Developing GOLD Assets in
North America

Solitario and Ely Announces Resource Sensitivities to Gold Price for its Mt. Hamilton Gold Project, Nevada

October 1, 2013

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 the results of a gold price sensitivity study on Mt. Hamilton resources. Resource estimates were tabulated using three gold/silver price assumptions for the confining optimized pit shape: $1,100/$19, $1,300/$22 and $1,500/$25 per ounce. The study showed that the contained ounces in the Mt. Hamilton gold/silver resource is relatively insensitive to gold price assumptions between $1,100 to $1,500 and silver prices between $19 and $25 per ounce as presented in the tables below. The cutoff grade of 0.006 ounces per ton gold was held constant for the reporting of the three price scenarios.

The Measured and Indicated resource estimate for the February 2012 Feasibility Study assumed a gold price of $1,600 and resulted in 526,854 ounces of contained gold (excluding silver). With the addition of the Seligman resource and additional drilling conducted since the Feasibility Study was completed, the new Measured and Indicated resource estimate using an $1,100 per ounce gold price resulted in a 21% increase in contained gold to 638,490. In addition, Inferred in-pit resources increased 105% from 60,859 contained ounces of gold in the Feasibility Study to 124,806 contained gold ounces generated under the new lower case $1,100 gold price assumption.

Chris Herald, President and CEO of Solitario, stated, "We are extremely pleased with the results of this study which basically represents a gold price stress-test on the Mt. Hamilton resource base. Clearly, the work conducted by the joint venture since the release of the February 2012 Feasibility Study has added significant new value to the project. Under the $1100/$19 per ounce gold/silver price assumption, the Measured and Indicated gold equivalent resource stands at 730,477 ounces of gold. We believe that with the design of our new mine plan combining the Centennial and Seligman deposits into a single pit (, and increasing our production rate from 8,500 to 10,000 tons per day, project economics will remain robust at lower metal prices."

These new resource estimates were prepared on behalf of Solitario by SRK Consulting (U.S.) Inc. ("SRK") and serve 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 estimates were constrained by potentially mineable optimized pits using gold price assumptions of $1,100, $1,300 and $1,500 per ounce of gold and $19, $22 and $25.00 per ounce of silver. These new Mt. Hamilton resource estimates were based on 857 drill holes with an average hole depth of 396 feet for a total of 317,739 feet 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 resources to the Indicated category, and added new ounces to the resource estimate.

Mineral Resource Statement, Mount Hamilton Gold-Silver Deposit,
White Pine County, Nevada, September 19, 2013

Mt. Hamilton Resources at $1,100 Gold and $19 Silver
Class K-Tons Au (opt) Ag (opt) Au Eq. (opt) Au Total (ounces) Ag Total (ounces) Au Eq. (ounces)
Measured 1,424 0.030 0.209 0.033 42,145 297,992 47,112
Indicated 27,177 0.022 0.192 0.025 596,345 5,221,205 683,365
M&I 28,601 0.022 0.193 0.026 638,490 5,519,197 730,477
Inferred 6,792 0.018 0.164 0.021 124,806 1,025,934 141,905
Mt. Hamilton Resources at $1,300 Gold and $22 Silver
Class K-Tons Au (opt) Ag (opt) Au Eq. (opt) Au Total (ounces) Ag Total (ounces) Au Eq. (ounces)
Measured 1,426 0.030 0.209 0.033 42,076 298,287 47,048
Indicated 29,430 0.021 0.193 0.025 630,441 5,682,686 725,153
M&I 30,856 0.022 0.194 0.025 672,518 5,980,973 772,200
Inferred 9,152 0.018 0.164 0.020 161,352 1,514,723 186,597
Mt. Hamilton Resources at $1,500 Gold and $25 Silver
Class K-Tons Au (opt) Ag (opt) Au Eq. (opt) Au Total (ounces) Ag Total (ounces) Au Eq. (ounces)
Measured 1,428 0.029 0.209 0.033 42,120 298,313 47,092
Indicated 30,450 0.021 0.193 0.024 645,626 5,889,601 743,786
M&I 31,878 0.022 0.194 0.025 687,746 6,187,914 790,878
Inferred 10,330 0.017 0.164 0.020 178,798 1,685,962 206,898


Steve Kenwood
(604) 488-1104
Trey Wasser
President & CEO
(972) 803-3087

For further information, please contact Ely Gold & Minerals Inc. at 604-488-1104.

E-mail: [email protected]; Website:

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. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.