Laserfiche WebLink
~_ ~ <br />w <br />Q <br />w <br />w <br />w <br />z <br />CONTACT <br />Company <br />Michael Owen <br />(hamman <br />Royal RY.omiea <br />1660 \Nynkrx~y SUrrl <br />$mle 1000 ienlM1 Ilixn <br />I)rnvr,. ( nloiedo 80101 <br />OO]I 5)]1660 <br />ROYAL RESOURCES CORPORATION <br />1660 WYNKOOP STREET SUITE 1000 TENTH FLOOR <br />DENVER, COLORADO 80202 (303) 573-1660 <br /> <br />NEWS FOR RELEASE: IMMEDIATE: FEBRUARY 3, 1987 <br />DENVER, COLORADO: ROYAL RESOURCES CORPORATION <br />(NASDAQ:RRCD), announced today that its wholly-owned <br />subsidiary, Royal Gold, Inc., has exercised its option to <br />sell its interest in the Colosseum mine in San Bernardino <br />County, California and has entered into an option <br />agreement to purchase a gold property near Prescott, <br />Arizona. <br />The sale of Royal's 25 percent interest in the <br />Colosseum mine to Colosseum California Inc. and Dallhold <br />Investments Pty. Ltd. of Perth, Australia will return to <br />Royal Gold, Inc. the purchase price and all venture <br />operating e:Kpenses plus a premium of $2.5 million. The <br />purchase price for Royal Gold's interest was $4.2 <br />million. <br />Stanley Dempsey, President of Royal Gold, Inc., <br />stated, "Th~a sale of Royal's interest in the Colosseum <br />mine will a:11ow Royal to realize a handsome profit on its <br />investment .in the property and provides capital for Royal <br />Gold to proceed with the acquisition of other gold <br />properties i:hat are currently under consideration." <br />1 <br />