Initial Report To Be Completed For Bongara Project

DENVER, CO - Solitario Exploration & Royalty Corp. has engaged SRK Consulting Inc. to complete a National Instrument 43-101 compliant Technical Report on Resources on its Bongarç Zinc Project in Peru. The Bongarç Zinc Project is currently undergoing advanced technical evaluation by our partner Votorantim Metais the fifth largest zinc producer in the world. SRK is an independent, international consulting practice specializing in engineering studies and assessments of mining assets and mineral projects.

The Bongarç Zinc Project in northern Peru has been actively explored and studied since Solitario made its initial discovery in 1996. To date, 487 exploration core holes have been completed totaling 117,380 meters. In addition to exploration and delineation drilling, additional work such as metallurgy, geotechnical drilling and hydrogeologic studies, preliminary infrastructure planning, geology and resource modeling and access road construction have been conducted under the management of Votorantim. In 2011, Votorantim initiated tunneling in the San Jorge zone to provide detailed drilling information to upgrade resources. The underground drilling at San Jorge was completed in 2013.

Presently, the majority of mineralization is contained within two broad areas, the San Jorge and Karen-Milagros zones. These two zones have been the focal points of most of the recent drilling. Mineralization in the Karen-Milagros zone is mainly stratigraphically controlled and sub-horizontal in orientation. The San Jorge zone is mainly structurally controlled and sub-vertical in orientation. Mineralization has been intersected over a footprint that measures approximately two kilometers in a southwest-northeast direction and over a kilometer in a northwest-southeast direction. Mineralization remains open in all directions.

Chris Herald, President and CEO of Solitario commented, We are delighted to work with SRK as they have an established and internationally recognized extensive experience in the estimation of NI 43-101 compliant resources. Many zinc commodity experts are forecasting higher zinc prices for the remainder of this decade as a significant number of operating zinc mines are scheduled for closure over the next couple of years due to reserve depletions. Couple this with the fact that, during the past several years, investment in new zinc mines has been significantly reduced due to low zinc prices. We believe this bodes well for the potential future development of our Bongarç zinc project.