Canadian Royalties Inc, Val-d'Or, Quebec, TSX.V : CZZ, has initiated the development of an independent, stand-alone nickel-copper mine on its Nunavik Nickel Project, located 20 kilometers south of Xstrata Nickel's Raglan Mine in Nunavik, Québec.

Nunavik Nickel Project

• Four small nickel and copper open-pit mines on the Mesamax, Expo, Mequillon and Ivakkak deposits
• Located about 80 km west of Kangiqsujuaq, 120 km southeast of Salluit
• Industrial complex capable of processing 3,700 tonnes of ore daily
• Tailings and waste rock disposal facilities
• Service buildings to house 300 workers
• Berm-bridge dam that will create a reservoir to meet needs for process water and drinking water
• Harbour infrastructures in Deception Bay
• Road system linking the four deposits to the industrial complex and to the Katinniq road system (80 km of roads)
• Airstrip close to the operations base
• Waste treatment and recycling centre, including a landfill
• Project lifespan: initial mine life of 15 years

“We want to ensure that benefits from the Nunavik Nickel Project are shared fairly with local communities, while respecting Inuit traditions and sustainable development. The region’s Inuit communities will benefit from the development of mineral deposits for the duration and beyond.” Richard R. Faucher, President and CEO, Director Canadian Royalties

Canadian Royalties received its Environmental Certificate of Authorization on May 21, 2008 and Mine Leases for the Expo, Mesamax, Ivakkak and Mequillon sites of the Nunavik Nickel Project on July 29, 2008.

Canadian Royalties has identified Indicated resources totaling 19,437,000 tonnes grading 0.97% Ni, .18% Cu, 0.56 g/t Pt, and 2.27 g/t Pd, in addition to 4,102,000 tonnes of Inferred resources at its unalike Nickel Project, located 20 kilometers south of Xstrata Nickel's Raglan Mine in Nunavik, Quebec.

ECONOMY, FINANCIAL IMPACT

• Mining production to start in 2010
• $465-million investment
• 300 jobs during construction
• 270 direct employment positions at the mine site
• $14 million in annual wages
• Signing of the Nunavik Nickel Impact Benefit Agreement with Makivik Corp. to ensure profit sharing of the project’s spinoffs
• Maximize local and regional contracts on a competitive basis
• Support the creation of Inuit enterprises

EMPLOYMENT AND TRAINING

• Implement a dedicated training program at the beginning of the construction phase
• Maximize the number of positions held by Inuit
• Implement an orientation program to encourage cultural exchange
• Encourage the participation of Inuit employees by adapted schedule

Nunavik Nickel Project Puimajuq Update:

Drilling Intersects High-Grade Nickel, Copper and PGE Mineralization

Montréal, Québec – January 22nd, 2008 - Canadian Royalties Inc. (TSX: CZZ) (the “Company”) reports composite assay results from seventeen (17) new drillholes from the 2008 delineation drill program at its recently discovered and 100% owned Puimajuq deposit.

Discovered during the 2007 campaign, Puimajuq is located approximately 7.4 kilometres east of the Allammaq deposit on the 100% Canadian Royalties-owned New Foreurs East property.

The delineation of the Puimajuq deposit comprised one of the Company’s 2008 exploration objectives and these drill results suggest near-surface resource potential. The Company is currently planning to initiate a resource estimate during the course of 2009.

Puimajuq’s eventual integration in an updated mine plan is an objective that will depend upon the demonstration of its economic viability.