Solitario Exploration & Royalty Corp. (Solitario), formerly Solitario Resources Corporation, is an exploration stage company. The Company focuses on the acquisition of precious and base metal properties, and the development or purchase of royalty interests. It acquires and holds a portfolio of exploration properties for future sale, joint venture, or creates a royalty prior to the establishment of proven and probable reserves. As of December 31, 2008, it had interests in 16 exploration properties in Mexico, Brazil, Bolivia and Peru, and its Yanacocha and La Tola royalty properties in Peru. Its subsidiaries include 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., Altoro Mineracao, Ltda., Pedra Branca Mineracao, Ltda. (PBM), Minera Chambara, S.A., Minera Solitario Peru, S.A., Minera Bongara, S.A., Minera Soloco, S.A. and Mineracao Solitario Brazil, Ltd.