VANCOUVER, March 5 /CNW/ - Solitaire Minerals Corp. (TSX-V: SLT) is
pleased to announce that it has successfully finalized the 100% option
agreement to acquire the Eldorado Uranium Mine Property from Kinross Gold
Corporation (TSX:K; NYSE: KGC) at Port Radium in the Northwest Territories (the
"Eldorado Property"). Included in the acquisition is the technical library
comprised of Echo Bay Mines and Eldorado Uranium Mine and exploration reports
for the entire mining camp. The Eldorado Uranium Mine produced 15 million
pounds of uranium and eight million ounces of silver. For a description of the
terms of Solitaire's option on the Eldorado Property, we refer you our press
release of January 30, 2007 issued in respect of the initial letter of intent.
The Eldorado Property, consisting of 887.36 acres, adjoins Solitaire's
Mystery Island property and expands the property size to 22,717.23 acres. This
project shares property boundaries with and is partly surrounded by properties
owned by Alberta Star Development Corp. (TSX-V:ASX). Solitaire and Alberta
Star share some of the underground working of the Eldorado Nuclear/Uranium
Mine. The Eldorado Property is located at Port Radium on the east side of
Great Bear Lake, Northwest Territories, and 423 miles north of the city of
Link to area map
Pitchblende (uranium plus silver, copper, nickel, lead and polonium) was
formerly mined from the Eldorado Nuclear/Uranium Mine at Port Radium
commencing in 1933. The Port Radium uranium belt along with the Uranium City
district were Canada's principal producers of uranium during the 1930s and
1940s. The mine closed in 1960. Since that time, important advances in uranium
exploration methods and the genesis of uranium deposits have evolved. Also,
the area has been recognized as a favourable environment for IOCG (iron ore
copper gold) deposits.
Uranium production from the Eldorado Nuclear/Uranium Mine was from veins
emplaced along northeast trending faults. All of these structures merge into
the Bear Bay Shear Zone, a deep seated regional structure which has never been
tested. In addition, there is potential for the structures hosting high grade
silver mineralization in the Echo Bay mine to extend onto Solitaire's
Mike Magrum, PEng, a qualified person under National Instrument 43-101,
has approved the technical content of this news release.
About Solitaire Minerals Corp.
Solitaire Minerals Corp. (TSX-V symbol: SLT) is a diversified junior
Canadian mineral exploration company with a specific focus on mineral
properties in North America. The Company has assembled a portfolio of precious
and base metal exploration prospects in Ontario, Saskatchewan, Alberta, and
the North West Territories. Solitaire's Ontario properties in the Red
Lake/Birch-Uchi Greenstone Belt include the Baird, Heyson and Chukuni River
Prospects, in which the Company has agreements to earn 100% in, but has not
yet vested its interest. In addition, the Company has entered into an option
agreement with another company, whereby that company may earn up to a 75%
interest in the Baird Property. The Company also has an option to earn 100% in
the Lateral Lake West property located in the Webb township of Ontario. In
Saskatchewan, the Company has signed a purchase agreement to acquire a 100%
interest in the Highrock Lake property and a 90% interest in the Riou Lake
Property located in the Athabasca Basin. The Company has also acquired the
Riou Lake North and South properties in which the company has 100% interest.
In Alberta, the Company has purchased the Ravenscrag property in which the
Company has 100% interest. In the North West Territories, the Company has
purchased the Mystery Island IOCG Property located in the Great Bear Lake area
in which the Company has 100% interest.
On Behalf of the Board of Directors
SOLITAIRE MINERALS CORP.
President and Director
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Statements in this press release other than purely historical
information, historical estimates should not be relied upon, including
statements relating to the Company's future plans and objectives or expected
results, are forward-looking statements. News release contains certain
"Forward-Looking Statements" within the meaning of Section 21E of the United
States Securities Exchange Act of 1934, as amended. Forward-looking statements
are based on numerous assumptions and are subject to all of the risks and
uncertainties inherent in the Company's business, including risks inherent in
resource exploration and development. As a result, actual results may vary
materially from those described in the forward-looking statements.
For further information:
For further information: please contact Solitaire Minerals Corp. or