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Royal Gold Agrees to Acquire Royalties From Kennecott Minerals for ... - Canada NewsWire (press release)

DENVER, Dec. 23 /CNW/ -- Royal Gold, Inc. (Nasdaq: RGLD; TSX: RGL) today announced an agreement to acquire two royalties from Kennecott Minerals Company for $25.0 million. The royalties consist of a 3% net smelter return ("NSR") royalty on the Robinson mine, which is located in eastern Nevada, and a sliding-scale NSR royalty on the Mulatos mine in Sonora, Mexico. The closing of the acquisition is subject to customary conditions and is scheduled to occur by the end of the year. Tony Jensen, Royal Gold's President and Chief Operating Officer, commented, "We are pleased to add these royalties to our portfolio due to their cash flow potential and significant reserves, resulting in relatively long-life assets. We are always eager to expand our royalty interests in Nevada and are pleased to be associated with the Alamos land position and sliding-scale royalty in Mexico." The Robinson mine is an open pit copper mine with significant gold and molybdenum credits. The mine Was originally operated by Kennecott and later owned by BHP Billiton and Was subsequently sold to Quadra Mining Ltd. ("Quadra") in 2004. Quadra has reported that as of December 31, 2004, proven and probable reserves include 142.6 million tons (129.4 million - More available

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