Hollister - Nevada

Royalty:	3% to 5% NSR
Reserves:	878,200 oz (Au)
	4,307,800 oz (Ag)
Resources:	1,360,000 oz M&I / 608,000 oz Inf. (Au)
	7,173,000 oz M&I / 1,600,000 oz Inf. (Ag)
Owner:	Great Basin Gold Limited

Franco-Nevada holds a 5% NSR, less third-party underlying royalties, on portions of the Hollister project, Nevada, resulting in the royalty holder being entitled to receive an effective 3% NSR on a 45-claim block area called Hillcrest–Finley River Block, and a 5% NSR royalty on another portion of the Ivanhoe property. The Hollister project is located at the northern end of the prolific Carlin Trend in northeast Nevada. Great Basin Gold Limited (“Great Basin”) owns and operates the Hollister project.

Great Basin has completed and announced technical and feasibility studies, indicating reserves of 878,200 ounces of gold and 4,307,800 ounces of silver and anticipates annual production of averaging 150,000 ounces of gold equivalent over the life of the operation.  Subsequent to the feasibility study, completed in June 2007, Great Basin reported an increase in resources to 1.38 million ounces of gold and 7.17 million ounces of silver.  In addition the Company also announced a new discovery on the property, the Hatter Graben Vein System.

On February 25, 2008, Great Basin announced that the project is on track to produce 66,400 oz of gold and 289,000 oz of silver at a cash cost of $400/oz in 2008.