VANCOUVER, Dec. 3 /CNW/ - Solitaire Minerals Corp. (TSX-V: SLT) is
pleased to announce that it has entered into an agreement to option a total of
10 Uranium properties currently held by Raytec Development Corp. (TSX.V - RAY,
Frankfurt - XZT) in the eastern Athabasca Basin of Saskatchewan. The agreement
concerns 3 mineral claims totalling 14,415 hectares, known as the "D" block of
claims, and 7 mineral claims, known as the "C" block of claims, totalling
3,913 hectares, all located in relative proximity to the Key Lake area of the
The agreement calls for Solitaire to acquire a 100% interest in the D
block of claims, subject to a 2.5% Net Smelter Royalty ("NSR") in favour of
the original vendors of the property, and a 0.5% NSR in favour of Raytec. In
addition, Raytec has granted Solitaire an option to earn up to a 50% interest
in the Company's "C" block of claims by spending total of $1,000,000 in
exploration expenditures prior to November 1, 2010. Solitaire will also retain
the right to earn an additional 20% (for a cumulative 70%) interest in the "C"
block of claims by spending an additional $1,000,000 in exploration
expenditures prior to November 1, 2012. To acquire this, Solitaire must pay to
Raytec a total of 100,000 shares, and make payment to the Company of $50,000.
A finder's fee in accordance with TSX Venture Exchange policy will be payable
on this transaction.
About the properties: The 10 Uranium properties total 18,328 hectares.
The "D" parcel is located approximately 40 km's west of the McArthur Lake
Uranium Mine, and constitutes a total of 3 contiguous claims. The "C" parcel
constitutes a total of 7 non-contiguous claims, and stretch from "C7" which
lies approximately 10 km's west of the Cigar Lake Uranium Mine, to "C1", "C2"
and "C3" which are located within 25 km's and as close as 8 km's from the Key
Lake Uranium Mine, where historical production from 2 mined-out unconformity
type uranium deposits once contributed 15% of world uranium production
(reference Natural Resources Canada). All of the claims are located within or
proximal to the Key Lake - McArthur River and Cigar Lake geological trend. The
claims are situated within the Athabasca Basin, underlain by rocks of the
Wollaston Domain, which is the favourable geological setting hosting most of
the major deposits in the eastern portion of the basin.
During the past year, an airborne VTEM and magnetic survey, performed by
GeoTech, was performed over the entire property package, identifying a
Priority 1 basement target on the "D" blocks, and identifying Priority 1
shallow targets on 5 of the 7 "C" blocks. In addition, other Priority 2 and 3
targets were identified on both the "C" and "D" blocks. Results of the
airborne survey have been compiled and interpreted and have been incorporated
into a technical report in compliance with National Instrument 43-101 which
has been filed by Raytec on SEDAR.
"We are very pleased to add a drill ready uranium land package to our
current land holdings in the Athabasca basin," said Charles Desjardins,
President of Solitaire Minerals Corp. "With our plans to drill Riou Lake in
the near future and our work obligations for these new acquisitions, Solitaire
will be very active in northern Saskatchewan."
Gordon Allen, P.Geo., a qualified person under National Instrument 43-101
will advance the project.
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 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