News Release
Solitaire Minerals Corp. Acquires Gold/Uranium Property In Quebec
May 12, 2009: Solitaire Minerals Corp. (TSX-V symbol: SLT) (The Company) is pleased to announce an Option agreement to acquire a 100% interest in the Bienville Gold/Uranium Property located in James Bay, Quebec. The property is composed of 659 claims in 3 Blocks (to be named Block 1, 2 and 3), comprising an area of 32,850 hectares (81,170 acres). This Option agreement is subject to TSX Venture Exchange approval.
Lake sediment sampling by the Quebec government in the early 1970's indicates that the James Bay area contains regions with elevated gold and uranium values. The highest concentration of uranium is located in the southern part of Block 1. Bonaventure Enterprise, a junior mining company who owns ground between Solitaire's Block 1 and Block 2 property, made public on their website a report showing results of a helicopter borne radiometric survey. The survey clearly indicates higher total field uranium values in Block 1 than on the Bonaventure property. Subsequent Bonaventure drilling discovered significant intersections of white pegmatitic rock mineralized with uranium, 160-250 ppm U3O8 in intervals of 3 to 11 meters in length (hole 3, press release July 10/08). Preliminary prospecting in Block 1 has located a significant amount of white pegmatite in a 75 meter high and 6 kilometer long ridge. Prospecting with an RS-125 scintillometer located an area where the total field radioactivity reached as high as 20,000 counts per second (cps). Average values ranged between 3,000 to 7,000 cps.
There are also five regions of elevated lake sediment gold values as determined by the Company. Four of the five define linear trends that extend 4 to 8 km in length and the fifth is a cluster over 2 km in diameter. One of these linear trends contains interpreted cross structures where lake sediment gold values are approximately 10 to 100 times above background (38 to 410 ppb gold), which are considered anomalous. In addition it can be stated that approximately 80% of the lakes sampled in this region are anomalous in gold. (The above historical data has not been verified by Solitaire Minerals Corp.).
Charles Desjardins, President of the Company said, "Solitaire is excited to bring its gold and uranium exploration experience to the Bienville property. The potential for a gold or uranium deposit, in one of the most mining friendly jurisdiction in the world, brought us to this project."
The James Bay region is where Virginia Gold Mines discovered the Eleonore gold deposit in 2004 and then sold it in 2006 to Goldcorp for approximately 500 million dollars. The region extends over 700 by 700 kilometers and is considered to have undiscovered mining potential. Presently there are 5 gold deposits, 1 gold mine (Troilus), a 20 million tonne Cu-Mo porphyry deposit (Western Troy's MacLeod Lake) and a 13 million tonne Zn-Cu deposit being developed by Virginia Gold Mines, the Coulon project.
To earn a 100% interest in the Bienville Property the Company must:
- Pay $30,000 and issue 300,000 Common Shares to the Optionor within 5 days of the TSX Venture Exchange approval.
- Pay $30,000 and issue 300,000 Common Shares to the Optionor, on or before the first anniversary of the agreement date.
- Pay $45,000 and issue 400,000 Common Shares to the Optionor, on or before the second anniversary of the agreement date.
- Pay $45,000 and issue 400,000 Common Shares to the Optionor, on or before the third anniversary of the agreement date.
Assuming satisfaction of the terms in the option agreement Solitaire Minerals Corp. will hold a 100% interest in the Bienville property subject to a 3% Net Smelter Royalty to the Vendors.
Mike Magrum, P.Eng., a qualified person under National Instrument 43-101, has approved the technical content of this news release.
About Solitaire Minerals Corp. Solitaire Minerals Corp. ("Solitaire") (TSX-V symbol: SLT). Solitaire 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, and the North West Territories. Solitaire's Red Lake, Ontario properties include the Baird and Chukuni projects, in which the Company has earned 100% interest. In addition, the Solitaire has entered into an option agreement with Rubicon Minerals Corp. (TSX-V symbol: RMX), whereby the Solitaire may earn up to a 55% interest in Red Lake North property. Also in Ontario, Solitaire has an option to earn 100% in the Lateral Lake property. In Saskatchewan, the Company has acquired a 90% interest in the Riou Lake Property (Central), and a 100% interest in Riou Lake North and South located in the Athabasca Basin. In the North West Territories, the Company has purchased the Mystery Island IOCG Property, and the Eldorado Property located in the Great Bear Lake area in which the Company has 100% interest.
For additional information please contact Solitaire Minerals Corp. or visit www.solitaireminerals.com.
On Behalf of the Board of Directors
SOLITAIRE MINERALS CORP.
"Charles Desjardins"
Charles Desjardins,
President and Director
Neither TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
Cautionary note:
This report contains forward looking statements. Resource estimates, unless specifically noted, are considered speculative. Any and all other resource or reserve estimates are historical in nature, and should not be relied upon. By their nature, forward looking statements involve risk and uncertainties because they relate to events and depend on factors that will or may occur in the future. Actual results may vary depending upon exploration activities, industry production, commodity demand and pricing, currency exchange rates, and, but not limited to, general economic factors.
Cautionary Note to US investors: The U.S. Securities and Exchange Commission specifically prohibits the use of certain terms, such as "reserves" unless such figures are based upon actual production or formation tests and can be shown to be economically and legally producible under existing economic and operating conditions.
