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<br />I <br />~_ i <br />w <br />Q <br />w <br />w <br />w <br />z <br />CONTACT <br />comp+nr <br />Miafiael Owen <br />[Aannen <br />Royal Nee~mie. <br />trybo \vYnkonp Sbeel <br />Smle IUOU ienN Fiw~ <br />Denver, l uNratlu tlU101 <br />13031 Sl1-1660 <br />ROYAL RESO[IRCES CORPORATION <br />16601N1'NKOOP STREET SUITE 1000 TENTH FLOOR <br />DENVER, COLORADC) 80202 . (303) 573-1660 <br />III ~II~I~~II~~II~II <br />NEWS FOR RELEASE: IMMEDIATE: MARCH 17, 1987 <br />DENVER, COLORADO: ROYAL RESOURCES CORPORATION <br />(NASDAQ:RRC:O), announced today that it has exercised <br />its option to purchase all of the Common Stock of <br />Montagu Miming Investment Inc, a Delaware <br />corporation, whose primary asset is a ten percent <br />interest in the Hog Ranch Joint Venture. The <br />purchase price for Montagu Mining Investments is $3.6 <br />million cash plus 200,000 shares of Royal Resources <br />Common Stock. <br />The Hog Ranch Joint Venture operates the Hog <br />Ranch mine in Washoe County, Nevada. This open cut <br />heap leach gold mining property has been in operation <br />since late 1986 and is currently producing gold at a <br />rate in excess of 50,000 ounces per year. The <br />operator and 65 percent joint venture partner is <br />Western Gold Fields, Inc. Montagu Mining <br />Investments Inc. is being purchased by Royal from <br />Montagu Mining Investments Limited, an English <br />corporation owned by Samuel Montagu Limited of <br />London, England. <br />After nine months from the closing date, Montagu <br />1 <br />