Solitario Exploration & Royalty Corp. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2009. For the quarter, the company reported net loss attributable to shareholders was $377,000 or $0.01 basic and diluted loss per share on revenue of $200,000 compared to net income attributable to shareholders of $3,193,000 or $0.11 basic and diluted loss per share on revenue of $200,000 for the same period a year ago. Loss before income taxes was $326,000 compared to income before income taxes of $5,455,000 for the same period a year ago. For nine months, the company reported net loss attributable to shareholders was $2,436,000 or $0.08 basic and diluted loss per share on revenue of $200,000 compared to net income attributable to shareholders of $271,000 or $0.01 basic and diluted loss per share on revenue of $200,000 for the same period a year ago. Loss before income taxes was $2,712,000 compared to income before income taxes of $2,102,000 for the same period a year ago. Net cash used in operating activities was $3,945,000 and additions to assets was $7,000 compared to net cash used in operating activities of $4,951,000 and additions to assets of $59,000 for the same period a year ago.

Solitario Exploration & Royalty Corp. announced that it has received all assay results for its 2009 drilling program at its Bongara zinc project in Peru. Thirteen core holes totaling 3,611 meters were completed, eleven in the San Jorge Zone and two in the Karen-Milagros zone. All thirteen holes intersected significant mineralization. The program was managed and entirely funded by Solitario's joint venture partner Votorantim Metais. The Bongara project hosts the Florida Canyon zinc deposit where high-grade zinc mineralization has been intersected over a four square kilometer area. The deposit is open to expansion in all directions. The eleven core holes drilled in the San Jorge Zone continue to demonstrate excellent zinc grades and thicknesses with good internal continuity of mineralization within the central part of the zone, which has now been extended a further 400 meters north towards the Karen-Milagros zone. The two Karen-Milagros zone holes (V-179 and V-180) tested a rather large 200 by 200 meter area previously undrilled in the southern part of that area. There are now strong indications that the San Jorge and Karen-Milagros zones are interconnected.

Solitario Exploration & Royalty Corp. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2009. For the quarter, the company reported net loss attributable to the company's shareholders of $1.39 million or $0.05 per basic and diluted share, compared to net loss attributable to the company's shareholders of $1.41 million or $0.05 per basic and diluted share, a year ago. Loss before income taxes was $1.7 million compared to $1.6 million a year ago. For the six months, the company reported net loss attributable to the company's shareholders of $2.1 million or $0.07 per basic and diluted share, compared to net loss attributable to the company's shareholders of $2.9 million or $0.10 per basic and diluted share, a year ago. Loss before income taxes was $2.4 million compared to $3.4 million a year ago. Additions to other assets were $0.003 million compared to $0.053 million a year ago. Net cash used in operating activities was $2.4 million against $3.2 million a year ago.