🕐24.07.09 - 22:39 Uhr

Ontario Court Confirms Royal Gold’s Holt Royalty Interest



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Ontario Court Confirms Royal Gold"s Holt Royalty Interest
DENVER, COLORADO.

JULY 24, 2009: ROYAL GOLD, INC.
(NASDAQ:RGLD) (TSX: RGL), a leading precious metals royalty company, announced today
that on July 23, 2009, the Ontario Superior Court of Justice rendered a decision in an action
seeking clarification of the royalty obligations on the Holt portion of the Holloway-Holt mining
project in Ontario, Canada.

The Court held that Royal Gold is entitled to payment from
Newmont Canada of the full amount of the sliding-scale royalty defined in the Net Smelter
Return Royalty Agreement between Barrick Gold Corporation and Newmont Canada.

The Court
also held that St Andrew Goldfields Ltd."s ("St Andrew") sole obligation is to reimburse
Newmont Canada for payment of the royalty up to a flat rate of 0.013% of the net smelter returns
for gold, silver and other minerals.

The Court"s decision may be appealed within 30 days of the
date of the decision.
St Andrew owns 100% of the Holloway-Holt mining project.

It is currently redeveloping
the Holloway mine under a staged investment plan and has announced that it expects to begin
production at the Holt mine in the second half of 2010.

According to St Andrew"s public filings
in Canada from June 2008, proven and probable reserves subject to Royal Gold"s royalty equal
2.95 million tons at a grade of 0.165 ounces per ton, containing 487,000 ounces of gold.

At a
gold price of US$950 per ounce, the effective royalty rate payable to Royal Gold by Newmont
Canada under the court decision is 12.35%.

Royal Gold acquired the sliding-scale net smelter
return royalty as part of its October 1, 2008, acquisition of a portfolio of royalties from Barrick.
Royal Gold is a precious metals royalty company engaged in the acquisition and
management of precious metal royalty interests.

The Company owns royalties on 118 properties
on five continents, including royalties on 26 producing mines and seven development stage
projects.

Royal Gold is publicly traded on the NASDAQ Global Select Market under the symbol
"RGLD" and on the Toronto Stock Exchange under the symbol "RGL." The Company"s website
is located at www.royalgold.com.
For more information about Royal Gold, Inc., please contact:
Karen Gross
Vice President and Corporate Secretary
303-575-6504
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Cautionary "Safe Harbor" Statement Under the Private Securities Litigation Reform Act of 1995:
With the exception of historical matters, the matters discussed in this press release are forward-looking
statements that involve risks and uncertainties that could cause actual results to differ materially from
projections or estimates contained herein.

Such forward-looking statements include statements regarding
the commencement of production at the Holt mine and the reserve report filed by St Andrew in June 2008
addressing the proven and probable reserves that are subject to Royal Gold"s royalty.

Factors that could
cause such forward looking statements to differ materially from the projections include, among others,
precious metals prices, decisions and activities of the operators of the property, unanticipated grade,
geological, metallurgical, processing or other problems the operators of the property may encounter,
changes in the project parameters as plans continue to be refined, economic and market conditions,
liquidity and production problems at the property, and other subsequent events, as well as other factors
described in Royal Gold"s Annual Report on Form 10-K and other filings with the Securities and
Exchange Commission.

Most of these factors are beyond Royal Gold"s ability to predict or control.
Royal Gold disclaims any obligation to update any forward-looking statement made herein.

Readers are
cautioned not to put undue reliance on forward-looking statements.




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