Solitaire Minerals Corp. Confirms the Presence of a Highly Altered Fault Zone at the Riou Lake Uranium Property, in the Athabasca Basin

    VANCOUVER, Oct. 31 /CNW/ - Solitaire Minerals Corp. (TSX-V: SLT) has
completed the initial phase of the diamond drill program on its Riou Lake
uranium exploration project located in the Athabasca Basin of Northern
    Solitaire Minerals has selected several high priority targets due in part
to the interpretation of the Soil Gas Hydrocarbon (SGH) analyses collected
from a grid of soil samples. The drill program will encompass a minimum of
4000 meters with all targets to be collared on dry land south of Riou Lake and
concentrated near the centre of the Soil Gas Hydrocarbon anomalies designated
by Actlabs as the "Primary Target" and "Secondary Target", in conjunction with
other geochemistry from the area.
    Samples from the Main Grid ,which were taken along the previously
identified 8 km long escarpment fault ( the escarpment is 8 km ; the fault can
be traced at least 12km ) produced two strongly anomalous areas which Actlabs
believe indicate a" Very High Probability" of a Uranium target at depth. This
is the highest level of detection possible under the SGH Rating System under
which there are 6 categories ranging from a "Low Probablilty" rating to a
"Very High Probability" rating. A "Very High Probabilty" rating means that the
SGH classes most important to describing a Uranium signature are all present
and consistently describe the same location with well defined anomalies. To
obtain this rating there also needs to be other SGH classes that when mapped
lend support to the prediction location.
    The SGH class signature in the exploration for a Uranium target is
primarily made up of heavier SGH classes of compounds. The Actlab
interpretation method and definition of the SGH Uranium signature has been
developed through research since 1997 by Actlabs, including analysis of case
studies, especially from the two Canadian Mining Industry Research
Organization projects (CAMIRO 97E04 & 01E02) as well as research conducted by
the Ontario Geological Survey (OGS).
    The three primary Uranium indicator classes resulted in apical style
anomalies in two areas of the main grid. These areas replicated exceptionally
well across the three SGH indicator classes which means that the
interpretation at this site was very definitive. Thus, due to the agreement
across the SGH Uranium indicator classes, there is a "Very High Probability"
of Uranium targets at the Primary and Secondary target areas shown at the main
grid. The Secondary target is only slightly less in quality of agreement and
may actually have the same characteristics as the Primary Uranium target area.
In this interpretation, the best drill targets are most likely to coincide
with the centre of the high SGH anomaly areas within the Primary and Secondary
target zones.
    The only drill available for this program was a hydraulically powered
model which could be mobilized to the site by helicopter. The purpose of
proceeding with it at this time was to confirm the existence of the fault
zone, to test for shallow alteration and /or mineralization along it and to
accurately determine the dip of the zone so that deeper holes requiring a
larger machine could be more precisely designed.
    Three holes to intersect the main fault zone near surface were attempted
and partially completed. The ground was found to be extremely disrupted with
gouge (clay) seams indicative of faulting and the sandstone is in part
intensely altered. Circulation of drilling fluid was frequently lost in open
fractures resulting in several strings of drill rods becoming jammed in the
holes and not recovered. It was therefore decided to terminate the program and
proceed later with a larger machine better equipped to cope with the difficult
ground. If normal winter conditions prevail it should be possible to mobilize
a larger drill to the site over an existing winter road from Stoney Rapids to
Riou Lake in January.
    No significant radioactivity was encountered. However, sufficient core
was recovered to test it geochemically for ore-related alteration.
    Jim Kermeen, M.Sc., P.Eng., the Qualified Person for this release states,
"Although the drilling has been difficult, we have confirmed the presence of a
highly altered fault zone and I am confident that with more powerful equipment
we will be able to successfully test it at depth during the coming winter
drilling season."

    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
    "Charles Desjardins"

    Charles Desjardins,
    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.

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