Royal Gold Acquires Gold and Silver Interests on the Tulsequah Chief Project

Royal Gold, Inc. (NASDAQ:RGLD; TSX:RGL), today announced it has
agreed to acquire, through a wholly-owned subsidiary, 12.5% of the
payable gold and 22.5% of the payable silver on the Tulsequah Chief
project, located in British Columbia, from Chieftain Metals Inc.
('Chieftain?) (TSX: CFB). Consideration for the transaction is $60
million and, when production is reached, Royal Gold will make cash
payments equal to (i) $450 per payable ounce of gold until 48,000 ounces
have been delivered, and $500 per ounce thereafter; and (ii) $5.00 per
payable ounce of silver until 2.78 million ounces have been delivered,
and $7.50 per ounce thereafter, or the prevailing market price of the
metals. Once 48,000 ounces of payable gold and 2.78 million ounces of
payable silver have been delivered, the interests will convert to 7.5%
and 9.75% of the payable gold and silver, respectively, for the
remainder of the mine life.

An initial $10 million payment will be made by Royal Gold shortly after
closing the transaction, with the remaining $50 million paid over the
development period of the project. These payments are conditioned on,
among other things, the securing of sufficient financing and permitting.
Royal Gold also received a right of first refusal on any future gold or
silver production based interests.

Tony Jensen, President and Chief Executive Officer, commented, 'We are
pleased to add the high grade Tulsequah Chief deposit to our portfolio
which is another asset with good exploration potential in an attractive
geographical region. It will also fit well into our development pipeline
with an estimated start-up in 2015, following Pascua-Lama and Mt.
Milligan in the second half of calendar 2013.?

The Tulsequah Chief project is a high grade polymetallic deposit located
in northwestern British Columbia, approximately 40 miles northeast of
Juneau, Alaska. The project was operated by Cominco in the early 1950s.
Chieftain is completing a feasibility study, following a June 2011
preliminary economic assessment ('PEA?), and anticipates that the
project will be operational in 2015. In the PEA, Chieftain has reported
mineralization consisting of indicated resources totaling 6.0 million
tonnes (2.63 g/t gold; 96.0 g/t silver), containing 0.5 million ounces
of gold and 18.6 million ounces of silver. In addition to zinc, copper
and lead, Chieftain estimates the average annual precious metal
production to be 45,000 ounces of gold and 1.4 million ounces of silver,
that the resources will support a 9-year mine life, and that the project
is well advanced in the permitting process.

Royal Gold is a precious metals royalty company engaged in the
acquisition and management of precious metal royalties and similar
interests. The Company′s portfolio consists of 187 properties on six
continents, including interests on 39 producing mines and 22 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.

Royal Gold

Karen Gross, 303-575-6504

Vice President and
Corporate Secretary