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Solitaire Minerals Corp.: Solitaire Minerals Corp. Enters Into an Option Agreement for the Chukuni Property in Red Lake Mining

^{Published on 2009-03-23 17:33:34, Last Modified on 2009-03-23 17:34:42 - Market Wire}
 

VANCOUVER, BC--(Marketwire - March 23, 2009) - Solitaire Minerals Corp. (TSX-V: [ SLT ]) (the Company) would like to announce that it has granted an option to Ashburton Ventures Inc. (TSX-V: [ ABR ]) to acquire a 60% interest in the Chukuni Property consisting of 3 claims, covering 1,520 acres in the Red Lake Mining District of Ontario. This Option Agreement is subject to TSX Venture Exchange approval.

The Chukuni property lies within the southern corridor of the Cochenour-Gullrock deformation zone and is of particular interest within the Red Lake Mining District as it hosts the well-known Red Lake-Campbell Mine Complex. Goldcorp's Red Lake-Campbell Mine Complex, approximately 3.5 km to the north of the Chukuni property, currently remains one of Canada's largest and richest Archean gold deposits. Goldcorp's Red Lake-Campbell Mine Complex produced 629,000 ounces of gold in 2008 (source: Goldcorp's website at the following link [ http://www.goldcorp.com/operations/red_lake_mine/ ]).

The Company previously drilled 11 holes totalling 2117m on the Chukuni property. Core was logged, cut, and 366 samples were sent to be processed at Accurassay Laboratories in Thunder Bay, Ontario. New drill targets have been identified as a result of the information collected and from further analysis of the airborne magnetic anomalies (Fraser filtered VLF-EM data).

Cumulative terms of the agreement for Ashburton Ventures Inc. to earn a 60% interest from Solitaire Minerals Corp. in the Chukuni property are as follows:

 -- Over the three-year term Ashburton Ventures Inc. must pay Solitaire Minerals $90,000 cash, issue 1,000,000 common shares and spend $1,000,000 in exploration expenditures. 

Ashburton Ventures Inc. will enter into a definitive joint venture agreement once the terms of the working option agreement have been met.

Mr. Andrew Tims, P.Geo will be operating as the Company's qualified person under National Instrument 43-101. Mr. Andrew Tims has reviewed the technical content of this news release and confirms its accuracy. Mr. Andrew Tims is independent of the Company.

About Solitaire Minerals Corp.: Solitaire Minerals Corp. ("Solitaire") (TSX-V: [ SLT ]). Solitaire 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, and the North West Territories. Solitaire's Red Lake, Ontario properties include the Baird and Chukuni projects, in which the Company has earned 100% interest. In addition, the Solitaire has entered into an option agreement with Rubicon Minerals Corp., whereby the Solitaire may earn up to a 55% interest in Red Lake North property. Also in Ontario, Solitaire has an option to earn 100% in the Lateral Lake property. In Saskatchewan, the Company has acquired a 90% interest in the Riou Lake Property (Central), and a 100% interest in Riou Lake North and South located in the Athabasca Basin. In the North West Territories, the Company has purchased the Mystery Island IOCG Property, and the Eldorado Property located in the Great Bear Lake area in which the Company has 100% interest.

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" Charles Desjardins, President and Director 

"Neither TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this 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.