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Gold/Mining/Energy : Gold and Silver Juniors, Mid-tiers and Producers -- Ignore unavailable to you. Want to Upgrade?

To: jpthoma1 who wrote (15457)	7/11/2006 10:01:56 AM
From: aknahow	Respond to of 78411

Sure you saw this, but others may not have. Canadian Royalties Inc.: Exploration Drilling Underway at the New Bidlamaque Gold Prospect, Val-d'Or, Quebec Tuesday July 11, 9:00 am ET MONTREAL, QUEBEC--(CCNMatthews - July 11, 2006) - Canadian Royalties Inc. (TSX:CZZ - News) reports that a diamond drill program has commenced at the New Bidlamaque prospect in the main Val-d'Or gold camp where production to date totals more than 15 million ounces of gold. The initial diamond drill program is expected to consist of seven diamond drill holes designed to test primarily newly developed geophysical and geological targets. Work by Canadian Royalties to date on the property has consisted of property-wide gridding (72 kilometres), geophysical surveys (magnetic, induced polarization (IP), and horizontal loop electromagnetic (Max-Min) surveys), prospecting and sampling, and data compilation. ADVERTISEMENT click here The 10 claim (149 hectare) New Bidlamaque prospect, located in Bourlamaque Township, is situated in the heart of the Val d'Or mining camp, approximately 5-km east of the town of Val-d'Or, between the Sigma-Lamaque complex and East Sullivan Mine to the west, and the Ferderber (Belmoral), Dumont, Lac Herbin and Perron-Beaufor past producers to the east and northeast. The property is reported to contain a historic resource of approximately 193,000 tons grading 5.8 g/t gold (Au) and 1.2% copper (Cu) (Ministry of Natural Resources, Quebec: NTS: 32C/04-#203; Fiche de Gite #32C/04-#66; SIGEOM: 32C/04-200-102). Note that this resource estimate does not follow the required disclosure for reserves and resources as outlined in National Instrument 43-101 and is based entirely on historical work (1925-1996). The Company has not completed any work that would allow it to comment on the relevance or reliability of the quoted historic resource estimate. Previous exploration work includes a surveyed grid, extensive diamond drilling (over 32,000 metres), shaft sinking and modest underground lateral development (a three compartment shaft was sunk to 390 feet in 1946 and levels were established at the 150, 250 and 375 foot elevations). This work followed the original discovery of gold in quartz veins by Fred Bidgood et al. (1933) and was largely directed at evaluating the potential of mining shear-zone hosted quartz veins near the geographic centre of the property. Significant drill intersections have been reported from depth (e.g.: 0.90 oz/t gold over 2.5' and 0.36 oz/t gold over 7' at the 850' and 950' depths respectively late in 1946) and also reported from northwest of the shaft area. These intersections may represent potential extensions of the main ore horizon, or a may indicate the presence of a separate gold bearing zone along strike to the northwest. Reported historic copper values are higher than normal for the Val-d'Or mining camp and this copper mineralization was the focus of at least one exploration program by East Sullivan Mines in the 1960's. These are considered intriguing in the context of the East Sullivan, Dunraine, Louvem, Louvicourt, Bevcon, and Buffadison Mines base metal mines located in the area, and in the context of current metals prices for copper. The property is situated near the south contact of the Bourlamaque Batholith and underlain by rocks of the felsic-intermediate Jacola and Val d'Or Formations. The New Bidlamaque prospect is considered prospective for quartz-vein hosted gold mineralization of both the shear ("Kiena") or intrusive ("Ferderber-Dumont-Sigma-Lamaque") type deposits which characterize historic and current production in the Val-d'Or mining camp and is also considered to have good potential for volcanogenic (VMS) massive-sulphide mineralization based on the signatures derived from recent geophysical surveys in areas north and east of the historic shaft zone. Total production of gold, silver, copper and zinc in the Val-d'Or mining camp amounts to approximately 15,000,000 ounces of gold through 2004 (from 27 past and current producers), 18,000,000 ounces of silver, 1.5 billion pounds of copper and 1.4 billion pounds of zinc. Terms of the transaction whereby Canadian Royalties Inc. acquired an option on the New Bidlamaque property were disclosed in a press release dated June 11, 2002. 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, where significant infrastructure is in place. Canadian Royalties recently announced a positive preliminary economic assessment on the Raglan South Nickel Project (RSNP) and is currently proceeding with permitting applications, a bankable feasibility study and an environmental and social impact analysis as well as 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 defer materially from the Company's expectations and projections. Contact: Richard Faucher Canadian Royalties Inc. President & CEO Toll free: (877) 87-1688, ext. 229 faucher@canadianroyalties.com Glenn Mullan Canadian Royalties Inc. Chairman Toll free: (866) 219-4678, ext. 222 mullan@canadianroyalties.com Source: Canadian Royalties Inc.