Property and Company Updates

Wednesday, May 18, 2005

May 18, 2005: Solitaire Minerals Corp. (the Company) wishes to announce the following property updates for Highrock Lake and Riou Lake located in the Athabasca Basin of northern Saskatchewan. The Athabasca Basin hosts several major uranium deposits including Cigar Lake and McArthur River, two of the highest-grade uranium deposits in the world. It is the most productive uranium producing region globally, accounting for approximately one-third of the world's supply in 2003 (Cameco 2003).

Highrock Lake Project:

The Highrock Lake Project is a 7702 acre mineral claim located in northern Saskatchewan 15 kilometers south of the formerly mined Key Lake uranium mine. The property is underlain by PreAthabasca basement rocks and is some 9 to 15 kilometers south of the present southern limit of Athabasca Group rocks. However, evidence from Saskatchewan Geological Survey mapping in the area suggests that the Athabasca Group formerly covered the property area and that the present surface is probably not more than 100 to 200 meters below the now-eroded unconformity. Work by previous operators established the presence of abundant graphitic metapelites on the property and an interpretation of prior magnetic surveys which suggests major faulting.

Work by previous owners during 1976 to 1980 identified lake sediment samples and an extensive belt of glacial overburden which are anomalously high in uranium content. Their interpretation was that this uranium was not derived from bedrock on the property and they abandoned their exploration after a minor amount of diamond drill testing. However, this does not preclude mineralization in the bedrock on the property and it is the opinion of the company's geological consultant that insufficient drilling was done to test targets indicated by previous work.

The company intends to re-interpret all available geophysical data on the property utilizing up to date computer processing techniques and then proceed with diamond drill testing of a number of targets.

Jim Kermeen, M.Sc., P.Eng., is the qualified person on the company's Highrock Lake project.

The Riou Lake Property:

The Riou Lake property comprises a contiguous block of six mineral claims totaling 26981 acres located in the Athabasca Basin of northern Saskatchewan. It is located some 45 kilometers southwest of the settlement of Stony Rapids and 20 kilometers south of the north rim of the Athabasca Basin which covers the western extension of the Riou Lake fault system.

The first staked claim in the area covered the surface expression of the fault which is marked by an escarpment up to 180 feet high which extends for eight kilometers through the property. This escarpment is unique in the Athabasca Basin and could be an indication of major displacement of the Athabasca formations.

The company is awaiting the results of a recently completed deep-penetrating Megatem II airborne electromagnetic-magnetic survey of the property. This survey is expected to more precisely define the location of the escarpment fault plane and may possibly identify suspected parallel faults.

Jim Kermeen, M.Sc., P.Eng, is the qualified person on the company's Riou Lake property.

The Company also wishes to announce that it intends to raise up to $200,000.00 (CDN) 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 2,000,000 units will be issued as flow-through units consisting of one flow-through common share and one, half (1/2) 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 first year, and $0.12 until expiration the following year.

The remaining 2,000,000 units will be issued as non flow-through units, each non flow-through unit consisting of one common share and one (1) 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 first year, and $0.12 until expiration the following year.

The proceeds of the private placement will be used for exploration of the company's mineral properties and general working capital.

About Solitaire Minerals Corp. Solitaire Minerals Corp. 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, British Columbia and Saskatchewan. 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. 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.

For additional information please contact Solitaire Minerals Corp. or visit www.solitaireminerals.com.

On Behalf of the Board of Directors
SOLITAIRE MINERALS CORP.
"Bruce Lock"

Bruce Lock,
Director

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Statements in this press release other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, are forward-looking statements. 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.