Canadian Royalties Obtains Mine Leases for 3 Sites at its Nunavik Nickel Project

MONTREAL, July 29 /CNW Telbec/ - Canadian Royalties Inc. (TSX: CZZ.TO) today announced that it has obtained Mine Leases from the ministère des Ressources naturelles et de la Faune du Québec for its Mesamax, Ivakkak and Mequillon deposits.

With this latest delivery of Mine Leases for each of the Mesamax, Ivakkak and Mequillon sites, together with the Mine Lease for the Expo site delivered in June 2008, Canadian Royalties has now obtained the mining rights required for all four of its sites identified under the 2007 SNC-Lavalin Bankable Feasibility Study.

The mine leases were issued following the delivery of the Certificat d'autorisation by the Ministère du Développement durable, de l'Environnement et des Parcs du Québec on May 20, 2008, and cover the requirements to develop, build and operate the Nunavik Nickel Project.

About Canadian Royalties

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, Province of Quebec, Canada. Canadian Royalties has now received its Environmental Certificate of Authorization and Mine Leases for four sites, and has started construction.

Forward-looking Statement

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 Corporation'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 Corporation'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 Nunavik Nickel Project is a technical viable and economic operation, that it can be successfully completed by the Corporation, that the Corporation will receive the required permits and access to surface rights, and that the Corporation 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 and the Corporation does not undertake any obligation to update or publicly disclose any revisions to such forward-looking statements to reflect events, circumstances or changes in expectations after the date hereof, except as required by law. Accordingly, readers should not place undue reliance on forward-looking statements.

Contacts

please visit our web site at www.canadianroyalties.com or contact: Richard R. Faucher
President & CEO
(514) 879-1688
richard.faucher@canadianroyalties.com

----- Marc Chaput
VP
Investor Relations and Communications
(514) 879-1688
ext. 1223
marc.chaput@canadianroyalties.com

----- Valérie Hasik
Investor Relations Manager
(514) 879-1688
ext. 1224
valerie.hasik@canadianroyalties.com

----- Renmark Financial Communications Inc.: Jason Roy: jroy@renmarkfinancial.com

Dan Symons: dsymons@renmarkfinancial.com

Media - Adam Ross: aross@renmarkfinancial.com
(514) 939-3989
Fax: (514) 939-3717
www.renmarkfinancial.com