SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15 (d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
November 22, 2004,
SOLITARIO RESOURCES CORPORATION
(Exact name of registrant as specified in its charter) |
Colorado
(State or other
jurisdiction of
incorporation) | 0-50602
(Commission
File Number) | 84-1285791
(I.R.S. Employer
Identification
Number) |
4251 Kipling Street, Suite 390
Wheat Ridge, CO 80033
(Address of Principal Executive Offices) |
Registrant's telephone number, including area code:
(303) 534-1030
(Former name or former address, if changed since last report) |
Item 5. Other Events
Solitario Resources Corporation ("Solitario") today announced it has signed a Letter of Intent to form a Strategic Alliance to explore for gold in South America with Newmont Overseas Exploration Limited ("Newmont"), a subsidiary of Newmont Mining Corporation (NYSE: NEM), the world's largest gold producer. Newmont also agreed to fund, through its affiliate company Newmont Mining Corporation of Canada Limited, a Cdn$4.59 million private placement into Solitario. The Strategic Alliance and Private Placement are subject to both companies signing a definitive agreement and Toronto Stock Exchange and various regulatory approvals.
Solitario and Minera Los Tapados S.A., a subsidiary of Newmont Peru Limited, Minera Yanacocha S.R.L., and Minera Chaupiloma Dos de Cajamarca, S.R.L. (collectively "Tapados,"), signed a Letter of Intent to amend Solitario's net smelter return ("NSR") royalty on a 150,000-acre property located immediately north of the Newmont Mining-Buenaventura's Minera Yanacocha Mine, the largest gold mine in South America. In addition to amending the NSR royalty, the Letter Agreement commits Tapados to a long-term US$4.0 million work commitment on Solitario's royalty property and provides Solitario access to Tapados' future exploration results on an annual basis. The royalty amendment and the work commitment are subject to the companies signing a definitive agreement and various regulatory approvals.
The contracts attached hereto as Exhibits 10.1 and 10.2 and the press releases attached hereto as Exhibits 20.1 and 20.2 provide a full description of the material change.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Dated: November 22, 2004
| SOLITARIO RESOURCES CORPORATION
By: /s/ James R. Maronick
James R. Maronick
Chief Financial Officer |
INDEX TO EXHIBITS
Exhibit
Number
10.1
10.2
20.1
20.2 | Description
Letter of Intent - Strategic Alliance
Letter of Intent - Royalty Interest
Press Release Dated November 22, 2004
Press Release Dated November 22, 2004 | Page number |
