Solitario Resources Reports High-Grade Drilling Results on Its Bongara Zinc Project, Peru



    Solitario Signs Definitive Agreement with Votorantim Metais

    DENVER, March 27 /CNW/ - Solitario Resources Corporation (TSX: SLR; AMEX:  
XPL) announced outstanding drill intercepts of high-grade zinc mineralization
on its Bongara zinc project in northern Peru. The 26-hole, 4,354 meter
program, completed in late 2006, was managed and funded by Solitario's joint
venture partner Votorantim Metais. In addition, Solitario and Votorantim also
signed a formal Framework Agreement that replaces the previously announced
Letter Agreement and provides definitive terms for the relationship between
the parties to the venture.

    The Bongara project hosts the Florida Canyon zinc deposit where
high-grade zinc mineralization has been intersected in drill holes over an
area at least two by two kilometers in dimension. The deposit is open to
expansion in all directions.

    2006 Drilling Program Results

    Highlights of the 2006 drilling program include the following drill
holes:

    --  A-1: 36.2 meters @ 12.84% zinc, 2.69% lead and 18.45 g/t silver

    --  A-5: 5.2 meters @ 15.04% zinc, 0.66% lead and 5.73 g/t silver

    --  C-4: 6.8 meters @ 15.98% zinc, 5.03% lead and 36.51 g/t silver

    --  D-5: 8.2 meters @ 7.57% zinc, 1.27% lead and 10.31 g/t silver

    --  E-1: 2.5 meters @ 25.48% zinc, 0.69% lead and 9.61 g/t silver

    --  E-3: 2.8 meters @ 22.05% zinc, 6.47% lead and 47.96 g/t silver

    --  E-5: 5.3 meters @ 29.77% zinc, 4.65% lead and 43.99 g/t silver

    --  E-6: 4.8 meters @ 12.07% zinc, 1.06% lead and 6.94 g/t silver

    The 2006 drilling program focused upon a relatively limited area within
the known mineralized system. Four drill platforms situated between 100 and
150 meters apart tested in detail an area approximately 200 meters by 500
meters in dimension. Drill hole intercept spacing of the mineralized horizons
within this detailed drill area ranged from 25 to 140 meters. The specific
drilling targets consisted of two stratiform layers of mineralization, the
Milagros and Karen zones. Significant mineralization, greater than 2.0% zinc
over 2.0 meters (or equivalent), was intersected in 19 out of 24 drill holes
completed to the target depth, with two holes failing to reach the target
horizon due to drilling difficulties. This is an exceptional success ratio of
good drill holes to sub-mineralized holes and bodes well for the overall
potential of the project. Results of these 19 drill holes are provided in the
attached table.

    Chris Herald, President and CEO of Solitario commented, "To put these
results into perspective, this program tested only about 5% of the known
mineralized system. This is the first drilling program to define stratiform
mineralization in detail, as previous drilling at Florida Canyon consisted of
widely-spaced drill holes in the range of 100 to 300 meters apart. These
impressive drilling results confirm the continuity and quality of
mineralization and provide additional evidence that the Florida Canyon deposit
represents one of the best undeveloped zinc deposits in the world. Votorantim
has already initiated studies for an underground exploration program and
analyses for road access to the Bongara project with definite plans for an
expanded drilling program resuming in mid-2007. We look forward to Votorantim
quickly advancing this quality asset."

    The drill hole information contained within this release is reported
under a quality control program reviewed by Mr. Walt Hunt, Vice President of
Operations for Solitario Resources Corporation, who is a qualified person as
defined by National Instrument 43-101. Samples are derived from 50% splits of
HQ and NQ (2.5 and 1.9 inch) diameter core. Samples are then shipped via
secured third-party land and air transportation companies and analyzed by ALS
Chemex Inc., North Vancouver, Canada, an ISO9002 registered company.

    Terms of the Framework Agreement

    The Framework Agreement ("Agreement") contains business terms identical
to the previously signed and announced Letter Agreement. Votorantim has
already completed its year-one $1.0 million work commitment and can earn up to
a 70% interest in the project by completing future annual exploration and
development expenditures and making cash payments annually after the first
year. The option to earn the 70% interest can be exercised by Votorantim at
any time by committing to place the project into production based upon a
feasibility study. Votorantim's future minimum annual expenditures are $1.5
million in each of years two and three, and $2.5 million in all subsequent
years until a minimum of $18.0 million has been expended. Votorantim is the
project operator and may elect to terminate its option to earn a 70% interest
at any time.

    Once Votorantim has fully funded its $18.0 million work commitment, it
has further agreed to finance Solitario's 30% participating interest for
construction. Solitario will repay the loan facility through its cash flow
distributions.

    Project History

    Solitario discovered the Florida Canyon deposit in 1996 and joint
ventured the Bongara project with Cominco Ltd. in early 1997. Cominco spent
approximately US$16.0 million on the project, including drilling 80 core holes
within the Florida Canyon deposit area between 1997 and 2000. (Previous
drilling highlights are archived at www.solitarioresources.com).

    About Votorantim Metais

    Votorantim Metais belongs to a privately-held Brazilian industrial
conglomerate that is a leader in every market segment in which it operates,
including cement, pulp and paper, metals, chemicals, orange juice, and
finance. In 2005, Votorantim Group's revenues

    amounted to US$ 7.8 billion. The metal business division accounted for
30.4% of revenues and produces zinc, nickel, steel and aluminum. Votorantim
Metais is the world's tenth largest primary zinc producer with three operating
zinc smelters and two operating zinc mines. It owns the Cajamarquilla zinc
smelter and is a major shareholder of Milpo, both located in Peru.

    About Solitario

    Solitario is a gold, silver, platinum-palladium, and base metal
exploration company actively exploring in Brazil, Mexico and Peru. Besides
Votorantim, Solitario has significant business relationships with Newmont
Mining and Anglo Platinum. Solitario has approximately US$24 million in cash
and marketable securities and no debt. Solitario is traded on the American
Stock Exchange (AMEX:   XPL) and on the Toronto Stock Exchange (TSX: SLR).
Additional information about Solitario is available online at
www.solitarioresources.com

    This press release includes certain "Forward-Looking Statements" within
the meaning of section 21E of the United States Securities Exchange Act of
1934, as amended. All statements, other than statements of historical fact,
included herein, including without limitation, statements regarding potential
mineralization and reserves, exploration results and future plans and
objectives of Solitario, are forward-looking statements that involve various
risks and uncertainties. There can be no assurance that such statements will
prove to be accurate and actual results and future events could differ
materially from those anticipated in such statements. Development of
Solitario's properties are subject to the success of exploration, completion
and implementation of an economically viable mining plan, obtaining the
necessary permits and approvals from various regulatory authorities,
compliance with operating parameters established by such authorities and
political risks such as higher tax and royalty rates, foreign ownership
controls and our ability to finance in countries that may become politically
unstable. Important factors that could cause actual results to differ
materially from Solitario's expectations are disclosed under the heading "Risk
Factors" and elsewhere in Solitario's documents filed from time to time with
Canadian Securities Commissions, the United States Securities and Exchange
Commission and other regulatory authorities.

    
    Table I: Highlights of 2006 Bongara Drill Hole Results
    (best 19 drill holes out of 26 total holes drilled)

    Drill Hole   Interval (m)  Thickness (m) Zinc (%) Lead (%)Silver (g/t)
    A-1             26.3-62.45         36.15    12.84    2.69       18.45
                    76.30-77.3          1.00    42.60    4.85       46.00
    A-2              31.4-35.5          4.10     7.95    0.05        1.70
                    53.25-54.8          1.55    12.53    2.76       15.86
    A-3              36.6-37.2          0.60    23.79    1.73       13.60
                     71.8-74.5          2.70    16.81    4.13       27.97
    A-5             28.6-33.82          5.22    15.04    0.66        5.73
                      64-65.35          1.35     2.26    0.98        5.00
    A-6              33.5-34.9          1.40     2.58    0.12        1.00
                     50.3-52.1          1.80    11.61    1.07       10.45
    C-1              83.2-84.7          1.50     6.55    0.03        2.00
                     94.5-95.7          1.20     1.97    0.30        3.90
    C-3            72.85-77.05          4.20     5.02    0.56        4.17
                       89.3-92          2.70     6.04    0.03        1.10
    C-4              74.8-75.9          1.10     8.13    0.29        2.70
                  97.85-104.65          6.80    15.98    5.03       36.51
    incl.          97.85-98.85          1.00    39.76   10.80       95.80
                 102.35-104.65          2.30    29.84   10.13       66.29
    C-5             80.2-82.35          2.15     8.74    7.74       37.52
                     98.5-99.3          0.80     3.78    0.34        1.90
    D-3              97.6-99.5          1.90     5.16    0.23        3.61
    D-4             78.6-83.85          5.25     6.37    1.25        6.29
    D-5                87-95.2          8.20     7.57    1.27       10.31
                   99.2-100.25          1.05     3.35    0.71        5.10
                 116.65-118.60          1.95    20.07    6.76       48.13
    D6               92.4-93.3          0.90     9.07    2.07       17.70
    E-1            189.3-191.8          2.50    25.48    0.69        9.61
                   194.3-195.4          1.10     3.58    0.05       13.40
    E-2           144.25-148.6          2.60    14.82    1.22        9.06
                  175.65-176.7          1.05     9.00    0.07        1.90
                  200.5-200.85          0.35    18.00    0.02        2.90
    E-3            178.4-181.2          2.80    22.05    6.47       47.96
                 201.95-203.55          1.60     5.53    0.36        2.55
    E-4          163.85-166.05          2.20     6.39    0.33        2.32
                   174.5-175.7          1.20     2.91    3.21       20.00
                  180.4-185.05          4.65     6.01    3.04       21.93
    incl.        182.85-185.05          2.20    10.75    6.01       43.35
    E-5          158.05-158.65          0.60     2.55    0.35        2.50
                   171.4-176.7          5.30    29.77    4.65       43.99
    E-6          142.45-147.25          4.80    12.07    1.06        6.94
    




For further information:

For further information: Solitario Debbie W. Mino, 800-229-6827 Director
- Investor Relations or Christopher E. Herald, 303-534-1030 President & CEO

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SOLITARIO RESOURCES CORPORATION

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