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ROYAL GOLD RELEASES FIRST QUARTER 1993 RESULTS

 DENVER, Nov. 16 ~PRNewswire~ -- Royal Gold Inc. (NASDAQ: RGLD) today reported unaudited results for the first quarter, July 1, 1992 through Sept. 30, 1992, of fiscal year 1993. The company reported a net loss of $66,000 or 1 cent per share, for the quarter, compared to a net loss of $185,000, or 2 cents per share, for the like period in fiscal 1992.
 During the three months ended Sept. 30, 1992, the company resolved its litigation with Placer Dome U.S. Inc. ("PDUS") thereby regaining a significant interest in the South Pipeline Gold Project in Crescent Valley, Nev., and also secured funding for continued operation.
 Royal Gold announced exploration results at South Pipeline on Nov. 4, 1992. Results are very encouraging and warrant intensified exploration. PDUS commenced a drilling program on Oct. 12, 1992, which will include both reverse circulation and core drilling.
 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 calendar 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. The net smelter return royalty ranges from 2.5 percent for an indexed price of $350 per ounce to 5.5 percent for an indexed price in excess of $500 per ounce. Royal Gold will also receive advance royalty payments of $150,000 (US) per year for the life of the Project, with such payments being guaranteed through 1995.
 Prior to the settlement with PDUS, the company raised $308,000 through the sale by a private placement of 308,000 unregistered shares of the company's common stock and warrants to purchase an additional 308,000 unregistered shares at a price of $1.50 per share.
 Stanley Dempsey, chairman of Royal Gold, stated that "prospects for Royal Gold have improved dramatically. We have a significant role in the South Pipeline Project and sufficient funds to support operations for the foreseeable future."
 The company's operating activities utilized approximately $13,700 of cash during this period. The company's regular general and administrative costs for the three months ended Sept. 30, 1992, were approximately $128,000, down from approximately $182,000 for the like period in fiscal 1992. Additional general and administrative costs of $82,000, relating to the resolution of the South Pipeline litigation, brought the total general and administrative expense for September 1992 to $210,000.
 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.
 ROYAL GOLD INC.
 Summary of Financial Information
 Quarter Ended
 Sept. 30,
 1992 1991
 Royalty income $150,000 ---
 Financial services $6,491 $9,540
 Total revenues $156,491 $9,540
 Exploration and lease
 maintenance and holding costs $7,019 $25,723
 General and administrative $210,497 $182,245
 Net loss $(65,745) $(185,209)
 Net loss per share $(.01) $(.02)
 Total assets $2,951,977 $2,416,562
 Working capital $809,339 $(428,420)
 Long-term liabilities:
 Deferred reclamation $337,101 $337,101
 Post-retirement benefit
 and other $109,246 $61,533
 Shareholders' equity $1,984,321 $1,393,423
 Average shares outstanding 9,436,961 9,157,250
 -0- 11~16~92
 ~CONTACT: Stanley Dempsey of Royal Gold, 303-573-1660~
 (RGLD)


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

BB -- DV005 -- 1253 11~16~92 11:55 EST
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Date:Nov 16, 1992
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