Nunavik Nickel Project Update: Canadian Royalties Receives its Mine Lease for the Expo Site

Canadian Royalties Inc. (TSX:CZZ) is pleased to announce that it has received
its Mine Lease from the ministere des Ressources Naturelles et de la Faune du
Quebec ("MRNF") for the Expo site of its Nunavik Nickel Project ("NNP").


The Mine Lease was issued following the delivery of the Certificat
d'autorisation by the ministere du Developpement durable, de l'Environnement et
des Parcs du Quebec which was previously delivered to Canadian Royalties on May
20, 2008.


These authorization certificates and construction permits cover most
requirements now to develop, build and exploit the Nunavik Nickel Project.
Individual Mine Leases on each of the Ni-Cu-PGE deposits at Mesamax, Ivakkak and
Mequillon are expected shortly from the MRNF.


Project Update: Canadian Royalties continues to advance the Nunavik Nickel
Project development with approximately $140 million now committed or spent
toward advancing the project. An updated Mine Plan has been completed in
preparation for discussions and finalization of terms on the debt portion of the
project financing.


The first 2008 vessel carrying construction and supply materials for the Nunavik
Nickel Project is expected to arrive during the first week of July, 2008. The
employee/construction camp is already on site and is being assembled. It is
expected to be operational by mid-August. Also, preparation of the Mill and
Power Plant foundations has begun.


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, Quebec. Canadian Royalties has now
received its Environmental Certificate of Authorization and is proceeding to
construction.