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ROYAL GOLD ANNOUNCES EXPLORATION RESULTS AT SOUTH PIPELINE

 ROYAL GOLD ANNOUNCES EXPLORATION RESULTS AT SOUTH PIPELINE
 DENVER, Nov. 4 /PRNewswire/ -- Royal Gold Inc. (NASDAQ: RGLD) today


announced the results of exploration drilling that has been conducted at South Pipeline since August 1991.
 The South Pipeline Project, involves an approximately 4,000 acre mining claim position in the Cortez district, located in the Crescent Valley, Lander County, Nev., approximately one-half mile south of the Pipeline discovery announced earlier by Placer Dome U.S. Inc., ("PDUS"), as manager of the Cortez Gold Mines joint venture ("Cortez"). PDUS is the operator and 60-percent owner of Cortez.
 Under the South Pipeline Project agreement, PDUS is the manager and operator on behalf of Cortez, with a minimum work requirement of $1.4 million between the last quarter of this year and the end of 1994. Royal Gold will receive a 20 percent net profits royalty or, at its election beginning with production and annually thereafter, a net smelter return royalty according to a schedule tied to indexed gold prices. Royal Gold receives advance royalty payments of $150,000 per year.
 The South Pipeline area has shown promising results in exploration reverse circulation drilling conducted by PDUS during the past year. The gold deposits in the South Pipeline area are sediment hosted, disseminated gold deposits of the type often described as "Carlin-style" mineralization. Royal Gold and its consultants estimate an indicated resource for the South Pipeline deposit of 9,019,200 tons, grading 0.082 ounces of gold per ton, using a cut-off grade of 0.02 ounces of gold per ton. The indicated resource, at this stage, is estimated to be 740,000 ounces of gold. Detailed metal-lurgical and cost studies must be undertaken before the existence of a mineable reserve can be established. The South Pipeline deposit discovery hole, PR91-12, encountered a continuous zone of oxide mineralization of over 230 feet with an average grade of 0.143 ounces of gold per ton, including 50 feet with an average grade of 0.347 ounces of gold per ton. The top of the mineralized zone was encountered 420 feet below the surface. A step out hole, PR92-3, 200 feet due north of PR91-12, encountered a zone of mineralization with an intercept extending over 600 feet with an average grade of 0.100 ounces of gold per ton, including 80 feet of 0.252 ounces of gold per ton. The top of the mineralized zone was encountered 370 feet beneath the surface. PR91-12 and PR92-3 provide some of the best results in a grid of 14 drill holes. The other holes in the grid include thicknesses and assays ranging from 20 feet with an average grade of 0.023 ounces per ton gold, beginning 260 feet below surface to 650 feet with an average grade of 0.066 ounces per ton gold, beginning 350 feet below surface.
 PDUS has also encountered gold mineralization in reverse circulation drill holes it has been drilling to obtain hydrologic data for its Pipeline deposit development study. These holes are approximately 1,000 feet west of the South Pipeline deposit. These holes suggest an extension of existing deposits or the presence of another deposit. Further drilling will be required before resource estimates can be made. Drill hole TH-1 encountered a zone of mineralization with an intercept extending over 560 feet with an average grade of 0.058 ounces per ton, including 60 feet with an average grade of 0.195 ounces of gold per ton. The top of the mineralized zone was encountered 200 feet below the surface. Drill hole OW-1D located approximately 800 feet northeast of TH-1, encountered a zone of mineralization with an intercept extending over 400 feet with an average grade of 0.052, including 30 feet with an average grade of .125 ounces of gold per ton. The top of the mineralized zone was encountered 300 feet below the surface. Sample collection and assaying may have been less carefully conducted for these holes because they were originally drilled for geotechnical purposes rather than for exploration, but the results are encouraging.
 All of the deposits discovered to date are open in more than one direction, and results warrant intensified exploration efforts. PDUS has also identified several additional exploration targets. PDUS commenced a drilling program on Oct. 12, 1992, which will include both reverse circulation and core drilling. Holes planned for this program will further define the South Pipeline deposit and will offset drill holes TH-1 and OW-1D.
 Preliminary engineering assessments undertaken by Royal Gold indicate that the South Pipeline deposit is initially exploitable by open pit methods. Preliminary metallurgical testing shows gold recoveries in the 70-90 percent range. Royal gold notes that all resource estimates and assessments of mineability have been independently prepared by Royal Gold and its consultants and may not agree with information which may be subsequently released by PDUS.
 Additional drilling will be required to prove continuity of mineralized zones and to support resource and ore reserve calculations. Assuming successful drill results, economic studies will be required to confirm that the South Pipeline deposit can be mined.
 PDUS will be busy with its work on South Pipeline ground during the months ahead.
 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 interest in the South Pipeline project, Royal has one gold project in California being explored by Battle Mountain, one in Nevada being explored by Newmont, and one in Arizona being explored by Southwest Exploration. Royal is traded on NASDAQ under the symbol RGLD.
 -0- 11/4/92
 /CONTACT: Stanley Dempsey of Royal Gold, 303-573-1660/
 (RGLD) CO: Royal Gold Inc.; Placer Dome U.S. Inc. ST: Colorado, Nevada IN: MNG SU:


BB -- DV005 -- 2524 11/04/92 13:18 EST
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