VANCOUVER, Feb. 7 /PRNewswire-FirstCall/ -- Solitaire Minerals Corp. (TSX-V: SLT) (The Company) is pleased to announce that the Company will have the diamond drilling contract completed shortly, for the Riou Lake Uranium Property, with an announcement of the Diamond Drilling Company to follow immediately afterwards. The Company expects to be drilling during approximately the last week of February, 2008 at the Riou Lake Uranium Property located in the Athabasca Basin of Northern Saskatchewan.
Solitaire Minerals has selected several high priority targets due in part to the interpretation of the Soil Gas Hydrocarbon (SGH) analyses collected from a grid of soil samples. The drill program will encompass a minimum of 4000 meters with all targets to be collared on dry land south of Riou Lake and concentrated near the centre of the Soil Gas Hydrocarbon anomalies designated by Actlabs as the "Primary Target" and "Secondary Target", in conjunction with other geochemistry from the area. Samples from the Main Grid, which were taken along the previously identified 8 km long escarpment fault (the escarpment is 8 km; the fault can be traced at least 12km) produced two strongly anomalous areas which Actlabs believe indicate a "Very High Probability" of a Uranium target at depth. This is the highest level of detection possible under the SGH Rating System under which there are 6 categories ranging from a "Low Probability" rating to a "Very High Probability" rating. A "Very High Probability" rating means that the SGH classes most important to describing a Uranium signature are all present and consistently describe the same location with well defined anomalies. To obtain this rating there also needs to be other SGH classes that when mapped lend support to the prediction location.
The SGH class signature in the exploration for a Uranium target is primarily made up of heavier SGH classes of compounds. The Actlab interpretation method and definition of the SGH Uranium signature has been developed through research since 1997 by Actlabs, including analysis of case studies, especially from the two Canadian Mining Industry Research Organization projects (CAMIRO 97E04 & 01E02) as well as research conducted by the Ontario Geological Survey (OGS).
The three primary Uranium indicator classes resulted in apical style anomalies in two areas of the main grid. These areas replicated exceptionally well across the three SGH indicator classes which means that the interpretation at this site was very definitive. Thus, due to the agreement across the SGH Uranium indicator classes, there is a "Very High Probability" of Uranium targets at the Primary and Secondary target areas shown at the main grid. The Secondary target is only slightly less in quality of agreement and may actually have the same characteristics as the Primary Uranium target area. In this interpretation, the best drill targets are most likely to coincide with the centre of the high SGH anomaly areas within the Primary and Secondary target zones.
Jim Kermeen, M.Sc., P.Eng., a qualified person under National instrument 43-101 will advance the Riou Lake project.
C and D Block Update, Athabasca Basin
Durama Enterprises Ltd. of La Ronge, Saskatchewan continues the extensive ground geophysics on 3 mineral claims totalling 14,415 hectares, known as the "D" block of claims, and 7 mineral claims, known as the "C" block of claims, totalling 3,913 hectares, all located in relative proximity to the Key Lake area of the Athabasca Basin (in the eastern Athabasca Basin of Saskatchewan).
At the Little Cree River claim group (D Block of claims), located 45 km west of the McArthur River uranium mine-site, a detailed airborne magnetic and VTEM survey was conducted by Geotech Ltd. in 2006. Condor Consulting Ltd., recognized experts in the field of airborne electromagnetics, performed detailed interpretation of the results and provided final conclusions regarding the significance of the survey. The program at Little Cree will involve grid establishment and UTEM surveys to pinpoint the strongest conductive response for location of possible drill targets.
A prominent magnetic low extends through the central and eastern part of the block with localized highs on the western and eastern sides of the survey area. A VTEM anomaly sits directly over a portion of the magnetic low where the strike changes from NNE to ESE suggesting there may be an underlying folding event in the basement. The CDS section shows that the conductive zone is very close to the unconformity surface and is seen as the best chance of representing a basement conductor.
The C5 claim area is located 24 km SW of the McArthur River uranium mine and is situated over 4.5 km of the 9 km long 'WV' trend identified by Cameco in their Wheeler River Project area. The original Wheeler River project outlined anomalous uranium and rare earth elements in many zones from Wheeler Lake in the southwest, to the McArthur River uranium mine in the northeast. The project area is situated along the P2 rift, which extends NE through the basin and hosts the McArthur River Uranium mine, and other zones.
On the C5 claim the main structural feature is a thrust fault that vertically offsets the unconformity by approximately 72 m. This thrust likely forms the locus for the circulation of hydrothermal alteration and mineralizing fluids. A series of basement step faults, which are reflected in the sandstone by a series of splay faults, have resulted in the basal sandstones being fractured into a series of rotated blocks. The VTEM results show a conductive response that appear to extend well above the indicated unconformity level but as well extends well into what is interpreted to be bedrock.
The current program on the C5 claim will involve grid establishment and UTEM surveys to pinpoint the strongest conductive response at the unconformity and deeper into the basement for location of possible drill targets.
Private Placement
Solitaire Minerals has arranged a non-brokered private placement of up to 10,000,000 units at a price of $0.15 per unit for total proceeds of up to $1,500,000 subject to the approval of the TSX Venture Exchange.
Up to 2,000,000 units will be issued as non flow-through units consisting of one common share and one full warrant. One full warrant will entitle the holder to purchase one additional common share of the Company at a price of $0.175 per share for the first year, and $0.20 per share in the second year.
Up to 8,000,000 units will be issued as flow-through units consisting of one common share and one half (1/2) share purchase warrant, one full warrant will entitle the holder to purchase one additional common share of the Company at a price of $0.175 per share in the first year and $0.20 per share in the second year.
The proceeds of the private placement will be used for exploration work on the Company's mineral properties and general working capital.
About Solitaire Minerals Corp. Solitaire Minerals Corp. (TSX-V symbol: SLT) 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, Saskatchewan, Alberta, and the North West Territories. 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 75% 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 "D" Block of claims and up to a 70% interest in the "C" Block of claims located in the Athabasca Basin. The Company has also acquired the Riou Lake North and South properties in which the Company has 100% interest and a 90% interest in the central Riou Lake Property. In Alberta, the Company has purchased the Ravenscrag property in which the Company has 100% interest. In the North West Territories, the Company has purchased the Mystery Island IOCG Property located in the Great Bear Lake area in which the Company has 100% interest.
On Behalf of the Board of Directors SOLITAIRE MINERALS CORP. "Charles Desjardins" Charles Desjardins, President and Director THE TSX VENTURE EXCHANGE HAS NOT YET REVIEWED AND DOES NOT TAKE RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE. 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.
CONTACT: please contact Solitaire Minerals Corp. or visit http://www.solitaireminerals.com/
