Closing of Property Purchase

Friday, August 05, 2005

August 5, 2005: Solitaire Minerals Corp. (the "Company") is pleased to announce the closing of the property purchase agreement dated June 10, 2005, between the Company and 1304850 Ontario Ltd. whereby the Company has purchased a 100-per-cent undivided interest in the Lateral Lake property consisting of eight claims with an area of 3,280 acres, located north of Dryden, Ont.

Terms of the agreement include payment of $86,000 and the issuance of 100,000 common shares of the Company to the vendor over a period of four years, which are subject to a four month hold period. The Company is also required to incur a minimum of $150,000 in exploration expenditures on the property within the first year of the agreement.

The vendor also retains a 1.5-per-cent net smelter return royalty, one-half of which may be purchased by the Company at any time for the payment of $500,000.

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 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. 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.

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

On Behalf of the Board of Directors
SOLITAIRE MINERALS CORP.
"Charles Desjardins"

Charles Desjardins,
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, 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. 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.