Mr. Christopher Herald reports

SOLITARIO ENGAGES SRK CONSULTING TO COMPLETE AN INITIAL NI 43-101 TECHNICAL REPORT ON RESOURCES FOR ITS BONGARA ZINC PROJECT, PERU

Solitario Exploration & Royalty Corp. has engaged SRK Consulting (U.S.) Inc. to complete a National Instrument 43-101-compliant technical report on resources on its Bongara zinc project in Peru. The Bongara zinc project is currently undergoing advanced technical evaluation by the company's partner Votorantim Metais, the fifth-largest zinc producer in the world. SRK is an independent, international consulting practice specializing in engineering studies and assessments of mining assets and mineral projects.

The Bongara project

The Bongara zinc project in northern Peru has been actively explored and studied since Solitario made its initial discovery in 1996. To date, 487 exploration core holes have been completed totalling 117,380 metres. In addition to exploration and delineation drilling, additional work, such as metallurgy, geotechnical drilling and hydrogeologic studies, preliminary infrastructure planning, geology and resource modelling and access road construction, has been conducted under the management of Votorantim. In 2011, Votorantim initiated tunnelling in the San Jorge zone to provide detailed drilling information to upgrade resources. The underground drilling at San Jorge was completed in 2013.

Presently, the majority of mineralization is contained within two broad areas: the San Jorge and Karen-Milagros zones. These two zones have been the focal points of most of the recent drilling. Mineralization in the Karen-Milagros zone is mainly stratigraphically controlled and subhorizontal in orientation. The San Jorge zone is mainly structurally controlled and subvertical in orientation. Mineralization has been intersected over a footprint that measures approximately two kilometres in a southwest-northeast direction and over a kilometre in a northwest-southeast direction. Mineralization remains open in all directions.

Chris Herald, president and chief executive officer of Solitario, commented: "We are delighted to work with SRK as they have an established and internationally recognized extensive experience in the estimation of NI 43-101-compliant resources. We hope to release the results of SRK's work before the end of May, 2014, and issue a NI 43-101-compliant technical report. Many zinc commodity experts are forecasting higher zinc prices for the remainder of this decade as a significant number of operating zinc mines are scheduled for closure over the next couple of years due to reserve depletions. Couple this with the fact that, during the past several years, investment in new zinc mines has been significantly reduced due to low zinc prices. We believe this bodes well for the potential future development of our Bongara zinc project."

Walt Hunt, chief operating officer for Solitario, who is a qualified person as defined by NI 43-101, is the qualified person responsible for the material contained in this press release.

About SRK

SRK Consulting is an independent, international consulting practice that has provided technical services to the mining industry for the past 40 years, employing more than 1,500 professionals internationally in over 50 offices on six continents. For mining projects, SRK performs services from exploration to mine closure, including resource estimates, feasibility studies, due diligence reviews and production optimization. SRK has a demonstrated record in undertaking independent assessments of mineral resources and mineral reserves, project evaluations and audits. The SRK group has also worked with a large number of major international mining companies and their projects.

Bongara joint venture agreement with Votorantim Metais

Votorantim can earn up to a 70-per-cent interest in the project by committing to place the project into production based upon a positive feasibility study. All funds expended by Votorantim through completion of a feasibility study are 100 per cent Votorantim's obligation, with no repayment required by Solitario. After earning its 70-per-cent interest in the project, Votorantim has further agreed to provide financing for Solitario's 30-per-cent participating interest for construction. Solitario will repay the loan facility through 50 per cent of its net cash flow distributions.

About Votorantim Metais

Votorantim Metais belongs to a privately held Brazilian business conglomerate that is a leader in every market segment in which it operates, including cement, pulp and paper, metals, chemicals, orange juice, and finance. The metals business division accounted for approximately one-third of Votorantim's consolidated revenues from production of zinc, nickel, steel and aluminum. Votorantim Metais is the world's fifth-largest primary zinc producer with three operating zinc smelters and two operating zinc mines. It owns the Cajamarquilla zinc smelter and is the majority shareholder of Milpo, both located in Peru. Votorantim also has operations in the United States and China.

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