Business
Royal Gold Announces Substantial Reserve Increases and Production Forecasts Associated With Its Royalty Interests
- Gold reserves increase 30% to 64.2 million ounces - Silver reserves increase 16% to 1.2 billion...
About this update from Red Lake Gold Inc
[{"type":"text","content":"\n\n\n\n- Gold reserves increase 30% to 64.2 million ounces\n\n- Silver reserves increase 16% to 1.2 billion ounces\n\n\n\nDENVER, May 20 /PRNewswire-FirstCall/ -- ROYAL GOLD, INC. (Nasdaq: RGLD;\nTSX: RGL), a leading precious metals royalty company, today announced updated\nestimates for ore reserves, additional mineralization, and calendar 2009\nproduction forecasts for its royalty portfolio. Updated reserves, additional\nmineralization and production estimates, as of December 31, 2008, are provided\nto the Company by the operators of its royalty properties or have been\nobtained by Royal Gold through publicly available information.\n\n\nAt the end of calendar 2008, total precious metals reserves subject to\nthe Company's royalty interests include 64.2 million ounces of gold and 1.2\nbillion ounces of silver. This reflects a net gain of 14.7 million ounces of\ngold and 167 million ounces of silver, representing a 30 % increase in gold\nreserves and a 16% increase in silver reserves over the prior calendar\nyear-end.\n\n\nTony Jensen, President and Chief Executive Officer, commented, "We are\npleased to report significant increases in our precious metal reserves. Our\nreserve growth is largely a result of the portfolio of royalties we acquired\nin the Barrick transaction and the on-going successes of our royalty operators\nin converting additional mineralized material into reserves, particularly at\nthe Penasquito, Cortez, Canadian Malartic and Mulatos properties. This\nincrease reinforces our strategy to identify and acquire royalty properties\nwith significant upside potential that are managed by top-quality operators."\n\n\n\nPRINCIPAL PRODUCING PROPERTIES\n\n\n\nSummarized below are our principal producing and development properties. \nThe Company considers both historical and future expected revenues in\ndetermining which royalties in our portfolio are principal to our business.\n\n\n\nCortez - Pipeline Mining Complex (USA, Nevada)\n\n\n\nThe Cortez Pipeline Mining Complex is a large surface gold mining\noperation operated by Barrick. Royal Gold holds four gold royalty interests\nat Cortez, consisting of two sliding-scale gross smelter return ("GSR")\nroyalties ("GSR1" and "GSR2"), a fixed-rate GSR royalty ("GSR3") and a net\nvalue return royalty ("NVR1").\n\n\nTh...