EXHIBIT 99.1

Denver, Colorado: Solitario Exploration & Royalty Corp. ("Solitario;" NYSE Amex: XPL; TSX: SLR) and Ely Gold & Minerals Inc. ("Ely;" TSX.V: ELY) announced signing of the Limited Liability Company Operating Agreement of Mt. Hamilton LLC (the "Agreement") for Mt. Hamilton LLC, a limited liability company (the "Company") which now holds the Mt. Hamilton project assets. As previously announced, Solitario contributed its initial investment to the Company by making a US$300,000 advance royalty payment to the owners of the property subject to the Mt. Hamilton lease. Per the terms of the Agreement, DHI Minerals (U.S.) Ltd., Ely's wholly owned US subsidiary, has contributed all of its interests in the Mt. Hamilton project to the Company for a 90% initial interest in the Company and Solitario has a 10% initial interest in the Company by virtue of its initial US$300,000 contribution. The Mt. Hamilton project is an advanced gold project where over 314 drill holes have defined the Centennial gold deposit. As previously disclosed, Solitario may earn up to an 80% interest in the Company by completing various staged commitments.

For a more complete list of the terms and conditions of the joint venture, a copy of the Agreement is available online at www.sedar.com, www.solitarioxr.com &

www.elygoldandminerals.com

Solitario is a gold, silver, platinum-palladium, and base metal exploration and royalty company actively exploring in Nevada, Brazil, Mexico, and Peru. Solitario has significant business relationships with Votorantim Metais, Compania de Minas Buenaventura S.A.A. Anglo Platinum, and Newmont Mining. Solitario has approximately US$15 million in 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

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FOR MORE INFORMATION AT SOLITARIO, CONTACT:

FOR MORE INFORMATION AT ELY, CONTACT:

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