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Solitario Exploration & Royalty Corp. (Solitario), formerly Solitario Resources Corporation, is an exploration-stage company. Solitario acquires and holds a portfolio of exploration properties for future sale or joint venture prior to the establishment of reserves. The Company conducts exploration in Peru, Brazil, Mexico, and, to an extent, Bolivia. As of March 6, 2008, the Company owned 10 mineral properties. The wholly owned subsidiaries of Solitario are Altoro Gold Corp., Altoro Gold (BVI) Corp., Minera Altoro (BVI) Ltd., Minera Andes (BVI) Corp., Compania Minera Andes del Sur S.A., Minera Altoro Brazil (BVI) Corp., Minera Altoro Brazil (BVI) Corp., Altoro Mineracao, Ltda., Pedra Branca Mineracao, Ltda. (85%-owned), Minera Solitario Peru, S.A., Minera Bongara, S.A., Minera Soloco, S.A. and Mineracao Solitario Brazil, Ltd. During the year ended December 31, 2007, the Company discontinued the Crazon/Conception del Oro, La Purisima and Titicayo projects.