Solitario Secures US$5.0 Million Credit Facility Agreement with RMB Australia Holdings

Solitario Exploration & Royalty Corp. ('Solitario;? NYSE MKT: XPL;
TSX: SLR) is pleased to announce that it has entered into a
US$5.0 million secured credit facility agreement (the 'Facility?) with
RMB Australia Holdings Limited ('RMB?). The use of proceeds from the
Facility will be to advance Solitario′s Mt. Hamilton gold project in
Nevada and for general corporate purposes.

Chris Herald, President and CEO of Solitario, stated: 'This Facility
strengthens Solitario"s financial position to advance the Mt. Hamilton
project through permitting to construction. We are also pleased that
another quality financial institution recognized the robust economics of
the Mt. Hamilton project. We look forward to building a strong
relationship with RMB as the project advances.?

Funds drawn on the Facility will bear interest at the rate of the 90-day
LIBOR rate plus 5%. The current applicable 90-day LIBOR rate is
approximately 0.44%. The Facility has a 36-month term with interest paid
quarterly. In connection with the Facility, Solitario paid a 5.0%
upfront fee and issued RMB 1,624,748 warrants, each warrant entitling
RMB to purchase one common share of Solitario at an exercise price of
US$1.5387 per share (a 23% premium to the prior close) for the
three-year period after their issuance. The Facility is secured by a
pledge of Solitario′s 80% interest in the Mt. Hamilton joint venture and
by a general security interest in most of Solitario′s remaining assets.
The facility agreement has no prepayment penalty.

About Mount Hamilton

Solitario released a feasibility study on the Centennial gold-silver
deposit in February 2012 showing favorable economics for an open pit
operation with heap leach extraction. Once in operation, the mine is
expected to produce 48,000 ounces of gold and 330,000 ounces of silver
annually for eight years (or 54,000 gold-equivalent ounces per year at a
55:1 silver to gold ratio). The project has excellent potential to add
additional resources and extend the mine life. Currently three drill
rigs are operating on the project in the Seligman mineralized area.
Solitario owns an 80% interest in the project and is the project manager.

About Solitario

Solitario is a gold, silver, platinum-palladium, and base metal
exploration and royalty company actively exploring in Brazil, Mexico,
and Peru. Solitario has significant business relationships with
Votorantim Metais on its high-grade Bongará zinc project in Peru and
Anglo Platinum on its Pedra Branca platinum-palladium project in Brazil.
Solitario is traded on the NYSE MKT ('XPL') and on the
Toronto Stock Exchange ('SLR'). Additional information about
Solitario is available online at www.solitarioxr.com.

Cautionary Statement Regarding Forward Looking Information

This press release contains forward-looking statements within the
meaning of the U.S. Securities Act of 1933 and the U.S. Securities
Exchange Act of 1934, and as defined in the United States Private
Securities Litigation Reform Act of 1995 (and the equivalent under
Canadian securities laws),that are intended to be covered by the
safe harbor created by such sections. Forward-looking statements are
statements that are not historical fact. They are based on the beliefs,
estimates and opinions of the Company's management on the date the
statements are made and address activities, events or developments that
Solitario expects or anticipates will or may occur in the future, and
are based on current expectations and assumptions.Forward-looking
statements involve a number of risks and uncertainties. Consequently,
there can be no assurances that such statements will prove to be
accurate and actual results and future events could differ materially
from those anticipated in such statements. Such forward-looking
statements include, without limitation, statements regarding the
Company′s expectation of the projected timing and outcome of engineering
studies; expectations regarding the receipt of all necessary permits and
approvals to implement the mining plan at Mt. Hamilton; the potential
for confirming, upgrading and expanding oxide gold and silver
mineralized material at Mt. Hamilton; reserve and resource estimates;
operating cost estimates; estimates of gold and silver grades; estimates
of recovery rates; expectations regarding the cash flow generated by the
property; and other statements that are not historical facts.Although
Solitario management believes that its expectations are based on
reasonable assumptions, it can give no assurance that these expectations
will prove correct.Important factors that could cause actual
results to differ materially from those in the forward-looking
statements include, among others, risks relating to risks that
Solitario′s exploration and property advancement efforts will not be
successful; risks relating to fluctuations in the price of gold and
silver; the inherently hazardous nature of mining-related activities;
uncertainties concerning reserve and resource estimates; availability of
outside contractors in connection with Mt. Hamilton and other
activities; uncertainties relating to obtaining approvals and permits
from governmental regulatory authorities; the possibility that
environmental laws and regulations will change over time and become even
more restrictive; and availability and timing of capital for financing
the Company′s exploration and development activities, including
uncertainty of being able to raise capital on favorable terms or at all;
as well as those factors discussed in Solitario′s filings with the U.S.
Securities and Exchange Commission (the 'SEC?) including
Solitario′s latest Annual Report on Form 10-K and its other SEC filings
(and Canadian filings) including, without limitation, its latest
Quarterly Report on Form 10-Q. The Company does not intend to publicly
update any forward-looking statements, whether as a result of new
information, future events, or otherwise, except as may be required
under applicable securities laws.

Solitario Exploration & Royalty Corp.

Christopher E. Herald,
(303) 534-1030

President & CEO

or

Debbie Mino-Austin,
(800) 229-6827

Director-Investor Relations