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Press release from Business Wire

Solitario Files Plan of Operations on Its Mt. Hamilton Gold Project, Nevada

Monday, November 26, 2012

Solitario Files Plan of Operations on Its Mt. Hamilton Gold Project, Nevada08:30 EST Monday, November 26, 2012 DENVER (Business Wire) -- Solitario Exploration & Royalty Corp. (“Solitario;” NYSE MKT: XPL; TSX: SLR) and Ely Gold & Minerals (“Ely Gold;” TSX.V: ELY) are pleased to announce that the Mine Plan of Operations for the Mt. Hamilton Gold Project has been filed with the U.S. Department of Agriculture – Forest Service. The Mt. Hamilton Gold Project is situated in White Pine County of east-central Nevada. This filing is an important benchmark in the ongoing permitting process for construction and eventual gold-silver production on the property. The Plan of Operations provides details for mining two contiguous gold-silver deposits, the Centennial and Seligman deposits, using open pit mining methods and recovering gold by conventional heap leach processing. Mining will occur on both private and US Forest Service lands, while gold processing will occur entirely on private property owned by Mt Hamilton LLC. (jointly owned by Solitario and Ely). Chris Herald, President and CEO of Solitario commented, “We have worked hard to produce a comprehensive mine plan that minimizes environment impacts on public and private lands. We are looking forward to working cooperatively with the U.S Forest Service, state and county officials and other stakeholders during the permitting process.” “We believe the quality and detailed approach of the Plan of Operations will assist in the timely review and approval of the project – with the benefit of providing local jobs and economic stimulus for eastern Nevada,” stated Trey Wasser, Ely Gold's President & CEO. Terms of the Mt. Hamilton LLC Joint Venture Solitario and Ely Gold formed the Mt. Hamilton LLC (“MH-LLC”), a limited liability company which holds 100% of the Mt. Hamilton project assets under an Operating Agreement (“MH-Agreement”). Per the terms of the MH-Agreement, DHI-US, Ely Gold's wholly owned US subsidiary, has a 20% interest in the MH-LLC and Solitario has an 80% interest. About Solitario Solitario is a gold, silver, platinum-palladium, and base metal exploration and royalty company actively exploring in Brazil, Mexico, Peru and Nevada. Solitario has significant business relationships with Votorantim Metais and Anglo Platinum. Solitario is traded on the NYSE MKT ("XPL") and on the Toronto Stock Exchange ("SLR"). Additional information about Solitario is available online at www.solitarioxr.com. About Ely Gold Ely Gold is focused on the acquisition and development of gold resources in North America. Ely Gold is traded on the TSX Venture Exchange ("ELY"). Additional information about Ely Gold is available online at www.elygoldandminerals.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, 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 riskssuch 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 and the United States Securities and Exchange Commission.Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Solitario Exploration & Royalty Corp.Debbie Mino-Austin, 800-229-6827Director ? Investor RelationsChristopher E. Herald, 303-534-1030President & CEOorEly GoldSteve Kenwood, 604-488-1104DirectorTrey Wasser, 972-803-3087President & CEO