MONTREAL, June 12 /CNW Telbec/ - Canadian Royalties Inc. (TSX:CZZ) is
pleased to announce that it has received its Mine Lease from the ministere des
Ressources Naturelles et de la Faune du Quebec ("MRNF") for the Expo site of
its Nunavik Nickel Project ("NNP").
The Mine Lease was issued following the delivery of the Certificat
d'autorisation by the ministere du Developpement durable, de l'Environnement
et des Parcs du Quebec which was previously delivered to Canadian Royalties on
May 20, 2008.
These authorization certificates and construction permits cover most
requirements now to develop, build and exploit the Nunavik Nickel Project.
Individual Mine Leases on each of the Ni-Cu-PGE deposits at Mesamax, Ivakkak
and Mequillon are expected shortly from the MRNF.
Project Update: Canadian Royalties continues to advance the Nunavik
Nickel Project development with approximately $140 million now committed or
spent toward advancing the project. An updated Mine Plan has been completed in
preparation for discussions and finalization of terms on the debt portion of
the project financing.
The first 2008 vessel carrying construction and supply materials for the
Nunavik Nickel Project is expected to arrive during the first week of July,
2008. The employee/construction camp is already on site and is being
assembled. It is expected to be operational by mid-August. Also, preparation
of the Mill and Power Plant foundations has begun.
About Canadian Royalties and the Nunavik Nickel Project
Canadian Royalties has initiated the development of an independent,
stand-alone nickel-copper mine on its Nunavik Nickel Project, located
20 kilometres south of Xstrata Nickel's Raglan Mine in Nunavik, Quebec.
Canadian Royalties has now received its Environmental Certificate of
Authorization and is proceeding to construction.
For further information:
For further information: Canadian Royalties Inc.: Richard R. Faucher,
President & CEO, Toll free: (877) 879-1688, firstname.lastname@example.org,
www.canadianroyalties.com; Renmark Financial Communication: Jason Roy, Account
Manager, (514) 939-3989, email@example.com