International Royalty Updates Investors

    AMEX:   ROY
    TSX: IRC

    DENVER, CO, June 28 /CNW Telbec/ - International Royalty Corporation
(AMEX:   ROY, TSX: IRC) ("IRC") is pleased to submit an update on significant
advancements on several projects where IRC holds royalties. These operators
have announced the below results.


    June 11, 2007: Companhia Vale do Rio Doce ("CVRD") announced its
intention to focus on doubling nickel output in four to five years. CVRD is
currently finalizing plans for additional capacity at Voisey's Bay. IRC holds
an effective 2.7% Net Smelter Return ("NSR") royalty on the Voisey's Bay
    June 27, 2007: The Legacy Sand Project in Nance County, NE is ramping up
toward commercial production. IRC expects to receive the first payment from
this frac sand royalty in the third quarter of 2007.(2) IRC holds a royalty of
US$4.75 per ton on the first 500,000 tons per year for years 1-12 and a 2.0%
gross royalty for years 13-50 with no tonnage cap on the Legacy Sand Project.


    February 7, 2007: St Barbara Limited announced that its board of
directors had approved the development and mining of the Gwalia Deeps gold
deposit. Current reports estimate Probable Reserves to be 4.8 million tonnes
at 9.1 grams per tonne containing approximately 1.4 million ounces. Gwalia
Deeps reserves are expected to sustain production for at least eight years.
Gold production is estimated at an initial rate of 100,000 ounces per annum in
2008/09 building up to 200,000 ounces during 2009/10. IRC holds a 1.5% NSR
royalty on the Gwalia Deeps project.(3)
    March 22, 2007: Goldbelt Resources Ltd. ("Goldbelt") announced an updated
Resource estimate at the Inata deposit on the Belahouro project in Burkina
Faso. The new Resource is estimated to be 21.6 million tonnes at 1.7 grams of
gold per tonne containing approximately 1.2 million ounces of Measured and
Indicated Resources. This represents a 50% increase in tonnes and a 37%
increase in contained gold in all resource categories from the previous
estimate completed in May 2006.(4)
    May 22, 2007: Goldbelt announced that it had appointed Macquarie Bank
Ltd. as exclusive arranger for project debt for its Belahouro gold project.
Goldbelt is currently disassembling the Brocks Creek plant which is expected
to be refurbished and moved to Burkina Faso in order to reduce existing long
delivery times and escalating costs for these major capital items. Goldbelt's
feasibility study is anticipated mid-year and is expected to have a target
production rate of 2.0 million tonnes per year for an initial annual gold
production of 145,000 ounces. The new resource estimate includes drilling
completed in 2006 and comprises 21.6 million tonnes grading 1.7 grams per
tonne gold for 1.2 million ounces of Measured and Indicated Resources and an
additional 8.0 million tonnes grading 1.4 grams per tonne for 356,000 ounces
of Inferred Resources. An environmental approval was given by the Burkina Faso
government in September 2006, and the exploitation license (mining license)
was issued April, 2007. IRC holds a 2.5% NSR royalty on the
Belahouro project.(5)
    June 20, 2007: Mercator Gold PLC stated in a Mining Resource to Reserve
Statement that the Yaloginda processing plant is on track to treat intitial
ore July 1, 2007. IRC holds a 1.5% NSR royalty on the Meekatharra project
serviced by the Yaloginda processing plant.(6)


    May 2, 2007: Amarillo Gold Corp updated the Inferred Mineral Resource
Estimate for the Mara Rosa Project in Brazil to 764,000 contained ounces of
gold at 1.80 grams per tonne.  This is an increase from the previously
reported 638,000 contained ounces of gold at 1.75 grams per tonne.  IRC holds
a 1.0% NSR royalty on the Mara Rosa project.(7)
    May 10, 2007: Copper Fox Metals Inc expanded its Schaft Creek Resource
Estimate. Highlights include 1.058 million tonnes of Measured and Indicated
Resources averaging 0.31% copper, 0.23 grams per tonne gold, 0.02% molybdenum
and 1.63 grams per tonne silver for an average of 0.34% copper equivalent,
using 0.20% copper equivalent cutoff. Measured and Indicated Resources
increased by +8% copper, +30% gold and decreased (-7%) molybdenum, (-7%)
silver. This increases contained metal to 6.6 billion pounds of copper,
7.8 million ounces of gold and 55.3 million ounces of silver. Measured and
Indicated Resources show an increase in contained metal of more than two times
compared to those reported in Biroux and Ostensoe Report in 2004. IRC holds a
3.5% Net Profit Interest ("NPI") royalty on the Schaft Creek project.(8)


    February 27, 2007: Indicator Minerals Inc. ("Indicator") announced a
CA$8.5 million projected budget for Darby in 2007. Work was planned to
commence in early May 2007. Approximately 4,000 metres of core drilling is
scheduled with a goal of testing a minimum of 20 new targets. The Darby
project includes more than 687,000 acres of mineral claims. IRC holds a 1.0%
Gross Overriding Royalty ("GOR") on the Darby project.(9)
    April 30, 2007: Indicator reported that it has initiated the 2007 Barrow
exploration project. The Barrow project includes more than 110,000 acres of
mineral claims. In 2005, a kimberlite boulder was discovered on the property
that yielded 176 diamonds from 25.5 kilograms of rock. A CA$1.0 million budget
has been set for the 2007 exploration program. IRC holds a 1.0% GOR on the
Barrow project.(10)
    May 14, 2007: Stornoway Diamond Corporation's board of directors approved
an aggressive CA$23 capital expenditure program of focused exploration and
development investment in support of its diamond growth strategy. Stornoway is
expected to be active on 20 diamond projects in 2007. Key program objectives
include a 500 tonne minibulk sampling program at the advanced Churchill
project (designed to deliver over 200 carats for preliminary assessment of
diamond value from one or more of the kimberlites) and delineation drilling of
the Kahuna, Notch, Jigsaw and PST kimberlites. Plans also include advanced
drilling of the Aviat Project's large tonnage-potential eastern sheet complex
and early stage exploration for prospective, un-sourced diamond indicator
mineral anomalies. IRC holds a 1.0% GOR on the Churchhill project.(11)
    These disclosures represent a small portion of IRC's total royalty
portfolio. IRC is a global mineral royalty company with over 60 royalties
worldwide. 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

    For further information please contact:
    Jack Perkins, Investor Relations: (303) 991-9500
    Douglas B. Silver, Chairman and CEO: (303) 799-9020

    Renmark Financial Communications Inc.
    Tina Cameron :
    Neil Murray-Lyon :
    Tel.: (514) 939-3989
    Fax : (514) 939-3717

    1. CVRD press release, 6/11/07
    2. Based on information provide to IRC by the management of the Legacy
    Sand Project
    3. St Barbara Limited press release, 2/7/07
    4. Goldbelt press release, 3/22/07
    5. Goldbelt press release, 5/22/07
    6. Mercator Gold PLC Mining Resource to Reserve Statement, 6/20/07
    7. Amarillo Gold Corp press release, 5/2/07
    8. Copper Fox Metals Inc. press release 5/10/07
    9. Indicator, press release 4/30/07
    10. Indicator, press release 2/27/07
    11. Stornoway Diamond Corporation press release, 5//14/07

    This press release has been reviewed by Nick Michael, SRK Consulting, a
    qualified person for the purposes of NI 43-101.

                         FORWARD LOOKING STATEMENTS

    This release contains "forward-looking information" which may include, but
is not limited to, statements with respect to future plans, intentions,
objectives or goals of not only IRC and its subsidiaries, but also companies
operating projects in which IRC has royalty interests, estimated future
revenues, costs and timing of acquiring new royalties, requirements for
additional capital, mineral reserve and resources estimates, estimates of
future production, production costs and revenue, future demand for and prices
of precious and base metals, diamonds and other commodities. Often, but not
always, forward-looking information statements can be identified by the use of
words such as "plans", "expects", "scheduled", "estimates", "intends",
"budgets", or "anticipates" or variations (including negative variations of
such words and phrases). Forward-looking statements involve known and unknown
risks, uncertainties and other factors which may cause the actual results,
performance or achievements of IRC and/or its subsidiaries to be materially
different from any future results, performance or achievements expressed or
implied by the forward-looking statements. Such factors include, among others,
those factors discussed or referred to in the section entitled "Risk Factors"
in the annual information form of IRC filed in Canada on SEDAR and in IRC's
annual report on Form 40-F filed with the United States Securities and
Exchange Commission. Actual events or results may differ materially from those
described in forward-looking statements and may be affected by other factors
than those referenced in the IRC's public filings. Forward-looking statements
and other information contained herein are based on publicly available
information and reports provided by the operators of properties in which IRC
holds royalty and other interests. This information is provided as of the date
of this release and based on the opinions and estimates of management at that
time, and IRC disclaims any obligation to update any forward-looking
statements, whether as a result of new information, estimates or opinions,
future events or results or otherwise. There can be no assurance that
forward-looking statements will prove to be accurate, as actual results and
future events could differ materially from those anticipated in such
statements. Accordingly, readers should not place undue reliance on
forward-looking statements.
    In addition, certain information contained in this report has been
prepared in accordance with the requirements of securities laws in effect in
Canada, which differ from the requirements of United States securities laws.
In particular, and without limiting the generality of the foregoing, the terms
"Reserves," "Probable Reserves," "Proven Reserves," "Inferred Resources,"
"Indicated Resources," "Measured Resources" and "Resources" used in this
release are, unless otherwise stated, Canadian mining terms as defined in
accordance with National Instrument 43-101 - Standards of Disclosure for
Mineral Projects under the guidelines set out in the Canadian Institute of
Mining, Metallurgy and Petroleum Standards on Mineral Resources and Mineral
Reserves ("CIM Standards") or Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves ("JORC Code"). CIM Standards and
JORC Code standards differ significantly from standards in the United States.
While the terms "Mineral Resource," "Measured Resources," "Indicated
Resources," and "Inferred Resources" are recognized and required by Canadian
regulations and permitted under JORC Code, they are not defined terms under
standards in the United States. As such, information regarding mineralization
and resources contained or incorporated by reference in this report may not be
comparable to similar information made public by United States companies.

For further information:

For further information: Jack Perkins, Investor Relations: (303)
991-9500; Douglas B. Silver, Chairman and CEO: (303) 799-9020,;; Renmark Financial
Communications Inc.: Tina Cameron:; Neil
Murray-Lyon:, (514) 939-3989, Fax: (514)

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