International Royalty acquires additional gold royalties



    AMEX:  ROY
    TSX:IRC

    DENVER, CO, Oct. 9 /CNW Telbec/ - International Royalty Corporation
(AMEX:   ROY, TSX: IRC) (the "Company" or "IRC") is pleased to announce that it
has expanded its precious metal royalty portfolio through the acquisition of
three additional royalties on the Pinson gold project and trend in Nevada from
two private individuals. The Pinson gold project is a joint venture between
Barrick Gold Corporation ("Barrick") and Atna Resources Ltd. ("Atna"). IRC
paid US$2.85 million in cash for a 16.842% share of the variable rate (0.5% to
5.0%) net smelter return ("NSR") Rayrock Royalty ("Rayrock") and a 40% share
of the Cordilleran 3.0% and 5.0% NSR royalties ("Cordex"). With this purchase,
IRC now owns 97.9% of the Rayrock Royalty and 100% of the Cordex Royalties,
the two largest royalties covering the currently known Pinson resource.

    
    Pinson Resources Summary
    -------------------------------------------------------------------------
                                        Tonnes(*)   Grade (g/t)    Contained
                                                                        Au(*)
    -------------------------------------------------------------------------
    Measured Resources                 1,045,440         15.57       523,200
    Indicated Resources                1,227,875         13.68       540,600
    Measured and Indicated Resources   2,273,315         14.54     1,063,000
    Inferred Resources                 3,061,296         11.66
    -------------------------------------------------------------------------
    (Cut-off grade equals 6.9 grams/tonne Au)
    (*) Columns do not add up due to rounding
    Source: Pinson Technical Report Revised June 1, 2007
    

    Under their joint venture agreement with Atna, Barrick can earn a 70%
interest in the Pinson project by completing a feasibility study by April,
2009 at a cost of US$30 million. Barrick has agreed to submit a feasibility
study to the joint venture at the end of the evaluation period in April.
    Management believes that this latest acquisition complements the Atna
precious metals royalty portfolio transaction announced last month. The
transaction does not require additional funding.
    More than half of the royalties in IRC's portfolio have a precious metals
focus. During 2008 and 2009, management anticipates that IRC's royalty revenue
base will expand through additional gold royalty revenues from the Gwalia
Deeps project in Australia and the Belahouro gold project in Burkina Faso, as
well as from revenues from the recently commissioned Avebury nickel mine in
Tasmania and the producing Skyline coal mine in Utah.

    International Royalty Corporation
    ----------------------------------

    International Royalty Corporation (IRC) is a global mineral royalty
company. IRC holds more than 85 royalties including an effective 2.7% NSR on
the Voisey's Bay mine, a sliding-scale NSR on the Pascua gold project in
Chile, a 1.5% NSR on the Las Cruces copper project in Spain and a 1.5% NSR on
approximately 3.0 million acres of gold lands in Western Australia. IRC is
senior listed on the Toronto Stock Exchange (TSX:IRC) as well as the American
Stock Exchange (AMEX:   ROY ).

    On behalf of the Board of Directors,
    INTERNATIONAL ROYALTY CORPORATION

    Douglas B. Silver
    Chairman and CEO


    Cautionary Statement Regarding Forward-Looking Statements
    ---------------------------------------------------------

    Some of the statements contained in this release are forward-looking
statements, such as statements that describe the acquisition of interests in
the Rayrock Royalty and Cordex Royalty, estimated resources on the Pinson
project, the timing and completion of the feasibility study by Barrick and
expectations related to the Pinson project, management's assessment of the
Atna royalty portfolio, and management's expectations of its royalty base
expansion and revenue from the Avebury and Skyline royalties. Since
forward-looking statements are not statements of historical fact and address
future events, conditions and expectations, forward-looking statements by
their nature involve unknown risks, uncertainties, assumptions and other
factors well beyond IRC's ability to control or predict. Actual results and
developments may differ materially from those contemplated by such
forward-looking statements depending on, among other things, such key factors
as the ability of the mine operators to finance and successfully place their
projects into production, commodities prices and accuracy of assumptions. Such
assumptions include, but are not limited to, the validity of statements made
by the project operators in the public domain and the projected royalties on
such projects. This press release uses the terms "measured resources",
"indicated resources" and "inferred resources", which are calculated in
accordance with the Canadian National Instrument 43-101 and the Canadian
Institute of Mining and Metallurgy Classification system. We advise investors
that while those terms are recognized and required by Canadian regulations,
the U.S. Securities and Exchange Commission does not recognize them. U.S.
investors are cautioned not to assume that any part or all of mineral deposits
in these categories will ever be converted into reserves. The forward-looking
statements included in this release represent IRC's views as of the date of
this release. While IRC anticipates that subsequent events and developments
may cause IRC's views to change, IRC specifically disclaims any obligation to
update these forward-looking statements unless required by law. Readers should
not place undue reliance on any forward-looking statements.




For further information:

For further information: Jack Perkins, Director of Investor Relations:
(303) 991-9500; Douglas B. Silver, Chairman and CEO: (303) 799-9020,
info@internationalroyalty.com; www.internationalroyalty.com; Renmark Financial
Communications Inc.: Barbara Komorowski: bkomorowski@ renmarkfinancial.com;
Jen Power: jpower@renmarkfinancial.com, (514) 939-3989, Fax: (514) 939-3717;
www.renmarkfinancial.com

Organization Profile

INTERNATIONAL ROYALTY CORPORATION

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