both the Centennial and Seligman gold and silver deposits. The resources for these two deposits were previously reported separately; however, drilling completed in 2012 suggests that these two mineralized zones are a single deposit and could be potentially mined by a single pit. The recently completed metallurgical testing on the Seligman area oxide mineralization has shown similar column leach gold recoveries and moderately enhanced silver recoveries compared to the Centennial area mineralization. This 2013 resource estimate was prepared on behalf of Solitario by SRK Consulting (U.S.) Inc. (“SRK”) and serves to update the previous resource estimate for the Mt. Hamilton Project stated in the most recent October 25, 2012 Technical Report.

The updated Mount Hamilton resource estimate was constrained by a potentially mineable optimized pit using a gold price of $1,500 per ounce of gold and $25.00 per ounce of silver. The in-pit Measured and Indicated Resource, at a cutoff grade of 0.006 ounces per ton gold, contains approximately 791,000 ounces of gold equivalent (“AuEq”) using a 60:1 silver-to-gold ratio. An additional Inferred Resource totaling approximately 207,000 AuEq ounces is also estimated within the optimized pit. Previously reported Mineral Reserves for the Centennial deposit are fully contained within, and are not additional to the Mineral Resources stated in the table below.

Mineral Resource Statement, Mount Hamilton Gold-Silver Deposit,

White Pine County, Nevada, September 19, 2013

Resource Category

  Gold Grade   Silver Grade   AuEq   Contained Ounces

(thousands of oz.)
  Oz/Ton   g/Tonne Oz/Ton   g/Tonne Oz/Ton Gold   Silver   AuEq
Measured 1.43 0.029 0.99 0.21 7.17 0.032 42.1 298.3 47.1
Indicated 30.45 0.021 0.72 0.19 6.62 0.024 645.6 5,889.60 743.8
Measured + Indicated 31.88 0.022 0.75 0.19 6.65 0.025 687.7 6,187.90 790.8
Inferred 10.33 0.017 0.58 0.16 5.62 0.020 178.8 1,685.90 206.9
  • Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that any part of the Mineral Resources estimated will be converted into Mineral Reserves estimate;
  • Resources stated as contained within a potentially economically minable open pit; pit optimization was based on assumed gold and silver prices of US$1,500/oz and US$25.00/oz, respectively, effective heap leach recoveries of 79.3% for gold, and 39.3% for silver, an average ore mining and a processing cost of US$6.04/t; and pit slopes of 50°;
  • Resources are reported using a 0.006 ounce per short ton gold cutoff grade;
  • Gold Equivalent (AuEq) was calculated using a Ag:Au ratio of 60:1; and
  • Numbers in the table have been rounded to reflect the accuracy of the estimate and may not sum due to rounding.

Gold and silver mineralization is hosted in moderate to strongly oxidized calc-silicate skarn and hornfels and altered granodiorite. The new Mt. Hamilton resource estimate was based --on 857 drill holes with an average hole depth of 396 ft for a total of 317,739 ft of drilling. The drill data were verified and validated by SRK in compliance with NI-43-101 requirements. This consolidated Mt. Hamilton resource estimate includes 60 new infill drill holes that converted earlier Inferred Seligman resources to the Indicated category, while also expanding the Seligman resource.

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