Solitario Reports Significant Seligman Deposit Drilling Results on Its Mt. Hamilton Gold Project, Nevada

Solitario Exploration & Royalty Corp. ('Solitario?) (NYSE
MKT:XPL) (TSX:SLR) and Ely Gold & Minerals ('Ely Gold?) (TSX.V:ELY)
are pleased to announce partial drilling results for the recently
completed 2012 Mt. Hamilton drilling program. In total, 42 reverse
circulation drill holes and 11 core holes were recently completed
totaling 16,615 feet and 3,969 feet of drilling, respectively. Results
from the first 26 drill holes at the Seligman deposit are presented in
this release. The remaining Seligman drill holes and all drilling at the
adjacent Centennial deposit should be received and reported by the end
of November.

Highlights of results received to date are presented in the Table below.
Results from the 26 drill holes in the Seligman deposit are appended to
this release. A drill hole location map can be accessed at www.solitarioxr.com/art/Seligman2012DHs,revisedlogo,5Nov2012-finalMap.jpg.

On September 10, 2012, Solitario announced its initial NI-43-101
resource estimate for the Seligman deposit. The 2012 drilling campaign
was designed to achieve several objectives. The main focus was to
convert Seligman inferred resources in specific areas to measured and
indicated categories. Other objectives included obtaining sample
material to carry-out metallurgical and geochemical testing and to
measure geotechnical characteristics for mine planning at Seligman.
Several holes were also drilled at the Centennial gold deposit to
convert inferred resources to measured and indicated categories as well
as to test potential extensions of mineralization to the south. The
Centennial deposit was the subject of a Feasibility Study issued earlier
this year (press release dated Feb. 27, 2012).

Chris Herald, President and CEO of Solitario, commented, 'These results
are consistent with our expectations and provide us with greater
confidence in our initial resource model. We completed this program on
schedule and within budget. With the 2012 drilling program completed, we
are focused on filing within the next two weeks our Plan of Operations
for the Mt. Hamilton Project consolidating the mining at Seligman and
Centennial, as well as submitting two important environmental permits
with the State of Nevada.?

'The Seligman mineralization represents an important component to the
overall Mt. Hamilton mine plan and contributes an additional near
surface resource,? 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, currently
has a 20% initial interest in the MH-LLC and Solitario has an 80%
interest.

Qualified Person

The drill hole information contained within this release is reported
under a quality control program supervised by Mr. Walt Hunt, Chief
Operating Officer for Solitario, who is a qualified person as defined by
National Instrument 43-101. He has verified the drill results and other
data disclosed in this new release, including sampling, analytical and
test data. 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 transportation and analyzed by American Assay Laboratories, Reno,
Nevada, an ISO9001:2000 registered company. In addition to the
laboratory′s quality control program, a check assay program is ongoing.

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, Compañia de Minas Buenaventura S.A.A., Anglo
Platinum, and Newmont Mining. 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. The Company is currently working toward production
from the Centennial Gold Deposit, a project located on the Company′s
100% owned Mount Hamilton property. 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,
800-229-6827

Director ? Investor Relations

or

Christopher
E. Herald, 303-534-1030

President & CEO

or

Ely Gold &
Minerals

Steve Kenwood, 604-488-1104

Director

or

Trey
Wasser, 972-803-3087

President & CEO