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Canadian Royalties Inc

Wednesday, September 5th, 2007

Canadian Royalties Inc. reports the discovery of a new zone of mineralization located approximately 3 kilometres east of the road-accessible Mesamax deposit, discovered by Canadian Royalties Inc., and slated for development by 2010.
The discovery hole, MX-07-30, intersected 8.30 metres (91.70m to 100.00m) of ultramafic-hosted, predominantly net-textured mineralization in an upper zone that graded 0.60% Ni and 1.22% Cu. Mineralization was intersected again over 6.60 metres (129.10m to 135.70m) in a basal zone which graded 1.68% Ni and 2.34% Cu.
Composite assays for the discovery drillhole and a follow-up hole are reported in the table below. Delineation of the zone is ongoing, and additional assay results will be reported in batches as they become available. The continuity of the mineralisation has now been confirmed with several additional drillholes, and the zone remains open in all directions.
Table 1 – Composite Assays
Hole, From m, To m, Width m, Ni %, Cu %, Pt g/t, Pd g/t
MX-07-30 91.70 100.00 8.30 0.60 1.22 0.44 1.74
129.10 135.70 6.60 1.68 2.34 0.91 2.71
MX-07-31 116.00 141.30 25.30 1.09 2.15 0.82 3.30
incl. 116.00 125.25 9.25 1.33 0.59 0.72 3.46
incl. 125.25 132.40 7.15 0.14 0.86 0.87 4.13
incl. 132.40 141.30 8.90 1.61 4.79 0.89 2.48
Table 2 – Drillhole Location
Hole, Easting (UTM NAD83, Zone 18) Northing Azimuth o, Dip o, Final Depth m
MX-07-30 595559E 6827515N 358 -88 177.00
MX-07-31 595559E 6827515N 358 -75 170.00
The new zone was named Allammaq. This Inuktitut word means “clear sky”, reflecting the clear blue skies and warm weather our crews have enjoyed in Ungava this summer, including the day of the discovery. Commenting on the results, Grant Arnold, Canadian Royalties’ Vice President of Exploration stated “This new discovery is favourably located close to planned infrastructure and we will accelerate the delineation drilling program in order to ascertain the economic impact Allammaq could have on the entire Nunavik Nickel project. Our extensive properties remain under-explored and the potential for further near-surface discoveries remains excellent”.
Exploration drilling on the Canadian Royalties’ Inc. land package is continuing with a minimum of four (4) operating diamond drills. As of the end of August, Canadian Royalties had completed in excess of 17,000 metres of diamond drilling, which already exceeds the minimum target for the exploration season.

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