Solitario Announces Resource Sensitivities to Gold Price for Its Mt. Hamilton Gold Project, Nevada

Solitario Exploration & Royalty Corp. (“Solitario;” NYSE MKT: XPL; TSX: SLR) and Ely Gold & Minerals (“Ely Gold;” TSX.V: ELY) are pleased to announce the results of a gold price sensitivity study on Mt. Hamilton resources. Resource estimates were tabulated using three gold/silver price assumptions for the confining optimized pit shape: $1,100/$19, $1,300/$22 and $1,500/$25 per ounce. The study showed that the contained ounces in the Mt. Hamilton gold/silver resource is relatively insensitive to gold price assumptions between $1,100 to $1,500 and silver prices between $19 and $25 per ounce as presented in the tables below. The cutoff grade of 0.006 ounces per ton gold was held constant for the reporting of the three price scenarios.

The Measured and Indicated resource estimate for the February 2012 Feasibility Study assumed a gold price of $1,600 and resulted in 526,854 ounces of contained gold (excluding silver). With the addition of the Seligman resource and additional drilling conducted since the Feasibility Study was completed, the new Measured and Indicated resource estimate using an $1,100 per ounce gold price resulted in a 21% increase in contained gold to 638,490. In addition, Inferred in-pit resources increased 105% from 60,859 contained ounces of gold in the Feasibility Study to 124,806 contained gold ounces generated under the new lower case $1,100 gold price assumption.

Chris Herald, President and CEO of Solitario, stated, “We are extremely pleased with the results of this study which basically represents a gold price stress-test on the Mt. Hamilton resource base. Clearly, the work conducted by the joint venture since the release of the February 2012 Feasibility Study has added significant new value to the project. Under the $1100/$19 per ounce gold/silver price assumption, the Measured and Indicated gold equivalent resource stands at 730,477 ounces of gold equivalent. We believe that with the design of our new mine plan combining the Centennial and Seligman deposits into a single pit (http://www.solitarioxr.com/art/Seligman-CentennialResourceModel.pdf), and increasing our production rate from 8,500 to 10,000 tons per day, project economics will remain robust at lower metal prices.”

These new resource estimates were prepared on behalf of Solitario by SRK Consulting (U.S.) Inc. (“SRK”) and serve to update the previous resource estimate for the Mt. Hamilton Project stated in the most recent October 25, 2012 Technical Report. The updated Mount Hamilton resource estimates were constrained by potentially minable optimized pits using gold price assumptions of $1,100, $1,300 and $1,500 per ounce of gold and $19, $22 and $25.00 per ounce of silver. These new Mt. Hamilton resource estimates were based on 857 drill holes with an average hole depth of 396 feet for a total of 317,739 feet of drilling. The drill data were verified and validated by SRK in compliance with NI-43-101 requirements. This consolidated Mt. Hamilton resource estimate includes 60 new infill drill holes that converted earlier Inferred resources to the Indicated category, and added new ounces to the resource estimate.

Mineral Resource Statement, Mount Hamilton Gold-Silver Deposit,
White Pine County, Nevada, September 19, 2013

The following notes pertain to all three of the above resource charts:

• Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that any part of the Mineral Resources estimated will be converted into Mineral Reserves estimate;
• Resources stated as contained within a potentially economically minable open pit; pit optimization was based on assumed gold and silver prices stated in each chart, effective heap leach recoveries of 79.3% for gold, and 39.3% for silver, an average ore mining and a processing cost of US$6.04/t; and pit slopes of 50°;
• Resources are reported using a 0.006 ounce per short ton gold cutoff grade;
• Gold Equivalent (AuEq) was calculated using a Ag:Au ratio of 60:1; differences in gold and silver recoveries were not considered in calculating the AuEq grade or contained AuEq ounces; and
• Numbers in the table have been rounded to reflect the accuracy of the estimate and may not sum due to rounding.

The Feasibility Study and the Seligman NI-43-101 Seligman resource estimate were prepared by SRK Consulting (U.S.), Inc., an independent and internationally recognized consulting firm. The Feasibility Study provides mineral resource and mineral reserve estimates, and a classification of resources and reserves in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum Standards on Mineral Resources and Mineral Reserves: Definitions and Guidelines, November 27, 2010 (CIM). It also meets the standards of the U.S. Securities and Exchange Commission Industry Guide 7 for estimating and reporting reserves. This release has been reviewed for accuracy by Mr. J. B. Pennington of SRK and for Solitario by Walter Hunt, Chief Operating Officer, both of whom are “qualified persons” as that term is defined in NI 43-101.

Cautionary Note to U.S. Investors concerning estimates of Resources: This news release uses the terms “Measured, Indicated and Inferred Resources.” The Company advises U.S. investors that while these terms are recognized and required by Canadian regulations, the SEC does not recognize the terms. U.S. investors are cautioned not to assume that any part or all of Measured or Indicated Mineral Resources will ever be converted into Reserves. Inferred Resources have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or pre-feasibility studies, except in rare cases. U.S. investors are cautioned not to assume that any part or all of a measured, indicated or inferred resource exists, or is economically or legally minable.

Terms of the Mt. Hamilton LLC Joint Venture

Solitario and Ely Gold formed Mt. Hamilton LLC (“MH-LLC”), a limited liability company which now holds 100% of the Mt. Hamilton project assets under an Operating Agreement (“MH-Agreement”). Solitario holds an 80% interest in MH-LLC, and DHI-US. Ely Gold’s wholly owned US subsidiary, holds a 20% interest in MH-LLC. Further Solitario obligations include arranging project financing, and making future property and advanced royalty payments.

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, Hochschild Mining on its Pachuca Norte silver-gold project in Mexico 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.

About Ely Gold

Ely Gold is focused on the acquisition and development of gold resources in Nevada, including its recently acquired Green Springs property, 10 miles south of Mt. Hamilton. Ely Gold is traded on the TSX Venture Exchange ("ELY"). Additional information about Ely Gold is available online at www.elygoldandminerals.com.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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
Ely Gold & Minerals
Steve Kenwood, 604-488-1104
Director
or
Trey Wasser, 972-803-3087
President & CEO