MONTREAL, June 19 /CNW Telbec/ - Canadian Royalties Inc. (TSX: CZZ) today
announced that exploration crews will mobilize to the site on June 30th, where
three new Duralite heli-portable drills are being delivered. The three new
drills replace rigs that have outlived their service lives and have
significant depth capacity in both BQ and NQ core sizes. Approximately
25,000 metres of diamond drilling is planned using an average of four (4)
The company is also pleased to announce that it has successfully and
conclusively detected the Allammaq deposit using advanced electromagnetic
geophysical techniques (SQUID sensors). A production SQUID survey between the
Allammaq and Mesamax deposits, commenced earlier this winter, is nearly
complete with several anomalies of merit already identified. Furthermore,
SQUID surveying will continue at other select target locations over the course
of the summer. All valid targets generated will be drill tested.
The exploration program is designed to explore for new resources having
the greatest potential to impact the project while at the same time supporting
mine development activities. The principal objectives of the 2008 program are
- Evaluate and drill test selected "grass-roots" exploration targets on
100% Canadian Royalties-owned eastern properties.
- Delineate extensions of the Allammaq deposit; perform infill drilling
to upgrade resource classifications.
- Fully delineate the Puimajuq discovery and perform a resource estimate.
- Continue SQUID geophysical surveys during the summer.
- Drill test geophysical anomalies and conceptual geological targets.
- Infill drilling to confirm and add to reserves within specific mining
- Drill test for deeper deposit extensions (Mesamax).
- Support the development of the Nunavik Nickel Project.
W. Grant Arnold (P.Geo.), Vice-president Exploration for Canadian
Royalties Inc., is a Qualified Person in accordance with National Instrument
(NI) 43-101, and is responsible for the geological information presented in
this news release.
About Canadian Royalties and the Nunavik Nickel Project
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, Québec.
Canadian Royalties has now received its Environmental Certificate of
Authorization and Mine Lease for the Expo site and is proceeding to
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 Company'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 Company'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 Project is a
technical viable and economic operation, that it can be successfully completed
by the Company, that the Company will receive the required permits and access
to surface rights, and that the Company 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. Accordingly, readers should not place undue
reliance on forward-looking statements.
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For further information: W. Grant Arnold, Vice-President Exploration,
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Richard R. Faucher, President & CEO, (514) 879-1688, Toll free: (877)
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