Denver, Colorado: Solitario Exploration & Royalty Corp. ("Solitario;" NYSE MKT: XPL; TSX: SLR) and Ely Gold & Minerals ("Ely Gold;" TSX.V: ELY) report that further to their joint press release dated September 10, 2012, a NI 43-101 technical report updating an Indicated and Inferred resource estimate for the Seligman and Centennial gold deposits have been filed under the Companies' respective profiles on SEDAR, available at www.sedar.com. The study was prepared on behalf of Solitario by SRK Consulting (U.S.) Inc., an independent and internationally recognized mining engineering firm, and serves to update the previously reported (February 22, 2012) Mt. Hamilton Feasibility Study.
About Solitario
Solitario is a gold, silver, platinum-palladium, and base metal
exploration and royalty company actively exploring in Brazil, Mexico,
and Peru. Solitario has significant business relationships with
Votorantim Metais on its high-grade Bongará zinc project in Peru and
Anglo Platinum on its Pedra Branca platinum-palladium project in Brazil.
Solitario is traded on the NYSE MKT ("XPL") and on the Toronto Stock
Exchange ("SLR"). Additional information about Solitario is available
online at
www.solitarioxr.com.
About Ely Gold
Ely Gold is focused on the acquisition and development of gold resources
in North America. Ely Gold is traded on the TSX Venture Exchange
("ELY"). Additional information about Ely Gold is available online at
www.elygoldandminerals.com
FOR MORE INFORMATION AT SOLITARIO, CONTACT:
Debbie Mino-Austin
Director -- Investor Relations
(800) 229-6827
Christopher E. Herald
President & CEO
(303) 534-1030
FOR MORE INFORMATION AT ELY GOLD, CONTACT:
Steve Kenwood
Director
(604) 488-1104
Trey Wasser
President & CEO
(972) 803-3087
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note to U.S. Investors concerning estimates of Resources:
This news release uses the terms "Measured, Indicated and Inferred
Resources." The Company advises U.S. investors that while these terms
are recognized and required by Canadian regulations, the SEC does not
recognize the terms. U.S. investors are cautioned not to assume that
any part or all of Measured or Indicated Mineral Resources will ever be
converted into Reserves. Inferred Resources have a great amount of
uncertainty as to their existence, and great uncertainty as to their
economic and legal feasibility. It cannot be assumed that all or any
part of an Inferred Mineral Resource will ever be upgraded to a higher
category. Under Canadian rules, estimates of Inferred Mineral Resources
may not form the basis of feasibility or pre-feasibility studies, except
in rare cases. U.S. investors are cautioned not to assume that any
part or all of a
measured, indicated or inferred resource exists, or is economically or legally minable.
Cautionary Statement Regarding Forward Looking Information
This press release contains forward-looking statements within the
meaning of the U.S. Securities Act of 1933 and the U.S. Securities
Exchange Act of 1934, and as defined in the United States Private
Securities Litigation Reform Act of 1995 (and the equivalent under
Canadian securities laws), that are intended to be covered by the safe
harbor created by such sections. Forward-looking statements are
statements that are not historical fact. They are based on the beliefs,
estimates and opinions of the Company's management on the date the
statements are made and address activities, events or developments that
Solitario expects or anticipates will or may occur in the future, and
are based on current expectations and assumptions. Forward-looking
statements involve a number of risks and uncertainties. Consequently,
there can be no assurances that such statements will prove to be
accurate and actual results and future events could differ materially
from those anticipated in such statements. Such forward-looking
statements include, without limitation, statements regarding the
Company's expectation of the projected timing and outcome of engineering
studies; expectations regarding the receipt of all necessary permits
and approvals to implement the mining plan at Mt. Hamilton; the
potential for confirming, upgrading and expanding oxide gold and silver
mineralized material at Mt. Hamilton; reserve and resource estimates;
operating cost estimates; estimates of gold and silver grades; estimates
of recovery rates; expectations regarding the cash flow generated by
the property; and other statements that are not historical facts.
Although Solitario management believes that its expectations are based
on reasonable assumptions, it can give no assurance that these
expectations will prove correct. Important factors that could cause
actual results to differ materially from those in the forward-looking
statements include, among others, risks relating to risks that
Solitario's exploration and property advancement efforts will not be
successful; risks relating to fluctuations in the price of gold and
silver; the inherently hazardous nature of mining-related activities;
uncertainties concerning reserve and resource estimates; availability of
outside contractors in connection with Mt. Hamilton and other
activities; uncertainties relating to obtaining approvals and permits
from governmental regulatory authorities; the possibility that
environmental laws and regulations will change over time and become even
more restrictive; and availability and timing of capital for financing
the Company's exploration and development activities, including
uncertainty of being able to raise capital on favorable terms or at all;
as well as those factors discussed in Solitario's filings with the U.S.
Securities and Exchange Commission (the "
SEC") including
Solitario's latest Annual Report on Form 10-K and its other SEC filings
(and Canadian filings) including, without limitation, its latest
Quarterly Report on Form 10-Q. The Company does not intend to publicly
update any forward-looking statements, whether as a result of new
information, future events, or otherwise, except as may be required
under applicable securities laws.