Solitario Announces High-Grade Drilling Results on Its Pachuca Real Silver-Gold Project

Solitario Exploration & Royalty Corp.

announces that significant high-grade silver-gold mineralization was intersected in drilling on its Pachuca Real property in central Mexico. Highlights include drill hole PAN11-28 that intersected 1.05 meters grading 16.4 gpt gold and 239 gpt silver, PAN11-27 with 0.60 meters grading 5.6 gpt gold and 837 gpt silver, and PAN11-31 with 0.85 meters grading 8.4 gpt gold and 283 gpt silver. The 2011 drilling program was managed and entirely funded by Solitario's joint venture partner, Compania de Minas Buenaventura S.A.A. (“Buenaventura;” NYSE: BVN; Lima: BUE.LM). Buenaventura has informed Solitario that it has elected not to fund the second year $2.3 million program and will forfeit its right to earn an interest in the property.