Canadian Royalties Inc.: CDN$6,300,000 Raglan South Exploration Program Underway
MONTREAL, QUEBEC - July 6, 2006 - Canadian Royalties Inc. (TSX:CZZ) reports that exploration and drilling crews are on site at the Raglan South Nickel Project, with three drills in operation and an initial staffing of 56.
The Canadian Royalties 2006 exploration program has been budgeted at CDN$6,300,000. The program is expected to include a minimum of 15,000 metres of diamond drilling, whereby approximately one third of the drilling (one drill) will be dedicated towards the expansion of the newly discovered 100%-owned Ivakkak deposit (indicated resources of 520,000 tonnes grading 1.6% nickel, 2.1% copper and 4.4 g/t platinum + palladium + gold (PGE) and the exploration of mutually exclusive grass roots targets in the vicinity of this deposit. The remaining two thirds of the drilling (two drills) have been reserved for geotechnical tasks, condemnation drilling and infill-drilling necessary to complete a Bankable Feasibility Study.
About Canadian Royalties and the Raglan South Nickel Project
Canadian Royalties is evaluating the potential of establishing an independent, stand-alone 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 and is currently proceeding with permitting applications, a bankable feasibility study and an environmental and social impact analysis.
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.
For additional information please visit our website at www.canadianroyalties.com
CONTACT INFORMATION
Canadian Royalties Inc.
Bruce Durham
VP Exploration & Business Development
Toll free: 877-879-1688, ext. 252
or
Glenn J. Mullan
Chairman
Toll free: 866-219-4678, ext. 222
Renmark Financial Communications Inc.
Christina Lalli : clalli@renmarkfinancial.com
Sylvain Laberge : slaberge@renmarkfinancial.com
T : (514) 939-3989
F : (514) 939-3717
