Solitaire Minerals Corp. Continues its Work Program on the Red Lake North Project and Provides Property Updates
19 Juillet 2011 - 3:00PM
Marketwired
Solitaire Minerals Corp. (TSX VENTURE: SLT) (Solitaire) is well
into its extensive ground program on the optioned Red Lake North
Project. The program has included line cutting, prospecting and
mapping. Solitaire is now proceeding to identify drilling targets
for the summer 2011 drill program. When Solitaire completes its
$750,000 program, it will then hold a 55% interest in the Red Lake
North claims, and it will commence negotiations towards entering
into a definitive joint venture agreement with Rubicon Minerals
Corp.
Other Property Updates
The Stewart Property, British Columbia
Solitaire holds the undivided 100% right, title and interest on
the Stewart Property, a 40 claim unit comprising a total land mass
of 727.36 hectares located within the Stewart area of British
Columbia. Solitaire accomplished this by paying the equivalent of
$10,000 in common shares of the Company to the Optionor. The TSX
Venture Exchange granted regulatory approval on the addendum to the
original Agreement.
The Princeton Property, British Columbia
Solitaire holds the undivided 100% right, title and interest on
the Princeton Property, a 10 claim unit comprising a total land
mass of 1,680 hectares located within the Princeton area of British
Columbia. Solitaire accomplished this by agreeing to amend the
original contract with the Optionor.
The Agreement was amended by eliminating the terms on the first
and second anniversary of the option agreement dated September 10th
2009. Those terms were replaced by a single cash payment of $60,000
(paid in full) from Solitaire to the Optionor. Both parties agreed
that for an aggregate consideration of $110,000 cash and 500,000
shares of Solitaire Minerals Corp., that the option would be
satisfied. The TSX Venture Exchange granted regulatory approval on
the addendum to the original Agreement.
Windfall Lake Property, Quebec
Solitaire now holds the undivided 100% right, title and interest
on the "Block A" Windfall Lake Property as Geo Minerals Ltd.
declined to further pursue the option agreement that it had entered
into. Block A is Solitaire's most northerly Windfall Lake property
located in northwestern Quebec, Canada.
Chukuni Red Lake, Ontario
Solitaire now holds the undivided 100% right, title and interest
on the Chukuni Property as Ashburton Ventures Inc. (Ashburton)
declined to further pursue the option agreement that it had entered
into. Ashburton reported assays on the 1,006 meter diamond drill
program that was completed in March, 2010. The drilling program was
considered a technical success in explaining the source of the IP
anomalies as above average sulphide concentrates but did not
encounter significant gold values. Mr. Andrew Tims, P.Geo, was the
qualified person under National Instrument 43-101.
About Solitaire Minerals Corp.
Solitaire Minerals Corp. (TSX VENTURE: SLT) is a diversified
Junior Canadian Mineral Exploration Company with a specific focus
on precious and base metal properties in North America.
For additional information please contact Solitaire Minerals
Corp. or visit www.solitaireminerals.com.
On Behalf of the Board of Directors
SOLITAIRE MINERALS CORP.
Charles Desjardins, President and Director
Cautionary note:
This report contains forward looking statements. Resource
estimates, unless specifically noted, are considered speculative.
Any and all other resource or reserve estimates are historical in
nature, and should not be relied upon. By their nature, forward
looking statements involve risk and uncertainties because they
relate to events and depend on factors that will or may occur in
the future. Actual results may vary depending upon exploration
activities, industry production, commodity demand and pricing,
currency exchange rates, and, but not limited to, general economic
factors. Cautionary Note to US investors: The U.S. Securities and
Exchange Commission specifically prohibits the use of certain
terms, such as "reserves" unless such figures are based upon actual
production or formation tests and can be shown to be economically
and legally producible under existing economic and operating
conditions.
Neither the 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.
Contacts: Solitaire Minerals Corp. Charles Desjardins President
and Director 604-683-5445 604-687-9631 (FAX)
info@solitaireminerals.com www.solitaireminerals.com
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