Crown takes greater share in Solitario Res.

Toronto-listed Crown Resources has acquired, through a private placement, another piece of Solitario Resources (TSE).

Crown paid $3.6 million to buy 1.57 million units of the smaller company at $2.31 per unit.

Each unit contains one share of common stock and one share purchase warrant of Solitario. The warrants, exercisable until early 1998, are convertible at $2.66 per share.

Crown now controls 7.8 million shares in Solitario, representing 59% of the outstanding shares, not counting the warrants.

If all warrants were exercised, Crown would hold 9.4 million shares and 63% of Solitario.

Crown bought the block of shares and warrants to provide Solitario with funds to continue its exploration programs.

Solitario controls several exploration projects in South America, including the Bongara zinc deposit in northern Peru, a joint venture with Barrick Gold (TSE) at its Yanacocha property in the same country, and the Cerro Amarillo joint venture with Phelps Dodge (NYSE) in Argentina.