Solitario Reports Another Round of Outstanding Drilling

Solitario Exploration & Royalty Corp. (NYSE Amex: XPL; TSX: SLR)
announced outstanding drilling results on its high-grade Bongará zinc
project in Peru. Included in these results are underground drill holes
V-245 that intersected 5.8 meters grading 36.61% zinc+lead ('Zn+Pb?) and
53.48 gpt silver, V-255 that intersected 15.5 meters grading 17.21%
Zn+Pb and 41.94 gpt silver and V-257 that intersected 31.4 meters
grading 10.86% Zn+Pb and 31.4 gpt silver. In total, 17 out of the 19
newly reported drill holes intersected significant mineralization. Two
surface drill holes were also completed since the last release.

Underground Drilling

The underground drilling program began in the fourth quarter of 2011 and
will continue through much of 2012. In total, 67 core holes are planned
from eight different underground drill stations. The 11 best intercepts
in this round of drilling are presented in the table below.

* True thickness has not been estimated for each individual
intercept, but inmost cases the reported intercept thickness is
thought to represent at least 70% of true thickness.

Chris Herald, President and CEO of Solitario commented, 'Bongará
continues to deliver outstanding drilling results. Results are certainly
demonstrating thick high-grade continuity in the San Jorge zone.
Votorantim continues to aggressively advance the project on a number of
fronts, including detailed reserve drilling, additional step-out
drilling, road construction, new plans for underground tunneling,
additional metallurgical testing, and other pre-feasibility related
work.?

The Bongará project hosts the high-grade Florida Canyon zinc deposit
where zinc mineralization has been intersected over a four square
kilometer area. Underground drill stations are situated about 40 meters
apart and are designed to drill test in detail approximately 350 meters
of strike length of the San Jorge zone, situated in the southwestern
part of the Florida Canyon deposit. Anywhere from 4 to 12 core holes
will be fan-drilled from each drill station. A complete listing of
recent assay results are appended below and a drill hole map can be
accessed at http://www.solitarioxr.com/art/03_12_Bong_Undrgrnd_Map.pdf
Additional project information is found at http://www.solitarioxr.com/bongara.html.

The program is managed and entirely funded by Solitario's joint venture
partner Votorantim Metais ('Votorantim?). The deposit is open to
expansion in all directions. Currently there are two underground and two
surface core rigs operating.

Surface Drilling

Surface drilling is focused on the Karen-Milagros zone located in the
northeastern part of the Florida Canyon mineralized system. After a
hiatus in surface drilling activities, surface drilling was re-initiate
and assay results from two core holes have been received since the last
news release. Drill hole V-250 intersected 3.4 meters grading 7.84%
zinc, 1.40% lead and 8.91 gpt silver. Drill hole V-259 intersected 2.7
meters of 2.4% zinc. Votorantim is planning on completing approximately
50 surface core holes through the remainder of 2012.

Drill hole information contained within this release is reported under a
quality control program reviewed by Mr. Walt Hunt, COO for Solitario
Exploration & Royalty Corp., who is a qualified person as defined by
National Instrument 43-101. Samples are derived from 50% splits of HQ
and NQ (2.5 and 1.9 inch) diameter core. Samples are then shipped via
secured third-party land and air transportation companies and analyzed
by ALS Chemex Inc., North Vancouver, Canada, an ISO9002 registered
company.

New Underground Tunnel Planned ? Road
Construction to Continue

Votorantim is planning a new tunnel to access the Karen-Milagros zone.
Planning and permitting for the tunnel is in its initial stages and the
start of construction will occur in 2013. Upon completion of the new
Karen-Milagros tunnel, detailed underground drilling will take place
similar to the program currently being conducted on the San Jorge zone.
In addition, continued road construction is planned throughout the
remainder of 2012. The road is being permitted and approved in stages.
Ultimately, 32 kilometers of road are planned to access the San Jorge
zone of the Florida Canyon deposit.

Bongará Joint Venture Agreement with Votorantim
Metais

Votorantim Metais can earn up to a 70% interest in the project by
committing to place the project into production based upon a positive
feasibility study. After earning 70%, Votorantim Metais has further
agreed to finance Solitario's 30% participating interest for
construction. Solitario will repay the loan facility through 50% 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 29% of
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 Metais also has operations in the
United States and China.

About Solitario

Solitario recently completed a Feasibility Study on its 80%-owned Mt.
Hamilton Gold project in eastern Nevada. Solitario is a gold, silver,
platinum-palladium, and base metal exploration and royalty company
actively exploring in the United States, Brazil, Mexico, and Peru.
Besides Votorantim, Solitario has a significant business relationship
with Anglo Platinum. Solitario has approximately US$8 million in net
cash and marketable securities. Solitario is traded on the NYSE Amex
('XPL') and on the Toronto Stock Exchange ('SLR'). Additional
information about Solitario is available online at www.solitarioxr.com.

This press release includes certain 'Forward-Looking Statements'
within the meaning of section 21E of the United States Securities
Exchange Act of 1934, as amended. All statements, other than statements
of historical fact, included herein, including without limitation,
statements regarding potential mineralization and reserves, exploration
results and future plans and objectives of Solitario, future plans and
objectives of Solitario′s joint venture partner Votorantim Metais are
forward-looking statements that involve various risks and uncertainties.
There can be no assurance that such statements will prove to be accurate
and actual results and future events could differ materially from those
anticipated in such statements. Development ofSolitario′s
properties are subject to the success of exploration, completion and
implementation of an economically viable mining plan, obtaining the
necessary permits and approvals from various regulatory authorities,
compliance with operating parameters established by such authorities and
political risks such as higher tax and royalty rates, foreign ownership
controls and our ability to finance in countries that may become
politically unstable. Important factors that could cause actual results
to differ materially from Solitario′s expectations are disclosed under
the heading 'Risk Factors' and elsewhere in Solitario′s documents filed
from time to time with Canadian Securities Commissions, the United
States Securities and Exchange Commission and other regulatory
authorities.

Solitario Exploration & Royalty Corp.

Debbie Mino-Austin,
800-229-6827

Director ? Investor Relations

or

Christopher
E. Herald, 303-534-1030

President & CEO