Canadian Royalties Obtains Mine Leases for 3 Sites at its Nunavik Nickel Project

    MONTREAL, July 29 /CNW Telbec/ - Canadian Royalties Inc. (TSX: CZZ) today
announced that it has obtained Mine Leases from the ministère des Ressources
naturelles et de la Faune du Québec for its Mesamax, Ivakkak and Mequillon
    With this latest delivery of Mine Leases for each of the Mesamax, Ivakkak
and Mequillon sites, together with the Mine Lease for the Expo site delivered
in June 2008, Canadian Royalties has now obtained the mining rights required
for all four of its sites identified under the 2007 SNC-Lavalin Bankable
Feasibility Study.
    The mine leases were issued following the delivery of the Certificat
d'autorisation by the Ministère du Développement durable, de l'Environnement
et des Parcs du Québec on May 20, 2008, and cover the requirements to develop,
build and operate the Nunavik Nickel Project.

    About Canadian Royalties

    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, Province of
Quebec, Canada. Canadian Royalties has now received its Environmental
Certificate of Authorization and Mine Leases for four sites, and has started

    Forward-looking Statement

    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
forward-looking statements.

For further information:

For further information: please visit our web site at or contact: Richard R. Faucher, President & CEO,
(514) 879-1688,;----- Marc Chaput, VP,
Investor Relations and Communications, (514) 879-1688, ext. 1223,;----- Valérie Hasik, Investor Relations
Manager, (514) 879-1688, ext. 1224,;-----
Renmark Financial Communications Inc.: Jason Roy:;
Dan Symons:; Media - Adam Ross:, (514) 939-3989, Fax: (514) 939-3717,

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