MONTREAL, Aug. 29 /CNW Telbec/ - Canadian Royalties Inc. (TSX:CZZ)
("Canadian Royalties" or the "Corporation") today announced that Richard
Faucher has resigned as President, Chief Executive Officer and Director of the
Corporation, effective immediately.
The Board of Directors of Canadian Royalties has appointed Glenn J.
Mullan as President and Chief Executive Officer on an interim basis.
Mr. Mullan holds the office of Chairman of the Board, a position he has held
since the incorporation of Canadian Royalties in July of 1998. Mr. Mullan is
also a founder and former CEO of the Corporation.
"We sincerely wish to thank Mr. Faucher for his time, efforts and hard
work and wish him well in his future endeavours. Canadian Royalties will
immediately commence a search internally and externally for a permanent CEO"
said Glenn J. Mullan. The Corporation also plans to call on Mr. Faucher's
expertise through a consulting relationship.
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 kilometers south of Xstrata Nickel's Raglan Mine in Nunavik, Québec.
Canadian Royalties has received its Environmental Certificate of Authorization
on May 21, 2008 and Mine Leases for the Expo, Mesamax, Ivakkak and Mequillon
sites of its Nunavik Nickel Project, on July 29, 2008.
This news release contains certain forward-looking statements or
forward-looking information. These forward-looking statements are subject to a
variety of risks and uncertainties beyond the Corporation's ability to control
or predict which could cause actual events or results to differ materially
from those anticipated in such forward-looking statements. Such risks and
uncertainties are disclosed under the heading "Risk Factors" in the
Corporation's Annual Information Form for the year ended December 31, 2007 and
dated March 31, 2008. Further, forward-looking information is in addition
based on various assumptions, including, without limitation, the expectation
and beliefs of management, the assumed long term price of nickel, that the
Nunavik Nickel Project is a technical viable and economic operation, that it
can be successfully completed by the Corporation, that the Corporation will
receive the required permits and access to surface rights, and that the
Corporation can access financing, appropriate equipment, and sufficient
labour. Should one or more of these risks and uncertainties materialize, or
should the underlying assumption prove incorrect or different, actual results
may vary materially from those described in the forward-looking statements.
All forward-looking statements speak only as of the date of this news release
and the Corporation does not undertake any obligation to update or publicly
disclose any revisions to such forward-looking statements to reflect events,
circumstances or changes in expectations after the date hereof, except as
required by law. Accordingly, readers should not place undue reliance on
For further information:
For further information: please visit our website at
www.canadianroyalties.com or contact: Glenn J. Mullan, Chairman of the Board,
Interim President and Chief Executive Officer, Canadian Royalties Inc., (514)
879-1688, ext. 1222, firstname.lastname@example.org; ----- Marc Chaput, VP,
Investor Relations and Communications, Canadian Royalties Inc., (514)
879-1688, ext. 1223, email@example.com;
www.canadianroyalties.com; ----- Renmark Financial Communications Inc.: Jason
Roy: firstname.lastname@example.org; Dan Symons: email@example.com;
Media - Eva Jura: firstname.lastname@example.org, (514) 939-3989, Fax: (514)