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ROYAL GOLD RELEASES THIRD QUARTER 1993 RESULTS; ANNOUNCES LARGER RESOURCE ESTIMATE FOR SOUTH PIPELINE

 DENVER, May 10 /PRNewswire/ -- Royal Gold Inc. (NASDAQ Small-Cap Market: RGLD) today reported unaudited results for the third quarter, Jan. 1, 1993 through March 31, 1993, of fiscal year 1993, and an increase in the size of the resource estimate for the South Pipeline deposit in Nevada. The company reported a net loss of $172,500, or 1 cent per share for the quarter, compared to net income of $6,447, or less than 1 cent per share, for the like period in fiscal 1992.
 For the nine months ended March 31, 1993, the company reported a net loss of $469,196, or 4 cents per share, as compared to a net loss of $344,109, or 4 cents per share, for the like period in 1992.
 At March 31, 1993, the company had a working capital surplus of $581,000. Current assets were $896,000, compared to current liabilities of $314,664 for a current ratio of 2.85 to 1. The net loss for the three-month and nine-month periods ended March 31, 1993, is primarily due to general and administrative costs exceeding royalty income.
 On May 4, 1993, the South Pipeline Project operator, Placer Dome U.S. Inc., as manager of the Cortez Joint Venture, announced that "exploration of the South Pipeline property has determined a drill- indicated resource of 15.6 million tons of material grading 0.147 ounces of gold per ton, and that exploration is continuing." On the basis of this latest resource estimate, total ounces of gold contained in the South Pipeline property are 2.3 million, up more than one million ounces from the resource estimate that Placer Dome announced on Feb. 4, 1993.
 Stanley Dempsey, chairman of Royal Gold, stated that "exploration at South Pipeline continues to produce excellent results. Additional drilling and engineering studies are required before the economics of mining the South Pipeline deposit can be determined. Placer Dome is currently carrying out an aggressive program of expansion and in-fill drilling at South Pipeline. The number of drill rigs working on South Pipeline ground will vary from time-to-time, but plans call for the use of as many as eight drill rigs by mid-May 1993."
 The current drilling program includes expansion drilling to test for additional deposits on South Pipeline Project ground. Two drill holes, PR-58 and PR-62-A, located approximately one-half mile south of the recognized South Pipeline deposit area, have encountered significant gold mineralization. These holes suggest an extension of existing deposits or the presence of additional deposits on South Pipeline ground. Additional drilling will be required to confirm the existence of such deposits.
 Drill hole Interval Thickness Average grade
 PR-58 280'-1,060' 780' 0.034 opt gold
 including 430'-500' 70' 0.162 opt gold
 PR-62-A 200'-570' 370' 0.022 opt gold
 including 200'-380' 180' 0.032 opt gold
 1,100'-1,190' 90' 0.048 opt gold
 including 1,110'-1,130' 20' 0.149 opt gold
 At April 29, 1993, the company had reached agreement to make a private placement to one investor of 200,000 Units, each Unit consisting of one unregistered share of Royal Gold Common Stock and one warrant to purchase, on or before Sept. 30, 1995, an additional share of Royal Gold Common Stock at a price of $5.75 per share. Units were priced at $3.60 each. Proceeds of the placement will be used to further the company's gold exploration program.
 Royal Gold is a Denver-based, publicly held corporation. Royal Gold is engaged in the gold and other precious metals business, primarily through passive and joint ownership arrangements, and in the acquisition, exploration, development, and sale of gold properties.
 In addition to its 20 percent royalty interest in the South Pipeline Project, Royal Gold has one gold project in Nevada being explored by Newmont, one project in Arizona, and one in California, where efforts to farm out continue. The company's common stock trades on the NASDAQ Small-Cap Market under the symbol RGLD.
 ROYAL GOLD INC.
 Quarter Ended
 March 31,
 1993 1992
 Royalty income --- ---
 Financial services 12,092 9,529
 Total revenues 12,092 9,529
 Gain on sale of mineral property --- 193,065
 Exploration, lease maintenance
 and holding costs 8,316 55,830
 General & administrative 178,079 118,514
 Net income (loss) (172,501) 6,447
 Net income (loss) per share $(.01) $less than .01
 Average shares outstanding 11,929,246 9,167,526
 Nine Months Ended
 March 31,
 1993 1992
 Royalty income $150,000 ---
 Financial services 24,854 19,086
 Total revenues 174,854 19,086
 Gain on sale of mineral property --- 193,065
 Exploration lease maintenance
 and holding costs 48,239 102,855
 General & administrative 593,611 429,166
 Net income (loss) (469,196) (344,109)
 Net income (loss) per share (.04) (.04)
 Total Assets 2,157,170 2,069,499
 Working capital 581,490 (272,421)
 Long-term liabilities:
 Deferred reclamation --- 337,101
 Post-retirement benefit & other 96,046 131,353
 Stockholders' equity $1,746,460 $1,235,968
 Average shares outstanding 10,879,351 9,160,675
 -0- 5/10/93
 /CONTACT: Stanley Dempsey of Royal Gold, 303-573-1660/
 (RGLD)


CO: Royal Gold Inc. ST: Colorado IN: MNG SU: ERN

MC -- DV009 -- 6531 05/10/93 13:13 EDT
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Date:May 10, 1993
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