International Royalty reports first copper production at Las Cruces



    NYSE-A: ROY
    TSX: IRC

    DENVER, CO, June 4 /CNW Telbec/ - International Royalty Corporation
(NYSE-A: ROY, TSX: IRC) (the "Company" or "IRC") reports that Inmet Mining
Corporation ("Inmet") has announced that the first copper cathodes have been
produced at the Las Cruces project in Andalucia, Spain. IRC owns a 1.5% NSR
royalty on the Las Cruces project. At the current spot copper price of
approximately US$2.25/lb, the Las Cruces royalty is anticipated to generate
approximately US$5.4 million in annual royalty revenues for IRC.
    According to an Inmet press release dated June 2, 2009, Las Cruces
resumed mining activities at the bottom of the mine pit on April 29, 2009 and
delivered the first truck load of ore to the crusher on May 26, 2009. Since
then, Las Cruces has introduced the ore through the various stages of the
process plant. Over the coming months, Las Cruces will focus on ramping up
production to reach the design capacity of 72,000 tonnes (~160 million pounds)
of cathode copper per year.
    The Las Cruces project is reported to contain Proven and Probable
Reserves of 2,425 million pounds of copper. Inmet has estimated a 15-year mine
life for the project.(1) The following chart illustrates IRC's expected annual
revenue from the Las Cruces royalty, assuming various copper prices, at an
estimated run rate of approximately 160 million pounds of copper production
per year.

    
                       --------------------------
                                             IRC
                         Copper      Anticipated
                          Price          Revenue
                        (per lb)             (MM)
                       --------------------------
                        US$1.75           US$4.2
                       --------------------------
                        US$2.00           US$4.8
                       --------------------------
                        US$2.25           US$5.4
                       --------------------------
                        US$2.50           US$6.0
    

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

    Reference:

    1. 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 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 reported
Proven and Probable Reserves, IRC's expectations as to copper production
levels at the Las Cruces 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 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 operator in the public domain, and its ability to successfully
operate the Las Cruces project. Reported Proven and Probable Reserve estimates
are based on Canadian NI 43-101 standards, which differ from SEC Guide 7
standards for reporting Reserves. 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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