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ROYAL GOLD RELEASES THIRD QUARTER 1992 RESULTS

 ROYAL GOLD RELEASES THIRD QUARTER 1992 RESULTS
 DENVER, May 15 /PRNewswire/ -- Royal Gold Inc. (NASDAQ: RGLD)


today reported unaudited results for the third quarter, Jan. 1, 1992 through March 31, 1992, of fiscal year 1992. The company reported net income of $6,447, or less than 1 cent per share, for the quarter compared to a net loss of $7,994,405, or 89 cents per share, for the like period in fiscal 1991.
 The net income for the three month period ended March 31, 1992, is primarily due to a gain on the sale of the company's royalty interests associated with the Crescent Valley project in Lander County, Nev. Certain officers and directors of the company participated in the limited partnership purchase of these royalty interests.
 For the nine months ended March 31, 1992, the company reported a net loss of $344,109, or 4 cent per share, as compared to net loss of $8,642,505, or 96 cents per share, for the like period in 1991. The net loss, during fiscal 1991, is primarily due to the write down of a mineral property. An impairment expense of $7,561,000 was recorded on March 31, 1991.
 Stanley Dempsey, chairman of Royal Gold, stated that, "The company's farm out program with major company partners continues to be successful, and we further reduced the company's general and administrative costs. Immediate liquidity needs are being met from available cash resources, interest income, earnings from financial and environmental services, proceeds from the sale of equipment, and from the sale of 98 percent of the company's royalty interests in the Crescent Valley project. Management continues to investigate the feasibility of a merger or restructuring to secure greater liquidity, and is working on a mining opportunity in Mexico."
 Royal Gold's wholly-owned subsidiary, Denver Mining Finance Co. ("DMFC"), continues to attract quality business from overseas investors and investment banks, foreign and domestic mining companies and law firms. It also receives management fee income from the newly- formed Crescent Valley Partners, the buyer of 98 percent of Royal Gold's interest in the Crescent Valley project. DMFC has been working on a mining opportunity in the former USSR.
 Royal Gold is a Denver-based, publicly held corporation. Royal Gold is engaged in the production of gold and other precious metals primarily through joint ownerships, and the acquisition, exploration, development and sale of gold properties. Royal has one gold project in California being explored by Battle Mountain, one in Nevada being explored by Newmont, and one in Arizona where efforts to farm-out or sell continue. Royal is traded on NASDAQ under the symbol RGLD.
 ROYAL GOLD INC.
 Quarter Ended
 March 31,
 1992 1991
 Bullion sales --- $56,608
 Financial and environmental
 services 15,737 49,226
 Other receipts --- 165,000
 Total revenues 15,737 270,834
 Gain on sale of mineral
 property 193,065 ---
 Direct cost of production --- 344,424
 Exploration, recoupment of
 exploration, and non-operating
 leasehold costs 55,830 50,586
 General & administrative 118,514 210,625
 Income (loss) from continuing
 operations 6,447 (7,994,405)
 Net income (loss) 6,447 (7,994,405)
 Net income (loss) per share $less than .01 $(.89)
 Average shares outstanding 9,167,526 8,997,436
 Nine Months Ended
 March 31,
 1992 1991
 Bullion sales --- $105,664
 Financial and environmental
 services 58,168 168,095
 Other receipts --- 465,000
 Total revenues 58,168 738,759
 Gain on sale of mineral
 property 193,065 ---
 Direct cost of production --- 824,057
 Exploration, recoupment of
 exploration, and non-
 operating leasehold costs 102,855 375,431
 General & administrative 429,166 719,195
 Income (loss) from continuing
 operations (344,109) (8,642,505)
 Net income (loss) (344,109) (8,642,505)
 Net income (loss) per share $(.04) $(.96)
 Total assets 2,069,499 2,868,657
 Working capital (25,939) (368,367)
 Long-term liabilities:
 Deferred reclamation 337,101 337,101
 Post-retirement benefit
 & other 131,353 103,659
 Average shares outstanding 9,160,675 8,993,936
 -0- 5/15/92
 /CONTACT: Stanley Dempsey of Royal Gold, 303-573-1660/
 (RGLD) CO: Royal Gold Inc. ST: Colorado IN: MNG SU: ERN


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Date:May 15, 1992
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