Business
Royal Gold Closes Penasquito Royalty Transaction
Royal Gold Closes Penasquito Royalty Transaction.
About this update from Red Lake Gold Inc
[{"type":"text","content":"\n\n\n\nDENVER, Jan. 24 /CNW/ - Royal Gold, Inc. (Nasdaq: RGLD; TSX: RGL) today\nannounced that is has closed its transaction with Minera Kennecott S.A. De\nC.V. to acquire a 2.0% net smelter return (\"NSR\") royalty on the Penasquito\nproject in Zacatecas, Mexico, as previously announced on December 29, 2006. \nThe cost of the acquisition was $80 million in cash and 577,434 shares of\nRoyal Gold common stock. Royal Gold also obtained the right to acquire\nadditional NSR royalties ranging from 1.0% to 2.0% on a number of properties\nin the region.\n\n\nThe Penasquito project, composed of two main deposits called Penasco and\nChile Colorado, is under development by Goldcorp Inc. (\"Goldcorp\"). The\nPenasquito project hosts one of the world's largest silver, gold and zinc\nreserves, while also containing large lead reserves.\n\n\nRoyal Gold is a precious metals royalty company engaging in the\nacquisition and management of precious metal royalty interests. Royal Gold is\npublicly traded on the Nasdaq Global Select Market under the symbol \"RGLD,\"\nand on the Toronto Stock Exchange under the symbol \"RGL.\" The Company's web\npage is located at www.royalgold.com.\n\n\n","length":1219,"tagName":"div"}]