Solitaire Private Placement

Monday, August 16, 2004

August 16, 2004: Solitaire Minerals Corp. (the Company) wishes to announce that it intends to raise $500,000.00 by way of a non-brokered private placement at a price of $0.05, subject to the approval of the TSX Venture Exchange.

Up to 6,000,000 units will be issued as flow-through units consisting of one flow-through common share and one one non-transferable share purchase warrant. One warrant will entitle the holder to purchase one additional non flow-through common share of the Company at a price of $0.10 per share for the fist year, and $0.12 until expiration the following year.

The remaining 4,000,000 units will be issued as non flow-through units, each non flow-through unit consisting of one common share and one non-transferable share purchase warrant. One warrant will entitle the holder to purchase one additional non flow-through common share of the Company at a price of $0.10 per share for the fist year, and $0.12 until expiration the following year.

The proceeds of the private placement will be used for Phase 1 ground exploration of the Company's Chukuni River Property, and Phase 2 exploration on the Union Mine Property, and general working capital.

Chukuni River Property
The Company is also in the final planning stages for the next phase of exploration on the Company's Chikuni property, where recently conducted airborne magnetic survey and ground gravity survey has defined a wnw-trending gravity anomaly that parallels the regional gravity anomaly that demarks the major deformation/alteration zone hosting the Goldcorp Red Lake Mine and the Placer Dome Campbell Mine. This potential parallel deformation zone is crosscut by northeast trending faults as defined in the recent magnetic survey.
The Chukuni River Claims refer to claim units totaling 2,000 acres in Byshe Township in the Red Lake Mining District. Two of the claims are contiguous with Goldcorp's (TSX:G, NYSE:GG) Red Lake Mine claim group. Goldcorp has announced and commenced construction of a new shaft (Shaft #3) to a depth of 7,150 feet with a total hoisting capacity of 4,000 tons per day, to be located south of their existing shafts, and approximately 2,000 meters north of the Chikuni Property.

The Union Mine Property
The Union Mine Property consists of approximately 1,500 acres located in the Franklin Mining Camp, roughly 60 kms north of Grand Forks. The regional area of this part of the province is locally referred to as the Boundary district and encompasses the Rossland Camp on the east (produced over 3,500,000 oz of silver and over 2,700,000 oz of gold), the Republic area on the south, Buckhorn Mountain on the west and the Union Mine to the north. The Boundary District has a number of historical production areas and several current unmined reserves, including Buckhorn Mountain and Emanuel Creek (in production since December 2003). The Union Mine property is accessible via good quality all-weather road, and contains extensive underground workings. Historical production from a series of ore bearing veins was carried out between 1913 and 1989, with the majority of production occurring prior to 1942. The property has been the subject of a recent NI43-101 report, the report is available for viewing at www.sedar.com.

About Solitaire Minerals Corp.
Solitaire Minerals Corp. is a Canadian mineral exploration company with a specific focus on 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 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 50% interest in the Baird Property. In British Columbia, the Company has an agreement to earn 100% interest in the Union Mine Property, but has not yet vested its interest.

For additional information you can 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

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.