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Gold/Mining/Energy : Gold and Silver Juniors, Mid-tiers and Producers

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From: John McCarthy	7/24/2006 9:14:14 PM
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NICKEL NEWS - Canadian Royalties Inc.: Update to the Preliminary Economic Assessment's Financial Model By Martineau 24 Jul 2006 at 04:50 PM EDT Canadian Royalties Inc.: Update to the Preliminary Economic Assessment's Financial Model MONTREAL, QUEBEC -- July 24, 2006 - Canadian Royalties Inc. (TSX: CZZ) provides an update to the Company's Preliminary Economic Assessment (PEA) Financial Model on the Raglan South Nickel Project (RSNP). An oversight in the financial model used by the independent consultant resulted in the inadvertent use of nickel refining terms for copper. A correction from US$ 0.50 to US$ 0.10 cents per pound of copper resulted in a CND$ 114.36 million reduction in the life of mine (LOM) refining costs. The internal rate of return (IRR) is projected to be 25.4% as opposed to the 19.6% initially reported (See news release dated May 9, 2006). Accordingly, the figures previously reported on the basis of US$ 5.00/ lb Ni and US$ 1.25/ lb Cu have been updated as follows: SEE TABLE resourceinvestor.com An amended PEA is currently being prepared by the independent consultant, a copy of which will be filed by the Company promptly upon receipt via the System for Electronic Document Analysis and Retrieval (SEDAR) and accessible via the Internet by the public at www.sedar.com. "We are obviously pleased with this review that highlights the increased robustness of the economics of the Raglan South Nickel Project, even using a US$ 5.00/ lb Ni price. The fact that we have decided to proceed with the bankable feasibility study and permitting soon after the initial release of the PEA in May 2006 speaks for management's high level of confidence in the RSNP's potential." stated Richard R. Faucher, President & CEO of Canadian Royalties Inc. Eugene Puritch, P.Eng., of P&E Mining Consultants Inc. is the Independent Qualified Person pursuant to National Instrument 43-101-Standards for Disclosure of Mineral Projects and is responsible for the preparation of the technical information presented in this news release. About Canadian Royalties and the Raglan South Nickel Project Canadian Royalties' main focus remains evaluating the potential of establishing an independent, stand-alone Ni-Cu-PGE mining and milling operation in the general vicinity of Falconbridge's Raglan Mine in northern Quebec. Canadian Royalties is currently proceeding with permitting applications, a bankable feasibility study and an environmental and social impact analysis, as well as with the exploration for additional resources near existing Ni-Cu-PGE deposits and new areas of mineralization. The Company has three diamond drills operating on the RSNP. The statements contained in this press release may contain statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections. CONTACT INFORMATION Canadian Royalties Inc. Richard R. Faucher President & CEO (877) 879-1688, ext. 229 (toll free) faucher@canadianroyalties.com

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