Great JV News
https://www.solitarioresources.com/news.html
Solitario Exploration & Royalty Corp. ("Solitario;" NYSE Amex: XPL; TSX: SLR) is pleased to announce that it has signed a definitive Venture Agreement with COMPANIA DE MINAS BUENAVENTURA S.A.A ("Buenaventura;" NYSE: BVN; Lima: BUE.LM), on Solitario's Pachuca Real silver-gold project in central Mexico. Solitario's 100%-owned Pachuca Real project encompasses approximately 31,300 hectares of mineral rights in and around the famed Pachuca silver-gold mining district. Historic production from the Pachuca district totals approximately 1.4 billion ounces of silver and over 7.0 million ounces of gold, making it the largest silver-gold district in the world. A map of the project area, can be viewed on Solitario's website at
https://www.solitarioxr.com/art/pachuca.pdf
Terms of the Venture Agreement
Overall, the Venture Agreement ("Agreement") is structured very similarly to a Net Profit Interest ("NPI") royalty, in that Solitario is essentially financed to production if Buenaventura elects to earn its ultimate potential interest of 70%. The Agreement calls for a firm work commitment by Buenaventura of $2.0 million over the first 18 months. Work commitments over the entire 4.5 years total $12.0 million.