International Royalty update: Voisey's Bay resolution and resumption of shipments


    DENVER, CO, Jan. 30 /CNW Telbec/ - International Royalty Corporation
(TSX: IRC, NYSE-A: ROY) ("IRC") reports on developments affecting operations
at the Voisey's Bay mine. IRC owns an effective 2.7% NSR royalty on the
Voisey's Bay mine.
    On January 30, 2009, The Globe and Mail reported that Vale Inco Limited
("Vale Inco") will restart concentrate shipments from the Voisey's Bay mine
after reaching an agreement with the Government of Newfoundland and Labrador
(the "Province") over the proposed commercial hydromet nickel-processing plant
at Long Harbour (the "hydromet plant").
    On January 29, 2009, Vale Inco and the Province announced, in separate
news releases, that they had reached an agreement-in-principle to amend the
Voisey's Bay Development Agreement. The agreement-in-principle came about as a
result of discussions between Vale Inco and the Province on the construction
schedule for the hydromet plant.
    The Province reported that it has negotiated improvements to the
development agreement with Vale Inco for the construction of the hydromet
plant. According to the news releases, the new agreement includes more
certainty that the project will proceed on this new schedule, enhances local
employment benefits and better protects the Voisey's Bay resource. The
Province agreed to a later construction completion date of February 2013, due
to the increased size and complexity of the project's construction. To improve
certainty around the schedule, Vale Inco also agreed to change the original
development agreement to remove a clause that would have allowed them to delay
the project schedule for such reasons as a shortage of labour or supplier
    The Province reported that, as part of the new arrangement, Vale Inco
commits to a target of 77 per cent of total project employment - 8.9 million
person hours - in Newfoundland and Labrador. This translates into roughly
4,500 person-years of work between now and February 2013, and includes 460,000
hours of engineering work. Under the previous agreement, the commitment was to
full and fair opportunity and first consideration for local employment.
According to the new terms of the agreement, Vale Inco will not export more
than an average of 55,000 tonnes of nickel in concentrate per year for the
next four years to remain within the existing 440,000-tonne cap of exports
from the province. In addition, the second-stage of the feasibility process
for underground mining at Voisey's Bay is to be completed by June 30, 2011.
    Bob Cooper, President of Vale Inco Newfoundland and Labrador said "The
agreement-in-principle clearly demonstrates Vale Inco's commitment to the
project and to the Province. We look forward to continuing to build on the
successes we have experienced with the development of our mine and
concentrator at Voisey's Bay and the hydromet research and development program
at Argentia."


    Globe and Mail, Report on Business, Vale Inco, NL reach deal over nickel
    plant: January 30, 2009
    Vale Inco Limited News Release: January 29, 2009
    The Government of Newfoundland and Labrador News Release, January 29,

    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-Lama 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
Alternext U.S. (NYSE-A:ROY).

    On behalf of the Board of Directors,

    Douglas B. Silver
    Chairman and CEO

    Forward Looking Statements

    This press release contains forward-looking statements within the meaning
of the United States Private Securities Litigation Reform Act of 1995,
including statements related to the restart of concentrate shipments at the
Voisey's Bay mine; the expectation that Vale Inco and the Province will reach
a final agreement along the lines of the amended agreement-in-principle;
commentary on information provided by Vale Inco and the Province to IRC, in
public disclosure or to media; and other statements that are not statements of
historical fact and address future events, conditions and expectations,
projections or commentary on operations beyond the control of IRC and its
management. Some assumptions of IRC include, but are not limited to, the
validity of statements made by the project operators in the public domain.
Forward-looking statements by their nature involve unknown risks,
uncertainties, assumptions and other factors well beyond the Company's ability
to control or predict, including but not limited to, the timing and ability of
Vale Inco and the Province of Newfoundland and Labrador to finalize the
agreement-in-principle related to the hydromet facility; the ability to ship
concentrates upon reaching such agreement; risks related to restrictions on
shipments from the Voisey's Bay mine imposed by the Province; actual impact on
IRC's revenue, cash flow or results of operations related to the Voisey's Bay
royalty; impact on IRC's share price resulting from media accounts of Voisey's
Bay's operations and other risks more fully described in IRC's public filings
available at and Actual results and developments
may differ materially from those contemplated by such forward-looking
statements. 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. 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:; Jen
Power:, Montreal: (514) 939-3989, Fax: (514)
939-3717; Toronto: (416) 644-2020, Fax: (416) 644-2021;

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