1788 – 650 West Georgia Street
Vancouver, B.C. V6B 4N8
Tel: (604) 683-5445
Toll free: (866) 683-5445
Fax: (604) 687-9631
www.solitaireminerals.com
info@solitaireminerals.com
Solitaire Minerals Corp. Enters into Option Agreements with Rubicon Minerals
Corp. on Two Properties in Red Lake, Ontario
April 20, 2006: Solitaire Minerals Corp. (TSX-V symbol: SLT) (the "Company") is pleased to announce that it
has entered into two option agreements with Rubicon Minerals Corp. (TSX-V symbol: RMX) on the Red Lake
North property and the Humlin property. These agreements allow the Company to approximately triple its land
holdings in the Red Lake area by earning 55% ownership, after honoring a four year work commitment, on each
of the Red Lake North and the Humlin projects.
Red Lake North Agreement
The Red Lake North property is located approximately 22 km northeast of Red Lake, Ontario, in the prolific Red
Lake Mining District. The property consists of forty seven staked mining claims totaling 329 units (approximately
5264 Ha). The property is 30 minutes by logging road from the Town of Red Lake, which is the business and
government centre for the region. The area has a rich mining history, with two active producing mines (the
Campbell and Red Lake Mines), and has all the facilities and infrastructure required to develop a new mining
operation.
The Red Lake North property is separated into two distinct packages of ground. The larger of the two blocks is
located on the northwest margin of the Black Bear Intrusive. Geologically, the property is dominated by a
package of Balmer assemblage mafic and ultramafic volcanic rocks which are overlain by altered intermediate
sediments. The stratigraphic units are interpreted to be upright and dipping at 60 to 70 degrees to the northwest.
A series of northwest trending, vertical to subvertical faults crosscut and offset stratigraphy. This property is
directly along strike from the recent ‘Planet Zone’ Au discovery, currently being explored by Goldcorp/Planet
(TSX-V symbol: PXI). Based on historical drilling and geophysical interpretation on this land package, the
extension of Au bearing sericite schist that is observed on the Planet Zone continues southwest onto the newly
acquired property. The prospective sericite schist target horizon is interpreted to occur at depth and along the
entire 12km strike length of the property. All three holes drilled by Rubicon intersected the prospective sericite
schist altered horizon.
The smaller of the two blocks is situated on the up-dip and down-dip extensions of the recent Goldcorp/Planet Au
discovery. Geologically, the property is dominated by a package of Balmer assemblage mafic and ultramafic
volcanic rocks which are overlain by altered intermediate sediments. The southeastern claim block is on the
contact between the overlying Balmer Assemblage volcanics and the Cat Island Pluton to southeast. Based on
drilling by RMX, the prospective Au bearing sericite schist horizon continues onto the northwestern claim block,
at depth. To date, only two holes have been drilled on this claim block. Further drilling is required to test for the
continuity and controls of Au mineralization on the property.
For additional information on Red Lake North please visit our link at:
http://www.solitaireminerals.com/exploration/canada/redlakenorth
To view a map of Red Lake North please visit our link at:
http://www.solitaireminerals.com/pdf/exploration/map_redlake_north.pdf
Terms of the agreement for Red Lake North are as follows:
For Solitaire Minerals Corp. to earn a 55% interest in Red Lake North the Company must:
Pay $5000 to Rubicon Minerals Corp.
Transfer 50,000 shares to Rubicon Minerals Corp.
$275,000 work in first year (2006)
$400,000 work in second year (2007)
$575,000 work in third year (2008)
$1,250,000 work in fourth year (2009)
For a total of $2,500,000
Humlin Agreement
The Humlin property is located 10 km northwest of Red Lake, Ontario, in the prolific Red Lake Mining District.
The property consist of thirty-one staked mining claims totaling 294 units (approximately 4700 Ha).The property
is accessible via watercraft in summer, ice roads in winter, and locally via bush roads.
The Humlin property covers the central portion of the Red Lake Greenstone Belt, and is transected by a broad (>1
km wide), ‘Mine Trend’ parallel, regional-scale, northwest-trending structure referred to as the Pipestone Bay –
St. Paul Bay deformation zone. The structure parallels structures observed in the Campbell and Red Lake mines
area, and is considered important as a possible conduit for auriferous fluids. Numerous cross-faults have been
interpreted from magnetic breaks, which may be important gold trap sites. The area is underlain by tholeiitic to
komatiitic flows and ultramafic intrusions of the 2.98 to 2.96 Ga Balmer assemblage, and lesser felsic tuff and
siliciclastic rocks of the 2.74 to 2.73 Ga Confederation assemblage, which overlies the Balmer assemblage on a
regional unconformity. All of the major deposits in the belt are found within a few hundred metres of the
unconformity, including the Madsen Mine (2.6 Moz) where mineralization is localized along the unconformity
surface. The western margin of the Dome stock (2.72 Ga) underlies the southeast corner of the claim group,
whereas the Killala-Baird batholith (2704 Ma) underlies the southwest corner.
Minor gold occurrences (1-5 g/t Au) are found throughout the property, and several significant multi-ounce
arsenopyrite-quartz vein gold prospects occur along trend on neighbouring patents to the south that are controlled
by Goldcorp (e.g. Redruth and Humlin patents). The high-grade Alcourt prospect forms a small hole in the north
central portion of the Humlin Property. Hydrothermal alteration includes locally intense Fe-carbonate and fuchsite
(potassic) alteration of mafic and ultramafic rocks, disseminated tourmaline in quartz-rich sedimentary rocks
overlying the angular unconformity, and talc alteration of ultramafic rocks. Alteration zones are locally associated
with elevated to strongly anomalous arsenic.
For additional information on the Humlin property, please visit our link at:
http://www.solitaireminerals.com/exploration/canada/humlin
To view a map of the Humlin property please visit our link at:
http://www.solitaireminerals.com/pdf/exploration/map_humlin.pdf
Terms of the agreement for the Humlin Property are as follows:
For Solitaire Minerals Corp. to earn a 55% interest in the Humlin property the Company must:
Pay $5,000 to Rubicon Minerals Corp.
Transfer 50,000 shares to Rubicon Minerals Corp.
$250,000 work in first year (2006)
$400,000 work in second year (2007)
$600,000 work in third year (2008)
$1,250,000 work in fourth year (2009)
For a total of $2,500,000
Partnership
As an added benefit of these agreements Rubicon Minerals Corp. has agreed to, when possible, review work
programs and offer advice on our existing Red Lake properties based on upon their considerable knowledge in the
area. Through its English Royalty Division, Rubicon Minerals Corp. holds the 2% underlying royalty for the
Company’s Chukuni, South Baird, and Heyson property, so it is of interest to both companies that these projects
are successful.
Mr. Garry Clark, P.Geo, will be the Qualified Person on the Chukuni property.
About Solitaire Minerals Corp. Solitaire Minerals Corp 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 (NWT). Solitaire's Ontario
properties in the Red Lake/Birch-Uchi Greenstone Belt include the Baird, Heyson, Chukuni, and Faulkenham Lake
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
Highrock Lake property and a 90% interest in the Riou Lake Property located in the Athabasca Basin. The Company has also
acquired the Riou Lake North and South properties in which the company has 100% interest. In Alberta, the Company has
acquired 100% interest in the 150,000 acre Ravenscrag property. In the NWT the Company has acquired 100% interest in the
Mystery Island Property in the Great Bear Lake Region.
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,
Director
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Statements in
this press release other than purely historical information, historical estimates should not be relied upon,including statements relating to
the Company’s future plans and objectives or expected results, are forward-looking statements. Forward-looking statements are based on
numerous assumptions and are subject to all of the risks and uncertainties inherent in the Company’s business, including risks inherent in
resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking
statements.