Mr. Ryan Kalt of Gold Royalties reports

GOLD ROYALTIES CORPORATION TO ACQUIRE GOLD ROYALTY PORTFOLIO IN QUEBEC

Gold Royalties Corp. has entered into a binding letter of intent to acquire a portfolio of NSR royalties from Murgor Resources Inc.

The assets consist of five net-smelter-return royalties on gold projects based in Quebec, plus an option for a further sixth NSR royalty interest.

"This deal materially grows the count of our royalty portfolio, which will reach or exceed 20 royalty interests in Canada upon completion of the transaction. In addition, the acquisition bolsters our position as the leading gold royalty company in the Urban-Barry greenstone belt. It also provides Gold Royalties with up to $2.75-million of potential future cash payments from operator buy-down options," stated Ryan Kalt, president and chief executive officer of Gold Royalties.

About the royalties

The Barry royalties

The acquisition includes two new royalty interests on claims surrounding the Barry gold deposit being advanced by Metanor Resources Inc. The first of these is a 1-per-cent NSR on claims immediately north of the Barry gold deposit. Metanor may repurchase one-half of the Barry-1 NSR for a cash payment of $500,000. The second royalty is a 0.5-per-cent NSR on claims surrounding the Barry gold deposit. Metanor may repurchase one-half of the Barry united NSR for a cash payment of $250,000.

Gold Royalties first entered the Urban-Barry gold district in March, 2013, when it acquired a 1-per-cent NSR royalty on the Barry gold deposit owned by Metanor Resources (see Gold Royalties news release dated March 13, 2013), furthered by an acquisition in October, 2013, of a 1-per-cent NSR on the Eastern Extension gold deposit being advanced by BonTerra Resources Inc. (see Gold Royalties news release dated Oct. 23, 2013).

With respect to Metanor Resources, the company also holds a revenue-producing NSR royalty interest on the Bachelor Lake gold mine, located approximately 120 kilometres from the Barry gold deposit. Metanor Resources recently announced two separate 15,000-metre drilling programs at the Barry and Bachelor Lake properties.

The Windfall royalties

The acquisition includes two new royalty interests on claims proximate to the Windfall Lake gold deposit being advanced by Eagle Hill Exploration Corp. The first of these is a 1-per-cent NSR on claims north of Windfall Lake (the Windfall 184 NSR). Eagle Hill Exploration may repurchase the Windfall 184 NSR for a cash payment of $500,000. The second of these is a 0.5-per-cent NSR on claims immediately north of the Windfall Lake gold deposit (the Windfall 29 NSR). Eagle Hill Exploration may repurchase the Windfall 29 NSR for a cash payment of $500,000.

Details about the properties underlying the Windfall 184 NSR and Windfall 29 NSR royalties may be found by way of the Eagle Hill Exploration website.

The Waconichi royalty

The acquisition includes a 1-per-cent NSR on claims comprising the Waconichi property operated by Northern Superior Resources Inc. as part of its Croteau Est gold project. Northern Superior Resources may repurchase one-half of the Waconichi NSR for a cash payment of $1-million.

The operator of the Waconichi property has initiated a 2014 drilling campaign on the Croteau East gold project, and further details of the project may be found by way of the Northern Superior Resources website.

Transaction details

Consideration for the above five NSR royalty interests will be 328,948 common shares of Gold Royalties at a deemed value of 38 cents per Gold Royalties share.

In addition to the above five NSR royalty interests, Gold Royalties may, upon certain preconditions, acquire a sixth royalty as part of the transaction, being a 1-per-cent NSR on claims on the Benoist property in Quebec operated by Cartier Resources. Acquisition of the Benoist NSR is subject to a right of first refusal held by Cartier Resources. In the event that the Benoist NSR is also acquired as part of the transaction, then the share consideration shall be increased by an additional 197,378 common shares of Gold Royalties at a deemed value of 38 cents per Gold Royalties share.

Closing of the acquisition is expected to occur on or before April 30, 2014, and is subject to certain conditions, including execution of a definitive agreement and the approval of the TSX Venture Exchange Inc.

Update on Bradshaw gross royalty

The company is also pleased to advise that subsequent to closing of Gold Royalties' acquisition of the Bradshaw gross royalty (see Gold Royalties news release dated Dec. 13, 2013), Gold Royalties' interest in the right of first refusal with respect to gold stream financing associated with the Bradshaw gold deposit being advanced by GoWest Gold Ltd. has been increased to a 100-per-cent allocation from a 50-per-cent allocation with no additional consideration incurred by Gold Royalties. Gold Royalties continues to monitor the advancement of this deposit with respect to future gold stream financing opportunities.

We seek Safe Harbor.