Document:

EXHIBIT 4(c)(5)

                                                                  CONFORMED COPY

                              Dated June 29th, 2001

                    BEAR STEARNS GLOBAL ASSET HOLDINGS, LTD.

                             NOTE ISSUANCE AGREEMENT

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                                DEED OF GUARANTEE

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                                  ALLEN & OVERY
                                    New York

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              DEED OF GUARANTEE OF THE BEAR STEARNS COMPANIES INC.

THIS DEED OF GUARANTEE is given by way of deed poll on June 29th, 2001 by THE
BEAR STEARNS COMPANIES INC. (the "Guarantor").

WHEREAS:

(A)   The Guarantor has agreed to guarantee the obligations of Bear Stearns
      Global Asset Holdings, Ltd. (the "Issuer") under the Notes (the "Notes")
      to be issued from time to time by the Issuer pursuant to a Note Issuance
      Agreement dated June 24, 1997 and subsequently amended and restated on
      June 30, 2000 and supplemented on June 29th, 2001 (the "Note Issuance
      Agreement", which expression shall include the same as it may be amended,
      restated or supplemented from time to time) between the Issuer, the
      Guarantor and Chase Manhattan Bank as Agent (the "Agent") and the other
      parties named therein.

(B)   The Guarantor has also agreed to guarantee the obligations of the Issue
      under the Deed of Covenant dated June 24, 1997 and subsequently amended
      and restated on June 30, 2000 and on June 29th, 2001 and executed by the
      Issuer and relating to the Notes.

(C)   Terms defined or used in the Terms and Conditions of the Notes (the
      "Conditions") and in the Note Issuance Agreement and not otherwise defined
      in this Guarantee shall have the same meaning when used in this Guarantee.

NOW THIS DEED WITNESSES as follows:

1.    Save in relation to all Series of Notes issued during the period up to and
      including the day last preceding the date of this Deed of Guarantee and
      any Notes issued on or after the date of this Deed of Guarantee so as to
      be consolidated and form a single Series with the Notes of any Series
      issued during the period up to and including such last preceding day, with
      effect on and from the date of this Deed of Guarantee the provisions of
      the Original Deed of Guarantee dated June 24, 1997 as originally entered
      into and the provisions of the Deed of Guarantee dated June 30, 2000, as
      subsequently entered into shall each cease to have effect and in lieu
      thereof the provisions of this Deed of Guarantee shall have effect.

2.    The Guarantor hereby irrevocably and unconditionally guarantees to each
      Noteholder and Couponholder:

      (a)   the due and punctual payment in accordance with the Conditions of
            the principal of and premium (if any) and interest on and payment
            and delivery of Securities Amount(s) (if any) in respect of the
            Notes and of any other amounts payable by the Issuer under the Notes
            and the due and punctual payment and delivery of all amounts payable
            by the Issuer under the Deed of Covenant; and

      (b)   the due and punctual performance and observance by the Issuer of
            each of the other provisions of the Notes and the Deed of Covenant
            on the part of the Issuer to be performed or observed.

3.    If the Issuer fails for any reason whatsoever punctually to pay any such
      principal, premium, interest or other amount or to pay or deliver the
      Securities Amount(s) (if any), the Guarantor shall cause each and every
      such payment and delivery to be made as if the Guarantor instead

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      of the Issuer were expressed to be the primary obligor under the Notes and
      the Deed of Covenant and not merely as surety (but without affecting the
      nature of the Issuer's obligations) to the intent that the holder of the
      relevant Note shall receive the same amounts in respect of principal,
      premium, interest or such amount and the same Securities Amounts as would
      have been receivable had such payments or deliveries been made by the
      Issuer.

4.    If any payment or delivery of Securities Amount(s) (if any) received by
      any Noteholder or Couponholder under the Notes or the Deed of Covenant
      shall (whether on the subsequent bankruptcy, insolvency or corporate
      reorganisation of the Issuer or, without limitation, on any other event)
      be avoided or set aside for any reason, such payment or delivery shall not
      be considered as discharging or diminishing the liability of the Guarantor
      and this Deed of Guarantee shall continue to apply as if such payment or
      delivery had at all times remained owing or due by the Issuer and the
      Guarantor shall indemnify the Noteholders and/or Couponholders (as the
      case may be) in respect thereof PROVIDED THAT the obligations of the
      Issuer and/or the Guarantor under this sub-clause shall, as regards each
      payment or delivery made to any Noteholders and/or Couponholder which is
      avoided or set aside, be contingent upon such payment or delivery being
      reimbursed or returned to the Issuer or other persons entitled through the
      Issuer.

5.    The Guarantor hereby agrees that its obligations under this Deed shall be
      unconditional and that the Guarantor shall be fully liable irrespective of
      the validity, regularity, legality or enforceability against the Issuer
      of, or of any defence or counter-claim whatsoever available to the Issuer
      in relation to, its obligations under the Notes or the Deed of Covenant,
      whether or not any action has been taken to enforce the same or any
      judgment obtained against the Issuer, whether or not any of the other
      provisions of the Notes or the Deed of Covenant have been modified,
      whether or not any time, indulgence, waiver, authorisation or consent has
      been granted to the Issuer by or on behalf of the Noteholders and/or
      Couponholders, whether or not there have been any dealings or transactions
      between the Issuer and any of the Noteholders and/or Couponholders,
      whether or not the Issuer has been dissolved, liquidated, merged,
      consolidated, bankrupted or has changed its status, functions, control or
      ownership, whether or not the Issuer has been prevented from making
      payment by foreign exchange provisions applicable at its place of
      registration or incorporation and whether or not any other circumstances
      have occurred which might otherwise constitute a legal or equitable
      discharge of or defence to a guarantor. Accordingly the validity of this
      Deed of Guarantee shall not be affected by reason of any invalidity,
      irregularity, illegality or unenforceability of all or any of the
      obligations of the Issuer under the Notes or the Deed of Covenant and this
      guarantee shall not be discharged nor shall the liability of the Guarantor
      hereunder be affected by any act, thing or omission or means whatever
      whereby its liability would not have been discharged if it had been the
      principal debtor.

6.    The Guarantor waives diligence, presentment, demand of payment, filing of
      claims with a court in the event of dissolution, liquidation, merger or
      bankruptcy of the Issuer, any right to require a proceeding first against
      the Issuer, protest or notice with respect to the Notes or the Deed of
      Covenant or the indebtedness evidenced thereby and all demands whatsoever
      and covenants that this guarantee shall be a continuing guarantee, shall
      extend to the ultimate balance of all sums payable and obligations owed by
      the Issuer under the Notes or the Deed of Covenant, shall not be
      discharged except by complete performance of the obligations in this
      guarantee and is additional to, and not instead of, any security or other
      guarantee or indemnity at any time existing in favour of any person,
      whether from the Guarantor or otherwise.

7.    If any moneys shall become payable or any Securities Amount(s) shall
      become payable and/or deliverable by the Guarantor under this guarantee,
      the Guarantor shall not, so long as the same remain unpaid or undelivered
      (as the case may be):

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      (a)   in respect of any amounts paid or delivered by it under this
            guarantee, exercise any rights of subrogation or contribution or,
            without limitation, any other right or remedy which may accrue to it
            in respect of or as a result of any such payment or delivery; or

      (b)   in respect of any other moneys for the time being due to the
            Guarantor by the Issuer, claim payment thereof or exercise any other
            right or remedy;

      (including in either case claiming the benefit of any security or right of
      set-off). If, notwithstanding the foregoing, upon the bankruptcy,
      insolvency or liquidation of the Issuer, any payment, delivery or
      distribution of assets of the Issuer of any kind or character, whether in
      cash, property or securities, shall be received by the Guarantor before
      payment and delivery in full of all amounts payable and deliverable under
      this guarantee shall have been made to the Noteholders and the
      Couponholders, such payment, delivery or distribution shall be received by
      the Guarantor on trust to pay or deliver the same over immediately to the
      Agent and the Registrar (as the case may be) for application in or towards
      the payment or delivery of all sums due and unpaid under the Notes and the
      Deed of Covenant.

8.    The obligations of the Guarantor under this guarantee constitute direct,
      unconditional and (subject to the provisions of Condition 3) unsecured
      obligations of the Guarantor and (subject as aforesaid) rank and will rank
      pari passu with all other outstanding unsecured and unsubordinated
      obligations of the Guarantor, present and future, but, in the event of
      insolvency, only to the extent permitted by applicable laws relating to
      creditors' rights.

      The Guarantor agrees to comply with and perform all the undertakings,
      covenants and agreements expressed to be given by it pursuant to the
      Conditions (including, without limiting the generality to the foregoing,
      Conditions 3 and 8).

9.    The Guarantor will pay any stamp and other duties and taxes, including
      interest and penalties, payable on or in connection with the execution of
      this Deed and any action taken by any Noteholders and the Couponholder to
      enforce the provisions of this Deed.

10.   The Guarantor hereby warrants, represents and covenants with each
      Noteholder and Couponholder that it has all corporate power, and has taken
      all necessary corporate or other steps to enable it to execute, deliver
      and perform this Deed, and that this Deed constitutes a legal, valid and
      binding obligation of the Guarantor enforceable in accordance with its
      terms subject to the laws of bankruptcy and other laws affecting the
      rights of creditors generally.

11.   This Deed shall take effect as a Deed Poll for the benefit of the
      Noteholders and the Couponholders from time to time and for the time
      being. This Deed shall be deposited with and held by the Agent until all
      the obligations of the Guarantor hereunder have been discharged in full.

12.   The Guarantor hereby acknowledges the right of every Noteholder and
      Couponholder to the production of, and the right of every Noteholder and
      Couponholder to obtain (upon payment of a reasonable charge) a copy of,
      this Deed, and further acknowledges and covenants that the obligations
      binding upon it contained herein are owed to, and shall be for the account
      of, each and every Noteholder and Couponholder, and that each Noteholder
      and Couponholder shall be entitled severally to enforce the said
      obligations against the Guarantor.

13.   This Deed is governed by, and shall be construed in accordance with, the
      laws of England.

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      The Guarantor hereby irrevocably agrees, for the exclusive benefit of the
      Noteholders and Couponholders, that the courts of England are to have
      jurisdiction to settle any disputes which may arise out of or in
      connection with this Deed and that accordingly any suit, action or
      proceedings (together referred to as "Proceedings") arising out of or in
      connection with this Deed may be brought in such courts. The Guarantor
      hereby irrevocably waives any objection which it may have now or hereafter
      to the laying of the venue of any such Proceedings in any such court and
      any claim that any such Proceedings have been brought in an inconvenient
      forum and hereby further irrevocably agrees that a judgment in any such
      Proceedings brought in the English courts shall be conclusive and binding
      upon it and may be enforced in the courts of any other jurisdiction.
      Nothing contained in this clause shall limit any right to take Proceedings
      against the Guarantor in any other court of competent jurisdiction, nor
      shall the taking of Proceedings in one or more jurisdictions preclude the
      taking of Proceedings in any other jurisdiction, whether concurrently or
      not.

      The Guarantor hereby appoints Bear Stearns International Trading Limited
      as its registered office at One Canada Square, London E14 5DB as its agent
      for service of process, and undertakes that, in the event of Bear Stearns
      International Trading Limited ceasing so to act or ceasing to be
      registered in England, it will appoint another person as its agent for
      service of process in England in respect of any Proceedings.

EXECUTED as a deed by THE         )
BEAR STEARNS COMPANIES            )
INC. by Barbara Bishop            )           BARBARA BISHOP
acting under the authority of     )
that company, in the presence of: )

Witness:    MIMI KA

Name:       Mimi Ka

Address:    245 Park Avenue, New York, NY 10167

Occupation: Attorney

--------------------------------------------------------------------------------[NEWMONT OVERSEAS EXPLORATION LIMITED LETTERHEAD]

Exhibit 10.1

November 17, 2004

Mr. Christopher E. Herald

Solitario Resources Corporation

4251 Kipling Street, Suite 390

Wheat Ridge, Colorado 80033

Re: Strategic Alliance

Mr. Herald:

In regard to your recent discussions with Mr. Steve Aaker, the following are the terms for this binding Letter of Intent to be effective November 17, 2004 by and between Newmont Overseas Exploration Limited, a Delaware corporation ("Newmont") and Solitario Resources Corporation, a Colorado corporation ("Solitario").  After execution of this Letter of Intent, Newmont and Solitario shall diligently proceed with the negotiation and execution of a definitive agreement (the "Agreement") sufficient to carry out the terms set out herein, which Agreement shall include such other provisions as are necessary or customary for agreements of this type and as are acceptable to the parties.

The "Effective Date" as used herein shall be the effective date established on execution of the Agreement.

1.     Private Placement. Upon execution of the Agreement, Newmont, or its designated affiliate, will subscribe for 2,700,000 shares of common stock of Solitario from treasury by paying CD$4,590,000 (the "Private Placement Funds").  This represents a deemed price of CD$1.70 per Solitario common share.  The CD$4,590,000 payment will be made on delivery by Solitario of a share certificate representing the 2,700,000 common shares.  The parties acknowledge that the Solitario common shares to be issued hereunder will not be registered under the U.S. securities law and will be subject to resale restrictions imposed under applicable Canadian and U.S. securities laws.  The Agreement shall provide (i) the necessary assurances by Newmont to allow Solitario to issue the shares under the private placement; (ii) that the share certificates shall contain an appropriate legend to reflect the resale restrictions; and (iii) that Newmont shall have the right to piggy-back its shares under any future registration by Solitario.  Private Placement Funds will be used solely by Solitario in connection with funding Exploration Expenditures as described below and will be accounted for separately from all other Solitario expenditures.   The execution of the Agreement shall be subject to obtaining all required regulatory approvals, including, without limitation, the approval of the Toronto Stock Exchange.

2.     Solitario Work Commitment. Solitario shall expend all Private Placement Funds in Exploration Expenditures on: (i) Alliance Projects, (ii) Alliance Properties, excluding any Alliance Property following the date on which Newmont elects not to exercise its Joint Venture Option; or (iii) Joint Venture Properties, as hereinafter defined.  Solitario shall expend the Private Placement Funds no later than four years after the date it receives the Private Placement Funds.  The "Exploration Expenditure Period" is the period from the Effective Date to the date upon which all the Private Placement funds have been expended by Solitario. If Solitario fails to spend the Private Placement Funds on Exploration Expenditures within the aforementioned four year periods, Newmont may elect to extend the Exploration Expenditure Period until all the funds are expended, and, if Newmont so elects, Newmont may further elect to take over and direct all future Exploration Expenditures on the Alliance Projects, Alliance Properties or Joint Venture Properties, the costs of which shall be funded solely by Solitario, in monthly cash calls, until the full amount of the Private Placement Funds have been expended.  If Newmont elects not to extend the Exploration Expenditure Period, then Solitario shall retain the Private Placement Funds for general corporate purposes.   "Exploration Expenditures" will include all expenses incurred toward ascertaining the existence, location, quantity, quality or commercial value of mineral deposits in, under, upon or which may be produced from the property including, without limitation, expenses for geophysical surveys, drilling, sampling, assaying and geochemical analysis, metallurgical and engineering work, geological consultants, property acquisition costs, assessment and/or maintenance payments for the property, environmental studies/permit acquisition, and a management fee, in lieu of administrative costs, equal to 5% of Exploration Expenditures.  Solitario shall be solely responsible for reclamation created by, or on behalf of, Solitario on the Alliance Projects. 

3.     Alliance Projects. Solitario and Newmont shall cooperate in a regional generative program for the purpose of identifying and exploring new projects in South America, which areas shall be identified in an exhibit to the Agreement and, together with any additional project areas which the parties may agree to add during the Exploration Expenditure Period, are referred to as the "Alliance Projects".  The establishment of an Alliance Project can only be made by the mutual consent of both Solitario and Newmont.  Any property acquired by Solitario within the boundaries of the Alliance Projects during the Exploration Expenditure Period and for a period of two years thereafter shall be an "Alliance Property".  Nothing in this Letter of Intent or the Agreement shall preclude or limit Newmont or any of its affiliates from using the Newmont Data, as defined below, in any manner it sees fit, or from acquiring any property interest whether lying within an Alliance Project or otherwise and whether acquired directly or indirectly by Newmont or its affiliate, except that if Newmont acquires a property interest during the Exploration Expenditure Period within the boundaries of an Alliance Project based upon data collected by Solitario and provided to Newmont, such acquired property (a "Newmont Acquisition") shall be offered to Solitario, at Newmont's actual cost, as an Alliance Property.  Notwithstanding the foregoing, a Newmont Acquisition shall not include any property interest acquired by Newmont (i) from a third party who offers such property interest to Newmont, unsolicited by Newmont; or (ii) as a result of corporate acquisition, merger, amalgamation, consolidation, reorganization, or similar transaction, and Newmont shall have no obligation to Solitario with respect to any property acquired by Newmont as a result thereof. 

4.     Technical Committee. Solitario and Newmont shall form a technical committee ("Technical Committee") to share concepts, ideas and available data on the Alliance Projects, and to oversee and manage Exploration Expenditures on the Alliance Projects.  The Technical Committee shall meet quarterly, or as otherwise agreed by the parties in order to accomplish the foregoing.  Solitario shall be manager of the technical committee and shall hold the final decision on acquiring Alliance Property and for the place and manner of making Exploration Expenditures.  Newmont shall provide the use of its exploration technology, including proprietary BLEG geochemistry, geophysical expertise (including as available NEWTEM geophysics) and support and satellite imagery; all of which shall be provided at Newmont's actual cost and subject to adequate restrictions to protect Newmont's proprietary ownership of such technology, under terms of mutually-acceptable service agreements.  During the Exploration Expenditure Period, Newmont will allow Solitario, without charge, reasonable non-exclusive access to Newmont's existing in-house geologic data on the Alliance Projects (the "Newmont Data"), and will allow Solitario to make copies of the Newmont Data to use during the Exploration Expenditure Period.  Solitario shall return all copies of Newmont Data to Newmont at the end of the Exploration Expenditure Period, except for Newmont Data which directly pertains to an Alliance Property.  In the case of Newmont Data which directly pertains to an Alliance Property, Solitario shall return all copies of such Newmont Data to Newmont upon (i) abandonment of the Alliance Property; or (ii) Newmont's acquisition of the Alliance Property, including without limit such acquisition under Section 8 (Abandonment) or Section 9 (Right of First Refusal), hereof.  Newmont makes no representations or warranties on the accuracy, completeness or suitability of the Newmont Data for any purpose.  The Newmont Data will remain the sole property of Newmont and will be held strictly confidential by Solitario in accordance with Section 16 hereof.

5.     Newmont Royalty.  Upon acquiring an Alliance Property, Solitario shall immediately notify Newmont and promptly execute and deliver to Newmont a royalty deed or similar instrument (the "Royalty Deed") conveying to Newmont, or its designated affiliate, the following net smelter returns royalty ("NSR") in such Alliance Property: (i) 0.5% NSR for gold recovered in a concentrate producing, copper-gold flotation mill; (ii) 1% NSR for gold recovered as dore in a non-flotation mill; (iii) 2% NSR for gold recovered by heap leach processing; and (iv) 1% NSR for all other minerals.  The Royalty Deed shall be in a form reasonably acceptable to Newmont, sufficient to document and protect Newmont's interest and reflect the terms of the Agreement, including without limit the provisions set out in this Letter of Intent on the Joint Venture Option; Abandonment; Reports and Data; Governing Law; Right of First Refusal; Assignment; Indemnification; and Dispute Resolution. 

6.     Joint Venture Option.  Newmont shall have the option to enter into a joint venture, as described below (the "Joint Venture Option") on all Alliance Property, and each Royalty Deed granted to Newmont on an Alliance Property shall include a grant to Newmont of the Joint Venture Option.  If Newmont elects the Joint Venture Option, Solitario and Newmont shall, within 90 days of Newmont's delivery of such notice, negotiate in good faith and enter into a joint venture agreement, which will generally follow the form of Rocky Mountain Mineral Law Foundation, Form 5 (the "Joint Venture Agreement"). 
a)  Phase-I Earn-in.  Solitario shall provide written notice to Newmont within 30 days or as soon as practical after Solitario has expended US$400,000 in Exploration Expenditures on and for the direct benefit of an Alliance Property, which includes at least 1,200 meters of core drilling or 2,500 meters of reverse circulation drilling, or a proportionally equivalent combination of core and reverse circulation drilling (the "Solitario Minimum Expenditure"), which notice shall include an accounting of Solitario's Exploration Expenditures on and for the direct benefit of such Alliance Property and copies of all factual data not previously provided to Newmont.  For a term (the "JV Option Term") commencing on the date Newmont receives the preceding notice and data from Solitario, and thereafter until 60 days following Solitario's completion and delivery to Newmont of a Bankable Feasibility Study, as described in Exhibit A, covering such Alliance Property, Newmont may elect the Joint Venture Option by notifying Solitario in writing of such election. The property subject to the Joint Venture shall be the Alliance Property on which such expenditures and/or Bankable Feasibility Study has been completed, together with all other contiguous Alliance Property and a 2-kilometer area of interest (the "Joint Venture Property").  As its initial contribution to the Joint Venture, Newmont would (i) fund all Joint Venture expenditures until it has spent an amount equal to 200% of Solitario's Exploration Expenditures spent during the Exploration Expenditure Period and 250% of Solitario's Exploration Expenditures, if any, spent by Solitario after the Exploration Expenditure Period on and for the direct benefit of the Alliance Property from the Effective Date to the date Newmont elects the Joint Venture Option ("Solitario's Initial Alliance Property Exploration Expenditures"), and (ii) upon completion of the preceding work by Newmont, contribute to the Joint Venture the net smelter returns royalty Newmont was granted in the Royalty Deed with respect to the Joint Venture Property ("Phase-I Earn-in").  Newmont would have complete discretion to determine the location and extent of work to be performed while making the expenditures for Phase-I Earn-in and would pursue such expenditures and work with reasonable diligence.  Subject to extension for periods of Force Majeure as set out below, the maximum time period available to Newmont to complete its Phase-I Earn-in is two-times the period of time Solitario used to complete Solitario's Initial Alliance Property Exploration Expenditures.  Upon completion of Phase-I Earn-in, Newmont would acquire an undivided 51% interest in the Joint Venture Property, and would be manager of the Joint Venture, and funding thereafter would be in proportion to each party's participating interest, subject to Newmont's option to elect Phase-II Earn-in.  If Newmont elects to exercise the Joint Venture Option, Newmont shall be solely responsible for reclaiming all disturbance created by, or on behalf of, Newmont prior to completing Phase-I Earn-in including disturbance created by Solitario, which Solitario did not reclaim prior to Newmont's election to exercise the Joint Venture Option, the cost of which shall apply toward the Phase-I Earn-in expenditures.  After completion of Phase-I Earn-in, all reclamation, permitting, bonding and property maintenance obligations shall become the responsibility of the Joint Venture.  If Newmont elects not to exercise its Joint Venture Option or Newmont elects to exercise the Joint Venture Option but does not complete Phase-I Earn-in, Newmont will, with respect to such Alliance Property, forfeit its Joint Venture Option and its Right of First Refusal as provided in Section 9, but Newmont will retain the Newmont Royalty as provided in Section 5.

b)  Mandatory Joint Venture Election. If, during the JV Option Term, Newmont has not exercised the Joint Venture Option and Solitario has spent a minimum of US$700,000 and drilled 4,000 meters of core or 8,000 meters of reverse circulation, or a proportionally equivalent combination of core and reverse circulation drilling on an Alliance Property, Solitario may require Newmont to exercise its Joint Venture Option on such Alliance Property or the Joint Venture Option will be terminated with respect to such Alliance Property. Newmont will have 60 days following Solitario's notification to Newmont of the Mandatory Joint Venture Election to provide written notice of its election to exercise its Joint Venture Option.  Notification by Solitario of the Mandatory Joint Venture Election shall include delivery by Solitario to Newmont of all factual data not already provided and a summary of all Exploration Expenditures made by Solitario on such Alliance Property or Alliance Project from the Effective Date to the date of notification.  If Newmont fails to exercise its Joint Venture Option or Newmont elects to exercise the Joint Venture Option but does not complete Phase-I Earn-in, Newmont will, with respect to such Alliance Property, retain the Newmont Royalty, but shall forfeit its Right of First Refusal as provided in Section 9 below. 

c)  Phase-II Earn-in.  Upon completion by Newmont of Phase-I Earn-in, Newmont may within sixty (60) days, at its sole option, elect by providing written notice to Solitario to earn an additional 24% (increasing Newmont's interest to 75%), by solely funding all Joint Venture expenditures to complete a Bankable Feasibility Study, if one has not already been completed, and providing Solitario the Project Financing Option, set out below (collectively the "Phase-II Earn-in").

d)  Phase-II Earn-in not Elected.  If Newmont does not elect the Phase-II Earn-in, the participating interests in the Joint Venture shall be 51% Newmont and 49% Solitario.  If Newmont does not elect the Phase-II Earn-in and thereafter does not propose an annual program and budget for any given budgetary year equal to, or greater than, the average annual expenditures made by Solitario in completing Solitario's Initial Alliance Property Exploration Expenditure, Solitario shall have the option to propose and commit to solely fund such a program and budget and the Joint Venture Management Committee shall adopt such program and budget for that budgetary year.  Upon adoption of the aforementioned Solitario program and budget, Solitario will be deemed to be Manager for such program and budget, and if Newmont elects not to participate in such program and budget, Newmont's participating interest would be diluted in accordance with the terms of the Joint Venture Agreement.

e)  Phase-II Elected, but not Completed.  If  Newmont elects to proceed with the Phase-II Earn-in, but does not propose an annual program and budget for any given budgetary year equal to, or greater than, the average annual expenditures made by Newmont in completing Newmont's Phase-I Earn-in Expenditure, then Solitario shall have the option to propose and commit to solely fund, without using the Project Financing Option, such a program and budget and the Joint Venture Management Committee shall adopt such program and budget for that budgetary year.  Upon adoption of the aforementioned Solitario program, Solitario will be deemed to be Manager, and in the event Solitario solely funds such program and budget, Newmont will be deemed to have forfeited its Phase-II Earn-in election, and its participating interest reverted to 51%.  In addition, Newmont's participating interest would be further diluted based on the dilution formula set out in the Joint Venture Agreement, for its election not to participate in such program and budget.  In the event Newmont is deemed to have forfeited its Phase-II Earn-in election in accordance with the foregoing, (i) Newmont shall have no further obligations to solely fund Joint Venture Expenditures to complete a Bankable Feasibility Study, and (ii) the Project Financing Option set out in Section 6(j) shall terminate.

f)  Joint Venture Management.  Newmont will be the manager of the Joint Venture so long as it maintains a 50% or greater interest in the Joint Venture.  In lieu of administrative costs, the manager will earn a management fee of 5% of annual Joint Venture expenditures of US$5.0 million or less, and 3% for Joint Venture Expenditures in excess of US$5.0 million, until commencement of commercial production.  Upon commencement of commercial production the management fee will be US$7.00 per ounce, provided however that after commencement of commercial production the management fee shall be adjusted to reflect the manager's actual cost experience, with the proviso that the manager shall neither make a profit or loss from being manager.  Notwithstanding the foregoing, to the extent that tax regulations require the management fee to contemplate a profit, such profit shall be based on the market value of a non-related third party providing such management services.  A management committee will be formed of two representatives from each party, with voting rights in proportion to the parties' respective participating interest.  The manager shall present work programs and budgets annually to the management committee for approval at annual meetings.  In the event of a tie vote, the manager shall have the deciding vote.

g)  Dilution.  If either party elects not to contribute its proportionate share to an approved program and budget, once joint funding commences, such party's interest shall be subject to straight-line dilution, based upon the formula contained in the Joint Venture Agreement.  If either party elects to contribute to a joint venture program but fails to make such contribution, the amount of dilution shall be equal to twice the dilution that would have occurred had the defaulting party initially elected not to contribute.   In the event that either party's participating interest is diluted to below 10%, it shall relinquish its participating interest and convert to the following net smelter returns royalty as further defined in the Joint Venture Agreement: (i) 0.5% NSR for gold recovered in a concentrate producing, copper-gold flotation mill; (ii) 1% NSR for gold recovered as dore in a non-flotation mill; (iii) 2% NSR for gold recovered by heap leach processing; and (iv) 1% NSR for all other minerals.

h)  Withdrawal.  Prior to completing Phase I Earn-in, Newmont may terminate the Joint Venture Agreement at any time upon 30 days prior written notice to Solitario, and in such event Newmont would retain its net smelter returns royalty under the Royalty Deed.  After completing Phase I Earn-in, either party will have the right at any time upon 30 days prior written notice to the other party to withdraw from the Joint Venture by transferring its interest in the Joint Venture to the other party; provided, however, that such withdrawing party will be responsible for any obligations incurred by it prior to such withdrawal.

i)  Venture Structure/Tax Matters.  The parties agree that in order to negotiate and conclude the Joint Venture Agreement they will need to consult with tax and legal advisors, and that the Joint Venture may be structured as a corporation or partnership, owned either onshore or offshore as determined pursuant to such tax or legal advice and as necessary to comply with the law in which the Alliance Property is located, maximize organizational and operational efficiencies and minimize the tax liability (to the extent possible) of each of Newmont and Solitario.

j)  Project Financing Option. If Newmont elects to exercise the Phase-II Earn-in, Newmont shall, at Solitario's option, without diluting Solitario's participating interest in the Joint Venture, solely fund all Joint Venture expenditures until commencement of commercial production.  Upon commencement of commercial production, funding of Joint Venture expenditures shall again be in proportion to each party's respective participating interests, subject to dilution.  Newmont shall recover all Joint Venture expenditures made on Solitario's behalf, plus interest at LIBOR plus 350 basis points, exclusively from eighty percent (80%) of Solitario's share of dividends or distribution of earnings from the Joint Venture, without deducting payments to service any debt Solitario incurred to fund Joint Venture expenditures.

7.     Reports and data. Solitario shall provide Newmont with timely reports of all activities conducted under the Agreement and on all Alliance Property, together with all data and an accounting of the Exploration Expenditures.  These reports shall be provided through the regular meetings of the Technical Committee, but in no event less than each calendar quarter, and otherwise at Newmont's reasonable request.

8.     Abandonment.  Solitario shall not abandon all or any portion of an Alliance Property without first notifying Newmont in writing of such intent and providing Newmont with all factual data not already provided on such Alliance Property.  Newmont shall have 30 days after receiving such notice from Solitario to elect to have the Alliance Property proposed for abandonment transferred to Newmont, free and clear of any encumbrance by Solitario, with such transfer to be completed within 30 days of Newmont's written notice to Solitario.  Newmont shall pay any transaction costs required to effect such transfer.  If Newmont elects not to acquire such property, or fails to respond to Solitario within said 30 days, Solitario shall be free to abandon such property.   In the event Newmont elects to acquire such property, Solitario will transfer the property to Newmont, with the property to be free and clear of all liens and encumbrances and in good standing for at least 90 days after transfer to Newmont.  Upon release or abandonment, or transfer to Newmont, Solitario would be obligated to reclaim disturbance caused by its activities on the property unless Newmont desired to further utilize such disturbance or a portion thereof for further exploration, in which event Newmont would assume such reclamation obligation with respect thereto in writing and relieve Solitario of the performance thereof.

8.     Right of First Refusal.  Newmont shall have a right of first refusal ("Right of First Refusal") with respect to any bona fide proposed sale, directly or indirectly, by Solitario of all or any portion of an Alliance Property.  The Right of First Refusal shall permit Newmont to purchase such interest on the terms offered by any third party, which Solitario is willing to accept, and shall be exercised, if at all, within 30 days after written notice from Solitario of such offer.  Newmont's Right of First Refusal shall apply to Solitario, its successors and assigns (including affiliates or successors by merger) but shall not apply to transfers to affiliated or related companies, to corporate reorganizations, mergers, amalgamations, or the sale of all or substantially all of the stock of Solitario, provided that Alliance Property (or Alliance Properties), does not constitute the principal asset (greater than 60% of Solitario's value) of Solitario at the time of such sale.  If the Joint Venture Option is exercised each party shall hold a similar Right of First Refusal on any transfer by the other Joint Venture participant.

9.     Right of First Offer.  Solitario shall grant to Newmont a right of first offer ("Right of First Offer") on any property that Solitario acquires in South America outside the boundaries of the Alliance Projects during the Exploration Expenditure Period, which property is herein referred to as a "Solitario Property".  If Solitario intends to transfer all or any part of its interest in a Solitario Property (the "Offered Property"), it shall first offer said Offered Property to Newmont, on such terms as Solitario is willing to accept (the "Solitario Offer Price"), together with all data pertaining to the Offered Property.  If Solitario and Newmont cannot agree on terms for Newmont's purchase of the Offered Property within 30 days of Newmont's receipt of such notice from Solitario, Solitario may thereafter sell such Offered Property; provided, however, for a term of 18 months following such 30-day period, Newmont shall hold a Right of First Refusal, as described in Section 9 hereof, for any proposed sale of such Offered Property which are equal to or less than the Solitario Offer Price.  Newmont's Right of First Offer shall apply to Solitario, its successors and assigns (including affiliates or successors by merger) but shall not apply to transfers to affiliated or related companies, to corporate reorganizations, mergers, amalgamations, or the sale of all or substantially all of the stock of Solitario.  Properties acquired by Solitario within a two-kilometer area of interest adjacent to a Solitario-owned property position existing before the Effective Date are excluded from this Right of First Offer.

11.     Assignment.  Subject to the Right of First Refusal and the Right of First Offer, set out above, either party may assign its interest in an Alliance Property or a Solitario Property, provided however that the assignee shall enter into an agreement with the non-assigning party to assume all terms and obligations pertaining to such interest as set out in the Agreement and the Royalty Deed.

12.     Indemnification. Solitario will indemnify Newmont from and against all liability relating to Solitario's activities under the Agreement, including without limit reclamation of all disturbance created by Solitario in conducting Exploration Expenditures.  If Newmont elects to exercise the Joint Venture Option, Newmont will indemnify Solitario from and against all liability relating to Newmont's activities during Phase-I Earn-in, including without limit reclamation of all disturbance created by Newmont in completing Phase-I Earn-in.  After Phase-I Earn-in, the Joint Venture shall be responsible for all reclamation and other liability associated with the Joint Venture Property.

13.     Governing Law.  The Agreement will be governed by the laws of the State of Colorado, USA and, to the extent applicable to the mineral rights, the laws of the country in which the Alliance Property is located.

14.     Dispute Resolution.  Disputes of the parties shall be resolved by binding arbitration in Denver, Colorado in English in accordance with the International Rules of the American Arbitration Association (the "Rules").  For a period of at least 60 days prior to submission of a matter to arbitration, an executive officer of Newmont and an executive officer of Solitario will attempt to resolve the dispute, failing which either party may refer the matter to arbitration by written notice to the other party.  For disputes involving amounts of US$2 million dollars or less, the parties shall attempt, by mutual agreement, to nominate a sole arbitrator within 30 days from the date of the initiating party's written notice to the other party.  If the parties cannot agree upon a sole arbitrator within such 30 day period, or in the case of disputes involving amounts of more than US$2 million dollars, the arbitration shall be carried out by a panel of three arbitrators with one arbitrator being selected by the initiating party, one arbitrator being selected by the responding party and the third arbitrator being selected by mutual agreement of such two arbitrators.  If such two arbitrators cannot agree within 30 days upon the appointment of the third arbitrator, the third arbitrator shall be appointed by the AAA in accordance with the Rules.  Moreover, if any party shall fail to appoint an arbitrator within the specified time period, such arbitrator and the third arbitrator shall be appointed by the AAA in accordance with the Rules.  Notwithstanding the foregoing, the arbitrator or arbitrators, as the case may be, shall be English speaking lawyers with at least ten year's experience with international mining joint venture transactions, trained in the common law tradition.  Judgment upon the award rendered by the arbitrator(s) may be entered in any court having jurisdiction.

15.     Force Majeure.  The parties' obligations and the timeframes established under this Letter of Intent, the Agreement the Royalty Deed, and the Joint Venture shall be suspended to the extent and for the period that performance is prevented by any cause beyond the party's control, whether foreseeable or unforeseeable, including, without limitation, labor disputes, acts of God, laws, regulations, orders, proclamations, or requests of any governmental authority, inability to obtain and maintain on reasonable terms required surface access, permits, licenses, or other authorizations, or any other matter similar or dissimilar to the above that constitutes an event of force majeure.

16.     Confidentiality and Press Releases.  Except where regulatory or stock exchange requirements prohibit, as well as for recording a public deed, the terms of this Letter of Intent, the Agreement and the Royalty Deed are to be held by the parties and their directors, officers, employees, consultants, agents, accountants, legal counsel, financing sources and those of its direct and indirect wholly-owned subsidiaries and parent companies (herein the "Representatives"), in strict confidence. It being agreed that each such Representative will be informed by the respective party of the confidential nature of this Letter and will agree to be bound by the terms of this Letter and further, that each party will be responsible for any breach of this Letter by its Representatives.  If either party makes any public disclosure (e.g., press release) of the existence of this Letter of Intent or the terms herein without the prior written consent of the other, the non-disclosing party may revoke any obligations or agreements made herein.  The parties understand that disclosure may be required pursuant to law or regulations of an applicable stock exchange, and, in the event that a party desires to make public disclosure, to the extent legally permissible, the other party shall receive 3 business days to review and approve such disclosure, with such approval not to be unreasonably withheld.  The party wishing to make a public disclosure shall make all reasonable edits requested by the other party.

     In the event any provision of this Letter of Intent is found to be inconsistent with, or contrary to law, rule or regulation, the latter shall be deemed to control and this Letter of Intent shall be regarded as modified accordingly and, as so modified, shall continue in full force and effect.

     This Letter of Intent is entered into and effective as of the date first written above.  This Letter of Intent contains the entire understanding of the parties relating to the specific subject matter hereof, and supersedes all prior agreements and understandings between the parties.  The parties have the necessary power and authority to enter into this Letter of Intent which shall be binding upon and inure to the benefit of the respective successors and assigns of the parties hereto.  Any amendments hereto shall be in writing and signed by the parties hereto. 

	
Newmont Overseas Exploration Limited

By:                                                   

Name:                                              

Title:                                                

	
Solitario Resources Corporation

By:                                                   

Name:                                              

Title:                                                

Exhibit A

BANKABLE FEASIBILITY STUDY

A.     "Bankable Feasibility Study" means a detailed report that recommends the development of a mine and includes at least the following information:

1.     A description of the property to be covered by the proposed mine;

2.     The estimated recoverable reserves of minerals and the estimated composition and content thereof;

3.     The proposed procedure for development and mining production;

4.     Results of ore amenability tests (if any);
5.     The nature and extent of the mine facilities proposed to be acquired which may include mill facilities, if the size, extent and location of the ore body makes such mill facilities feasible, in which event the report shall also include a preliminary design for such mill;

6.     The total costs, including capital budget, which are reasonably required to purchase, construct and install all structures, machinery and equipment required for the proposed mine, including a schedule of timing of such requirements;

7.     All environmental impact studies and costs;
8.     The period in which it is proposed that the property be brought into commercial production;

9.     Such other data and information as are reasonably necessary to substantiate the existence of a mineral deposit of sufficient size and grade to justify development of a mine, taking into account all relevant business, tax and other economic considerations; and

10.     Working capital requirements for the initial four months of operation of the property as a mine or such longer period as may be reasonably justified in the circumstances.

Which Bankable Feasibility Study is in such form as is necessary to substantially meet the standards of North American financial institutions for the purpose of determining the advisability of providing project financing on a commercial competitive basis taking into consideration all relevant criteria deemed to be both normal and prudent for the mining industry at that time.

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