International Royalty updates investors on key royalties

    AMEX:  ROY

    DENVER, CO, July 28 /CNW Telbec/ - International Royalty Corporation
(AMEX:   ROY, TSX: IRC) (the "Company" or "IRC") is pleased to report on key
updates to the Company's royalty portfolio. IRC's large royalty portfolio can
make it difficult for investors to track activities occurring on the variety
of projects affecting the Company. Therefore, IRC is pleased to provide an
update on select recent events.

    Avebury, 2.0% NSR, Tasmania

    First nickel concentrate was produced in mid-July with sales now expected
in August. Exploration in the East Avebury area resulted in two significant
intercepts including 23 meters at 0.9% Ni suggesting that the Seymour resource
area extends 100 meters further east, and 22 meters at 1.0% Ni which outlines
a new zone of mineralization that requires follow up.(1) For illustration
purposes, based on the royalty contract and using US$9.35 per pound nickel,
IRC expects to receive approximately US$2.5 million annually from this royalty
once the project reaches full production.

    Belahouro (Inata) 2.5% NSR, Burkina Faso

    Wega Mining completed a project financing facility with Macquarie Bank
Limited for US$65 million. Wega Mining reported that "As the Inata project is
progressing ahead we are becoming more and more excited about its upside.
Based on today's energy prices Wega Mining estimates an average cash cost of
around US$350 per ounce of gold over the first two years of operations, or the
first 300,000 ounces produced."(2) For illustration purposes and using a
US$925 per ounce gold price, IRC expects to receive approximately US$3.3
million from this royalty in 2009 on a full year of production.

    Gwalia, 1.5% NSR, Western Australia

    St Barbara Mines Limited reported that it had raised A$120 million to
fund the remaining capital expenditures for the development of the Gwalia gold
mine and related operations and infrastructure and to improve the productivity
and efficiency of the Southern Cross processing plant.(3) At a US$925 per
ounce gold price, IRC expects to receive approximately US$2.8 million annually
from this royalty once the project reaches full production.

    Fedorova, 0.75-1.0% and 1.25-1.5% sliding scale NSRs, 0.5% NSR, Russia

    Barrick Gold Corporation announced its intent to spend US$770 million to
construct the Fedorova platinum group metal project in the Murmansk region
with a projected 2012 commissioning date.(4) Federova has a measured and
indicated resource (50% basis) of 1.0 million ounces of palladium and
262,000 ounces of platinum as well as inferred resources of 1.3 million ounces
palladium and 312,000 ounces platinum.(4)

    Schaft Creek, 3.5% NPI, British Columbia, Canada

    Copper Fox Metals Inc. reported that its 2008 program will allow it to
complete a feasibility study early in 2009 on its copper-gold-molybdenum
deposit. This summer's drilling program is intended to further define the
first six years of mining when Schaft Creek goes into production in an effort
to shorten the payback period. Work at the site is expected to include
36 drill holes drilling approximately 9,000 meters.(5)

    Jaccoletti, 1.5% NSR, Western Australia

    St Barbara Mines Limited reported a newly discovered high-grade gold
mineralization at the Jaccoletti deposit, located approximately 1.5 kilometers
from its Marvel Loch (Southern Cross) operation. Significant intersections
included 54 meters grading 8.1 g/t Au from 243 meters, 21 meters at 12.2 g/t
Au from 217 meters and 18 meters at 7.6 g/t Au from 244 meters. These results
are interpreted to represent the core of a steep southeast plunging ore shoot.
True widths on the high-grade ore shoot are interpreted to be in excess of
20 meters wide and between 50 and 80 meters in length and provide potential
for underground development.(6) For illustration purposes, using US$925 per
ounce gold IRC expects to receive approximately US$5.0 million in 2009 from
projects covered by its Western Australia 1.5% NSR royalty. Projects
contributing to this revenue include Southern Cross, Meekatharra and Gwalia

    Melba Flats, 2.0% NSR, Tasmania

    Two holes were completed at the North Cuni-Gents prospect. Both
intersected mineralized gabbros. Better intersections included 1.9 meters at
1.0% Ni and 0.80% Cu from 100 meters and 6 meters at 0.80% Ni and 0.70% Cu
from 210 meters.(7)

    Berg, 1.0% NSR, British Columbia, Canada

    Terrane Metals Corporation completed a private placement that resulted in
gross proceeds of CA$5.5 million. Proceeds from this private placement are
expected to be used to explore the Berg copper-molybdenum-silver project. (8)

    Las Cruces, 1.5% NSR, Spain

    Inmet Mining Corp. responded to a receipt of notice from the Spanish
water authorities of its decision to suspend the authorization for dewatering
and reinjection from a series of wells circumscribing the open pit. The plan
proposed by Inmet Mining Corp. contains two primary actions. The first
involves purification of water extracted from the aquifer through a reverse
osmosis water treatment process prior to reinjection into the aquifer. The
second is the relocation of certain DRS extraction wells to locations outside
of the mineralized zone. Pre-stripping continues.(9) Inmet also reported
unexpected ground movement at the newly constructed storage facility for dried
residue, which they are reportedly investigating.(10) For illustration
purposes, using a US$3.75 per pound copper price the Las Cruces royalty is
expected to pay IRC US$8.3 million annually when the mine reaches full

    Meekatharra, 0.45% and 1.5% NSRs, Western Australia

    Mercator Gold plc transferred non-core exploration tenements in the
Meekatharra area of Western Australia to Silver Swan Group.(11) Silver Swan
raised A$1.15 million to advance all of its projects, including those at
Meekatharra. (12) IRC's variable royalties apply to these tenements. The
addition of Silver Swan adds value to IRC through the resulting increase in
the number of companies working on projects where IRC holds royalties.

    Churchill, 1.0% GOR, Nunavut, Canada

    Stornoway Diamond Corp. approved an exploration program for up to
CA$3.8 million. The program's goal for 2008 is to prove up the existing
kimberlites as well as to explore for new kimberlites with large tonnage
potential that may occur as either pipes, blows along dykes or where the dykes
widen substantially.
    The Churchill Diamond Project is owned 58.14% by Shear Minerals Ltd and
41.86% by Stornoway Diamond Corp. and is comprised of the diamond rights to
more than two million acres located near the communities of Rankin Inlet and
Chesterfield Inlet in the Kivalliq region of Nunavut. Work is presently
focused on continued exploration of new promising indicator mineral trains and
geophysical anomalies as well as the evaluation of a system of significantly
diamond-bearing, vertically-emplaced kimberlite dykes that have returned
sample grades of up to 2.18 carats per tonne.(13) IRC's royalties apply to
this vast area of highly prospective diamond lands.


    (1)  Oz Minerals Limited Quarterly Report for the three months ending
         June 30, 2008
    (2)  Wega Mining press release, June 30, 2008
    (3)  St Barbara Mines Limited press release, July 11, 2008
    (4)  Prime-Tass Business News, May 28, 2008,
    (5)  Copper Fox Metals Inc. press release, July 10, 2008
    (6)  St Barbara Mines Limited press release, July 14, 2008
    (7)  Oz Minerals Limited Quarterly Report for the three months ending
         June 30, 2008
    (8)  Terrane Metals Corporation press release, July 18, 2008
    (9)  Inmet Mining Corporation press release, May 13, 2008
    (10) Inmet Mining Corporation press release, July 10, 2008
    (11) Mercator Gold plc press release, April 25, 2008,
    (12) Silver Swan Group press release, June 26, 2008, February 21, 2008
    (13) Stornoway Diamond Corporation press release, July 2, 2008

    International Royalty Corporation

    International Royalty Corporation (IRC) is a global mineral royalty
company. IRC holds over 80 royalties including an effective 2.7% NSR on the
Voisey's Bay mine, a sliding-scale NSR on the Pascua gold project in Chile, a
1.5% NSR on the Las Cruces copper project in Spain and a 1.5% NSR 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 within the meaning of the United States Private Securities
Litigation Reform Act of 1995, such as statements that describe expected sales
and the extent of mineral deposit distribution at the Avebury project,
estimated cash costs at the Belahouro (Inata) project, the commissioning date
of the Fedorova project, the completion of the feasibility study, expectations
of the drilling program and upcoming work to be done at the Schaft Creek
project, future underground development at the Jaccoletti deposit, use of
proceeds from the Berg project, proposed responses to the Spanish water
authorities and reported investigations of ground movement concerning the Las
Cruces site, and exploration goals at the Churchill Diamond project;
anticipated royalty revenue; indications of expanded research areas and
mineralization; market and economic conditions; stability of the regulatory
environment; and demand for commodities. 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 to", "suggesting that",
"based on", "estimates", "intent to", "projected", "will allow", "intended
to", "potential for", and "goal" or variations of such words and phrases, or
words that state that certain actions, events or results "will be" or are
"proposed", "expected", or "reportedly" to be taken, occur or be achieved.
Since these forward-looking statements are based on publicly available
information disseminated by property owners and/or operators, 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, commodities prices and
accuracy of assumptions. Such assumptions include, but are not limited to, the
validity of statements made by the project operators in the public domain and
the projected royalties on such projects. 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. 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,; Jen
Power,, (514) 939-3989, Fax: (514) 939-3717;

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