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To: bigbuk who wrote (123700)	12/3/2003 4:07:32 PM
From: Jim Bishop	Read Replies (1) \| Respond to of 150070

CZZ.V Canadian Royalties Receives Quebec Prospector of the Year Award Wednesday December 3, 10:11 am ET MONTREAL, QUEBEC--Canadian Royalties Inc. (TSX-V symbol: CZZ - News) announces that its Chairman, Glenn Mullan, and Canadian Royalties' Raglan South Trend Project have received the Quebec Mineral Exploration Association's ("AEMQ") Prospector of the Year award for 2003. The Prospector of the Year award is awarded to recognize new mineral discoveries which have an impact on mineral exploration in Quebec, not only on the property hosting the discovery, but regionally as well. The award was presented to Glenn Mullan at the Quebec 2003 conference held last week in Quebec City. A technical presentation at the conference by Dr. James Mungall (University of Toronto), an independent consultant to the Company, highlighted developments at nickel-copper-platinum-palladium ("Ni-Cu-PGE") deposits and mineralized areas found to date on Canadian Royalties' various properties that cover more than 244,000 acres. Dr. Mungall indicated in his presentation that, given the nature and setting of the mineralization, there is considerable potential to find additional Ni-Cu-PGE mineralization in the area. Dr. Mungall's interpretation of the available historic data and new geological mapping and drill hole data collected in 2003 is that nearly all mineralization located to date is related to the basal portions of a series of ultramafic dikes that are known to extend along the properties for at least 35 kilometers. The Ni-Cu-PGE mineralization is sulphide dependant and is hosted in disseminated to massive sulphides comprised mainly of pyrrhotite, pentlandite and chalcopyrite and primarily hosted within pyroxenite or peridotite. Dr. Mungall also reported that noted mineralogist Dr. Louis Cabri has discovered two completely new and as yet unnamed palladium-antimony minerals in high-grade palladium samples being investigated on behalf of Canadian Royalties. The work of Dr. Cabri relates to ongoing investigation into the metallurgical properties of the Ni-Cu-PGE bearing sulphide mineralization from the Mesamax and Expo deposit sites. The majority of this work is being carried out at the Lakefield facility of SGS-Lakefield Research Limited and the programs will continue into 2004. Canadian Royalties will, in the coming weeks, be receiving drill core assay results for approximately 40 diamond drill holes completed late in the field season, most of which were drilled at the Expo deposit site. Subsequent to the release of these drill results, Canadian Royalties will commence resource estimate studies primarily for the Mesamax and Expo deposits. Canadian Royalties has been actively and successfully defining magmatic sulphide related Ni-Cu-PGE mineralization in the Raglan area since the summer of 2001. Canadian Royalties holds various property interests in the area covering over 1000 square km., including option agreements to earn interests and options to allow other companies to earn interests in some of its 100% owned properties. In addition to the Mesamax and Expo Deposits, Canadian Royalties' Raglan properties also host the Tootoo, Cominga, Mequillon Lake and TK Ni-Cu-PGE occurrences. -------------------------------------------------------------------------------- Contact: Canadian Royalties Inc. Glenn J. Mullan Chairman Phone: (819) 824-1030 Email: mullan@canadianroyalties.com or Canadian Royalties Inc. Bruce Durham President Phone: (705) 264-2144 Email: durham@canadianroyalties.com Visit our website at www.canadianroyalties.com The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. -------------------------------------------------------------------------------- Source: Canadian Royalties Inc.