Solitario Expands Bongara-Chambera Land Position

 

DENVER, CO - Solitario Exploration & Royalty Corp. reported that it, together with its funding joint venture partner, Compañia Minera Milpo S.A.A. (Milpo), significantly increased joint venture property holdings in northern Peru by acquiring 6,500 hectares (16,055 acres) of new mineral concessions. The acquired property fills an ownership gap in our consolidated claim position held by the Bongara and Chambara joint ventures, both of which are mutually owned by Solitario and Milpo. The newly acquired concessions were previously held by a third party for approximately the past 20 years, but the claims recently expired allowing Milpo/Solitario to acquire the property the first day it became available for staking. With these new mineral rights, the joint ventures have secured the most attractive geologic terrain for the future expansion of zinc mineralization outside of our core Bongara claim group.

Although the Bongara and Chambara joint venture agreements with Milpo are similar, current participating interests differ significantly with Solitario owning 39% of the Bongara joint venture and 85% of the Chambara joint venture (Milpo 61% and 15%, respectively). Chris Herald, President and CEO of Solitario, stated, “We are excited about the acquisition of these highly prospective mineral rights. We believe this large newly acquired area has excellent exploration potential as it is squarely on trend with Bongara mineralization and known mineralized structures and favorable stratigraphy.”