International Royalty completes Rio Tinto Australian royalty acquisitions

    AMEX:  ROY

    DENVER, CO, July 14 /CNW Telbec/ - International Royalty Corporation
(AMEX:   ROY, TSX: IRC) (the "Company" or "IRC") today announced the closing of
the Australian royalties from IRC's December 2007 acquisition of the Rio Tinto
royalty portfolio, following receipt of the Australian Foreign Investment
Review Board approval and the expiration of all existing first rights of
refusals. These first rights of refusal existed on the Bell Creek and Merlin
Orbit royalties. Completion of this transaction brings IRC's total royalty
count to approximately 80 royalties. Selected details on the acquired
Australian royalties are shown below.

    Name         Location     Operator         Commo-   Rate and      Project
                                                dity        Type        Stage
    Avebury      Tasmania     OZ Minerals Ltd.    Ni    2.0% NSR  Development
                              (Zinifex Ltd.)
    Bell Creek   Queensland   Metallica           Ni    AU$1.00/  Feasibility
                              Minerals Ltd.                $2.00
                                                       per tonne
    Westmoreland Queensland   Laramide             U    1.0% NSR  Feasibility
                              Resources Ltd.
    Melba Flats  Tasmania     OZ Minerals Ltd.    Ni,   2.0% NSR  Exploration
                              (Zinifex Ltd.)      Cu,
    Merlin       Northern     North         Diamonds    1.0% GOR  Exploration
    Orbit        Territories  Australian
                              Diamonds Ltd.

    Furthermore, a number of IRC development stage royalties are progressing
toward production, as set out below.

    Mercator Gold PLC's Meekatharra operation achieved commerical gold
production in October 2007 and continues to ramp up to a production rate of
120,000 ounces of gold per year(1). IRC holds variable royalty interests on
this mine.
    The 2.0% NSR Avebury royalty is expected to become IRC's next producing
royalty. According to the operator, this project is scheduled to begin
production in the third quarter of 2008(2), with IRC expecting to receive its
first royalty payments in the fourth quarter.
    Other IRC royalties coming into production within the next 12 months
include the Las Cruces (4Q 2008)(3), Gwalia Deeps (4Q 2008)(4), and Belahouro
projects (1Q 2009)(5). In addition, the Legacy Sand project continues to
increase production and is expected to ramp up to full production by the end
of 2009. At today's spot prices(6), successful commissioning of these projects
could generate cumulative annual revenues of approximately US$19 million.
IRC's remaining development-stage royalty is a sliding-scale royalty on the
Chilean portion of Barrick Gold's Pascua-Lama gold project. Barrick has stated
that Pascua production is expected to start three years after mine

    (1) Mercator Gold PLC press release, August 9, 2007
    (2) Zinifex Ltd. Investor presentation, 
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    (4) St Barbara Ltd March 08 Quarterly Report, April 23, 2008
    (5) Goldbelt Resources Ltd. news release October 4, 2007
    (6) For purposes of illustration, assumes US$9.35/lb Ni, US$3.70/lb Cu,
        US$40.00/lb Co and US$925/oz Au. Individual contributions to
        projected revenue include, Avebury: US$2.5 million/year, Las Cruces:
        US$8.2 million/year, Meekatharra: US$1.7 million/year, Gwalia Deeps:
        US$2.8 million per year and Belahouro: US$3.9 million/year.
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    International Royalty Corporation

    International Royalty Corporation (IRC) is a global, diversified mineral
royalty company. Key assets in IRC's portfolio of approximately 80 royalties
include an effective 2.7% NSR royalty on the Voisey's Bay mine, a 0.47%-3.15%
sliding-scale NSR royalty on the Pascua gold project in Chile, a 1.5% NSR
royalty on the Las Cruces copper project in Spain and a 1.5% NSR royalty 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,

    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
Pascua-Lama, Gwalia Deeps, Avebury, Las Cruces and Belahouro projects on which
IRC has royalties. 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, anticipated production 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 unless required by law. 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, Director of Investor Relations,
(303) 991-9500; Douglas B. Silver, Chairman and CEO, (303) 799-9020;;; Renmark Financial
Communications Inc.: Barbara Komorowski: bkomorowski@;
Jen Power:, (514) 939-3989, Fax: (514) 939-3717;

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