Solitaire Receives Results from Red Lake, Ontario initial Drill Program

Wednesday, August 27, 2003

August 27, 2003 Solitaire Minerals Corp. (the "Company") is pleased to announce the following results received from King's Bay Gold on the recently completed drill program at Red Lake, Ontario. Solitaire Minerals Corp. and King's Bay Gold are currently in a dispute regarding the Company's ownership interest in the Headway Property, located in Red Lake, Ontario. Solitaire takes the position that it has the right to earn up to a 50% interest in the property, and has notified King's Bay Gold that it will take whatever legal recourse is necessary to defend that position.

The Headway Project is located in Balmer and Dome Townships approximately 1200 metres southwest of the high-grade zone and directly adjacent to the Red Lake Mine of Goldcorp Inc. The Red Lake camp hosts two high-grade, world-class gold mines. Combined, the Campbell-Red Lake ore bodies contain 23.6 million ounces (past production and reserves).

This phase I, exploration program consisted of line cutting, ground magnetics and drilling of three holes. "All three drill holes were targeted to test gold mineralization at the Main Zone. Previous stripping has exposed a two to five metre wide quartz porphyry dyke trending at 100 to 120 degrees and dipping near vertical. The dyke is host to numerous ladder-like quartz veins that are mineralized with pyrite, pyrrhotite, minor arsenopyrite, tourmaline and rare visible gold.

Drill hole HW03-1 was drilled at -45 degrees to the east at a low angle to the dyke so as to test the quartz-tourmaline veining. The drill hole intersected this porphyry from 9.5 to 27.0 metres. An 18 metre (59 ft) section assayed 1.1 g/t Au, with a high of 4.8 g/t Au over 1.0 metre. Drill holes HW03-2 and HW03-3 were drilled to the west and failed to intersect the porphyry, indicating a steep dip to the north for the western segment of the porphyry dyke.

Historical records show that the Main Zone porphyry extends over a strike length of 250 metres and numerous assays from grab and drill samples are reported as one oz/ton Au or better. Further drilling is recommended to further test the gold potential of the porphyry zone." (All above info supplied by: Tony Pryslak., M.Sc., P.Geo, Project Supervisor.). The Red Lake drill program is being carried out under the direction of Tony Pryslak, M.Sc, P.Geo, the qualified person. Mr. Pryslak is supervising drill hole planning, implementation and quality control programs. The NQ core is one-half split, with half sent to Accurassay Laboratories in Thunder Bay, Ont., for preparation and analyses. Solitaire Minerals is extremely encouraged by this Phase I exploration program and has been contacted by King's Bay regarding plans for a follow up drill program.


About Solitaire Minerals Corp.

Solitaire Minerals Corp. is a Canadian mineral exploration company with a specific focus on prospective gold properties in North America. The Company has assembled a portfolio of precious metal exploration prospects in Ontario and British Columbia. Solitaire's Ontario properties in the prolific Red Lake/Birch-Uchi Greenstone Belt include the Headway, in which Solitaire can earn up to a 50% interest through an option agreement with King's Bay Gold Corp. and the South Baird, Golden Pickle, and Chukuni River Prospects, which are held 100% by Solitaire. Each of these properties exhibits excellent potential for hosting high-grade gold deposits and is located within the world class Red Lake, Ontario area.

For additional information you can contact Solitaire Minerals Corp. at 604-683-5445 or visit the Web site at http://www.solitaireminerals.com.

On Behalf of the Board of Directors
SOLITAIRE MINERALS CORP.

"Charles Desjardins"

Charles Desjardins
President and Director
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