International Royalty Corporation reports third quarter results



    AMEX:  ROY
    TSX:IRC

    DENVER, CO, Nov. 14 /CNW Telbec/ - International Royalty Corporation
(AMEX:   ROY, TSX: IRC) (the "Company") today reported its third quarter 2007
financial results. All figures are in United States dollars unless noted
otherwise.

    Financial Highlights

    
    - Royalty revenues in the third quarter of 2007 increased for the eighth
      consecutive quarter to $13.7 million, a 66% increase over the third
      quarter of 2006.

    - Earnings from operations of $5.4 million for the quarter doubled the
      results of the same quarter in 2006.

    - Cash flow from operations was a record $7.5 million during the quarter
      and $19.1 million year to date.

    - Payable production from the Voisey's Bay royalty reached new highs of
      37.5 million pounds of nickel, 29.6 million pounds of copper and
      1.7 million pounds of cobalt in concentrate for the quarter.

    Summary of Financial Information (unaudited):

    ($ thousands, except per
     share data)                      Three Months Ended   Nine Months Ended
                                            September 30,       September 30,
                                     ----------------------------------------
                                           2007     2006      2007      2006
                                     ----------------------------------------
    Statement of Operations
      Royalty revenues                  $13,738   $8,357   $37,123   $10,819
      Earnings from operations            5,415    2,659    15,258       624
      Earnings (loss) before
       income taxes                       2,847    2,108     9,707    (1,069)
      Net earnings                        1,413    1,506     5,958     8,723
      Basic earnings per share:
        Earnings (loss) before income
         taxes                            $0.04    $0.04     $0.15    $(0.02)
        Net earnings                      $0.02    $0.03     $0.09     $0.15
      Diluted earnings per share:
        Earnings (loss) before income
         taxes                            $0.04    $0.04     $0.14    $(0.02)
        Net earnings                      $0.02    $0.03     $0.09     $0.09

    Statement of Cash Flows
      Cash provided from (used in)
       operating activities              $7,527     $(74)  $19,135   $(1,748)


    Payable production and revenues on the Company's royalties and average
metal prices received were as follows:

    Production and revenue (unaudited)     Total Payable Metal Production (1)
                                          -----------------------------------
                                                                        Nine
                                             Quarter Ended      Months Ended
                                              September 30,     September 30,
                                          -----------------------------------
    Mine             Commodity  Royalty      2007     2006     2007     2006
    ------------------------------------- -----------------------------------
    Williams         Gold       0.25% NSR      49       68      166      189

    Southern Cross   Gold       1.5% NSR       45       33      120       40

    Voisey's Bay     Nickel     2.7% NSR   37,452   27,332   94,155   39,207
                     Copper     2.7% NSR   29,648   24,543   47,325   31,320
                     Cobalt     2.7% NSR    1,665    1,170    3,981    1,694
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


                                             Revenue (thousands)
                                          -----------------------------------
                                           Quarter Ended   Nine Months Ended
                                            September 30,       September 30,
                                          -----------------------------------
    Mine                                   2007     2006      2007      2006
    ------------------------------------- -----------------------------------
    Williams                               $ 84    $ 104     $ 275     $ 288

    Southern Cross                          457      307     1,192       373

    Voisey's Bay                         13,172    7,946    35,604    10,131

    (1) Gold is in thousands of ounces; nickel, copper and cobalt are in
        thousands of contained pounds in concentrate.


    Average metal prices realized (unaudited)

                                           Quarter Ended   Nine Months Ended
                                            September 30,       September 30,
                                          ---------------  ------------------
                                           2007     2006      2007      2006
                                          ---------------  ------------------
    Gold, per ounce                       $ 676    $ 622     $ 662     $ 615
    Nickel, per pound (1)                 15.59    11.07     17.62     10.18
    Copper, per pound (1)                  3.46     3.18      3.18      3.01
    Cobalt, per pound (1)                 25.30    15.40     26.35     14.94

    (1) Before transportation, smelting and refining costs.
    

    As expected, payable production from the Voisey's Bay mine increased
during the current quarter compared to the first and second quarters of 2007,
partially a result of seasonal fluctuations in the shipment of concentrates
and partially related to the strike at the mine in the late summer of 2006.
While seasonal fluctuations in concentrate shipments are expected to continue
going forward, the Company expects payable production from the mine to level
off at, or near the levels achieved during the most recent quarter.
    Mercator Gold Plc announced that it began gold production at its
Meekatharra operations in Western Australia in late September 2007 at an
initial rate of 120,000 ounces per year. The Company owns a 1.5% net smelter
return royalty on the Meekatharra operation and expects to record its first
royalty revenue there from in the fourth quarter of 2007. Several of the
Company's other royalties are expected to begin production in late 2008 or
early 2009, including the Inata Project (Belahouro) in Burkina Faso, West
Africa and the Gwalia Deeps underground project and the Tower Hill project in
Western Australia operated by St Barbara Limited.
    Complete financial results are available on SEDAR and on the Company's
website at www.internationalroyalty.com.

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

    International Royalty Corporation (IRC) is a global mineral royalty
company. IRC holds over 60 royalties including an effective 2.7% NSR on the
Voisey's Bay mine, a sliding-scale NSR on the Pascua gold project, and a 1.5%
NSR on more than 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 IRC's expectations as to royalty
revenue from the Meekatharra project and the production start dates for the
Belahouro, Tower Hill, and Gwalia Deeps projects on which IRC has royalties,
the production rate at Voisey's By and the first royalty to be received from
Mercator Gold Plc. Financial information contained in this press release is
unaudited. In certain cases, forward-looking statements can be identified by
the use of words such as "plans", "expects" or "does not expect", "is
expected", "budget", "scheduled", "estimates", "forecasts", "intends",
"anticipates", or "does not anticipate", or "believes" or variations of such
words and phrases, or state that certain actions, events or results "may",
"could", "would", "might" or "will" be taken, occur or be achieved. Since
forward-looking statements are not statements of historical fact and address
future events, conditions and expectations, forward-looking statements by
their nature 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
ability of the mine operators to finance and successfully place their projects
into production. IRC's forward-looking statements in this release regarding
royalty revenue, ongoing production and royalties, and the anticipated timing
of the start of production on several of the projects on which it has
royalties is 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 these properties. 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. These forward-looking statements should not be
relied upon as representing IRC's views as of any date subsequent to the date
of this release. 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, Investor Relations, (303)
991-9500; Douglas B. Silver, Chairman and CEO, (303) 799-9020,
info@internationalroyalty.com; www.internationalroyalty.com; Renmark Financial
Communications Inc.: Tina Cameron: tcameron@renmarkfinancial.com; Neil
Murray-Lyon: nmurraylyon@renmarkfinancial.com; (514) 939-3989; Fax: (514)
939-3717; www.renmarkfinancial.com

Organization Profile

INTERNATIONAL ROYALTY CORPORATION

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