International Royalty announces major advancements on Pascua and Las Cruces royalties



    NYSE-A:ROY
    TSX:IRC

    DENVER, CO, April 30 /CNW Telbec/ - International Royalty Corporation
(TSX: IRC, NYSE-Amex:   ROY) ("IRC" or the "Company") announced today that
important positive developments have been reported on two of the Company's
largest assets, the Pascua and Las Cruces royalties. When these two mines are
in production, they are expected to add approximately US$25 million in annual
revenues to IRC, at current spot prices of around US$900/oz gold and
US$2.00/lb copper.

    Pascua-Lama:
    ------------

    April 29, 2009 - Santiago, Chile - Reuters reported that Chilean and
Argentinean tax authorities reached agreement on April 28, 2009 in Buenos
Aires over tax issues relating to the Pascua-Lama gold project. According to
the report, Chile's tax authority said "During the meeting, a deal was reached
to resolve tax issues related to transborder services and some others that
remain outstanding. The deal will... enable the parties to address
administrative issues the project will need for its development and adequate
supervision by the tax authorities of both countries. There are a couple of
minor issues that require additional technical analysis."
    IRC owns a 0.473%-3.15% sliding scale royalty on the Chilean portion
("Pascua") of the Pascua-Lama project. According to the operator, Barrick Gold
Corporation ("Barrick"), Pascua-Lama currently has approximately 18 million
ounces of contained gold and is expected to have a 20-year mine life.(1)
Barrick estimates that average cash costs for the first five years of
production will be US$40-US$50/oz gold.(2) At a current spot gold price of
around US$900/oz, this royalty is expected to produce US$20 million in annual
revenues to IRC.

    Las Cruces:
    -----------

    April 29, 2009 - Toronto - Inmet Mining Corporation ("Inmet") announced
that mining operations at its Las Cruces project have resumed after receipt of
final approval from the Andalucian Regional Ministry of Innovation, Science
and Business. Commissioning of the process plant has been completed and with
the resumption of mining in the pit, Las Cruces now anticipates that it will
produce its first copper cathode during the first week of June 2009.
    Inmet also reported that the Water Authority of Andalucia commenced the
process to amend the permit for the dewatering and reinjection system to
incorporate the agreed changes that addressed the regulators' concerns that
had led to the suspension of mining. Although this amendment process is
expected to take several months to complete, mining and cathode production are
scheduled to continue during the process.
    IRC owns a 1.5% net smelter return royalty on the Las Cruces project,
which is reported to contain 2,425 million pounds of copper. Inmet has
estimated a 15-year mine life for this project, producing an average of nearly
160 million pounds of copper annually.(3) At a current spot copper price of
around US$2.00/lb, the Las Cruces royalty is anticipated to generate
approximately US$5 million in annual revenues for IRC.

    This press release has been reviewed by Peter Clarke of SRK Consulting, a
qualified person for the purposes of National Instrument 43-101.

    References:

    1.<a href="http://www.barrick.com/GlobalOperations/SouthAmerica/PascuaLamaProject/">http://www.barrick.com/GlobalOperations/SouthAmerica/PascuaLamaProject/</a>
<a href="http://www.barrick.com/GlobalOperations/SouthAmerica/PascuaLamaProject/">default.aspx</a>
    2.   
www.barrick.com/Theme/Barrick/files/docs_presentations/NatResSummit2007.pdf
    3. www.inmetmining.com

    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-Lama 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 NYSE Amex
(NYSE-A: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 document are forward-looking
statements, such as statements that describe IRC's future plans, intentions,
objectives or goals, and specifically include but are not limited to IRC's
expectations as to copper production levels at the Las Cruces mine, gold
production levels at the Pascua-Lama mine, and corresponding expected royalty
revenue. In certain cases, forward-looking statements can be identified by the
use of words such as "expects", "enable", "anticipates", "estimated" or words
of similar effect. Since forward-looking statements are not statements of
historical fact and address future events, conditions and expectations,
forward-looking statements inherently involve unknown risks, uncertainties,
assumptions and other factors well beyond the Company's ability to control or
predict. Actual results and developments may differ materially from those
contemplated by such forward-looking statements depending on, among others,
such key factors as the prices of the underlying commodities, accuracy of
operator estimates, actual production at the Pascua-Lama gold project and Las
Cruces copper project, absence of production delays or regulatory issues and
other risks associated with mining operations. IRC's forward-looking
statements in this document regarding the anticipated production are based on
certain assumptions. Such assumptions include, but are not limited to, the
validity of statements made by the project operators in the public domain, and
their ability to finance, construct and successfully operate the Las Cruces
and Pascua-Lama projects. The forward-looking statements included in this
document represent IRC's views as of the date of this document and subsequent
events and developments may cause IRC's views to change. These forward-looking
statements should not be relied upon as representing IRC's views as of any
date subsequent to the date of this document. Although IRC has attempted to
identify important factors that could cause actual actions, events or results
to differ materially from those described in forward-looking statements, there
may be other factors that cause actions, events or results not to be as
anticipated, estimated or intended. Accordingly, 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;
Christine Stewart, cstewart@renmarkfinancial.com; Montreal: (514) 939-3989,
Fax: (514) 939-3717; Toronto: (416) 644-2020, Fax: (416) 644-2021,
www.renmarkfinancial.com

Organization Profile

INTERNATIONAL ROYALTY CORPORATION

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