Solitario and Ely Gold Files Plan Of Operations On Its Mt. Hamilton Gold Project, Nevada
November 26, 2012
Denver, Colorado: Solitario Exploration & Royalty Corp. ("Solitario;" NYSE MKT: XPL; TSX: SLR) and Ely Gold & Minerals ("Ely Gold;" TSX.V: ELY)
are pleased to announce that the Mine Plan of Operations for the Mt.
Hamilton Gold Project has been filed with the U.S. Department of
Agriculture -- Forest Service. The Mt. Hamilton Gold Project is
situated in White Pine County of east-central Nevada. This filing is an
important benchmark in the ongoing permitting process for construction
and eventual gold-silver production on the property.
The Plan of Operations provides details for mining two contiguous
gold-silver deposits, the Centennial and Seligman deposits, using open
pit mining methods and recovering gold by conventional heap leach
processing. Mining will occur on both private and US Forest Service
lands, while gold processing will occur entirely on private property
owned by Mt Hamilton LLC. (jointly owned by Solitario and Ely).
Chris Herald, President and CEO of Solitario commented, "We have worked
hard to produce a comprehensive mine plan that minimizes environment
impacts on public and private lands. We are looking forward to working
cooperatively with the U.S Forest Service, state and county officials
and other stakeholders during the permitting process."
"We believe the quality and detailed approach of the Plan of Operations
will assist in the timely review and approval of the project -- with the
benefit of providing local jobs and economic stimulus for eastern
Nevada." stated Trey Wasser, Ely Gold's President & CEO.
Terms of the Mt. Hamilton LLC Joint Venture
Solitario and Ely Gold formed the Mt. Hamilton LLC ("MH-LLC"), a limited
liability company which holds 100% of the Mt. Hamilton project assets
under an Operating Agreement ("MH-Agreement"). Per the terms of the
MH-Agreement, DHI-US, Ely Gold's wholly owned US subsidiary, has a 20%
interest in the MH-LLC and Solitario has an 80% interest.
Solitario is a gold, silver, platinum-palladium, and base metal
exploration and royalty company actively exploring in Brazil, Mexico,
Peru and Nevada. Solitario has significant business relationships with
Votorantim Metais and Anglo Platinum. Solitario is traded on the NYSE
MKT ("XPL") and on the Toronto Stock Exchange ("SLR"). Additional
information about Solitario is available online at
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
FOR MORE INFORMATION AT SOLITARIO, CONTACT:
Director -- Investor Relations
Christopher E. Herald
President & CEO
FOR MORE INFORMATION AT ELY GOLD, CONTACT:
President & CEO
This press release includes certain "Forward-Looking
Statements" within the meaning of section 21E of the United States
Securities Exchange Act of 1934, as amended. All statements, other than
statements of historical fact, included herein, including without
limitation, statements regarding potential mineralization and reserves,
exploration results and future plans and objectives of Solitario, are
forward-looking statements that involve various risks and uncertainties.
There can be no assurance that such statements will prove to be
accurate and actual results and future events could differ materially
from those anticipated in such statements. Development of Solitario's
properties are subject to the success of exploration, completion and
implementation of an economically viable mining plan, obtaining the
necessary permits and approvals from various regulatory authorities,
compliance with operating parameters established by such authorities and
political risks such as higher tax and royalty rates, foreign
ownership controls and our ability to finance in countries that may
become politically unstable. Important factors that could cause actual
results to differ materially from Solitario's expectations are disclosed
under the heading "Risk Factors" and elsewhere in Solitario's documents
filed from time to time with Canadian Securities Commissions and the
United States Securities and Exchange Commission.
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.