Canadian Royalties Inc.
TSX : CZZ

Canadian Royalties Inc.
C2C Gold Corporation Inc.
TSX VENTURE : CCN

C2C Gold Corporation Inc.

November 08, 2007 08:00 ET

Canadian Royalties & C2C: New Bidlamaque Gold Project, Val-d'Or, Quebec 5,100 Metre Diamond Drilling Program Underway

MONTREAL, QUEBEC--(Marketwire - Nov. 8, 2007) - C2C Inc. (TSX VENTURE:CCN.V) and Canadian Royalties Inc. (TSX:CZZ) are pleased to announce that the Phase I diamond drilling program is underway at the New Bidlamaque Gold Prospect, located in the Val-d'Or (Quebec) gold mining camp.

Diamond Drill Program: A 3,600 metre drill program is planned to test nineteen (19) drill targets, with an additional 1,500 metre follow-up drill program contingent on results. The drill targets include the following areas of interest:

- follow-up on significant results obtained in 2006 by Canadian Royalties that included 18.45 g/t Au over 0.4m and 93.90 g/t Au over 0.2m in drillhole CNB-06-01 that is interpreted as the northwest extension of New Bidlamaque shaft, vein-hosted mineralization, and 10.15 g/t Au over 1.0m in drillhole CNB-06-05 representing a new zone of mineralization on the eastern section of the property (see the July 11, 2006 press release for details);

- follow-up on other significant historical results (28.60 g/t Au over 0.2m included within 3.40 g/t Au over 3.4m in drillhole NB 83-07, 4.20 g/t Au over 0.9m in drillhole NB 83-10, and 4.92 g/t Au over 1.8m in drill hole NB 83-30);

- additional untested Induced Polarization (I.P.) geophysics anomalies, and;

- confirmation drilling and exploration drilling (laterally and at depth) on the known New Bidlamaque shaft gold-copper occurrence (veins no.1 and no.2).

Additional project work will also include trenching, detailed mapping and channel sampling where warranted and further geological / drillhole compilation for 3D modeling.

Project Backgound: The New Bidlamaque gold property is located 5 km east of the town Val-d'Or (Quebec). The Val-d'Or area is well-known for its gold potential and has produced to date more than 15 million ounces of gold. New Bidlamaque is located halfway between the Sigma-Lamaque gold mine (Century Mining) and the pre-production gold site of Lac Herbin (Alexis Minerals).

The New Bidlamaque property is predominantly underlain by rocks of the Jacola Formation with the exception of the northeast corner which is underlain by the Bourlamaque Batholith (granodiorite). The property hosts the New Bidlamaque gold-copper occurrence (veins no.1 and no.2) which has a historical(1) mineral resource of 193,000 tonnes at 5.8 g/t Au and 1.2% Cu (source: Ministere des ressources naturelles compilation map 1977, historical resources are non-compliant with Regulation 43-101(1)). The gold-copper mineralization at New Bidlamaque occurs in a shear zone hosting quartz-carbonate veins carrying pyrrhotite, pyrite and chalcopyrite.

(1) Historical "resources" and/or "reserves" should not be relied upon as it is unlikely they conform to current NI 43-101 criteria or to CIM Standards and Definitions, and they have not been verified by either CRI or C2C to determine their relevance or reliability. They are included in this press release for illustrative purposes only and should not be disclosed or interpreted out of context.

Quality Assurance and Quality Control (QA/QC)

The New Bidlamaque exploration program is supervised by Alain Carrier, M.Sc., P.Geo., and Karine Brousseau, B.Sc., P.Eng., of InnovExplo Inc., a consulting firm based in Val-d'Or Quebec; they are Qualified and Independent Persons as defined under Regulation 43-101 guidelines. Overall project exploration management is directed by Grant Arnold, P.Geo., Canadian Royalties' Vice President Exploration, and senior project consulting geologist, Michael P. Rosatelli, P.Geo., of Val-d'Or Quebec. The New Bidlamaque exploration is conducted under strict QA/QC protocols including mineralized standards, blanks and field duplicates.

Drillcore submitted for assaying is of NQ-size, and is logged, sampled and split at the InnovExplo office in Val-d'Or. Half of all sampled core is retained for future reference, and analyses are performed at the ALS-Chemex laboratory in Val-d'Or Quebec. The minimum sample length is 0.5 m and the maximum length 1.5 m. The analytical method used for gold is fire assay with AAS finish on pulp size of 50 g and results reported above 3.0 g/t Au will be immediately re-assayed using a gravimetric finish. The analytical method used for base metals is Aqua Regia digestion with AAS finish. The protocol used is based on batch of 25 samples including one standard (certified reference material), one field duplicate sample selected at random and one field blank standard.

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 in northern Quebec. Canadian Royalties is proceeding with permitting applications, as well as exploration for additional resources.

Canadian Royalties currently holds a 100% interest in the Ivakkak deposit, subject to a net smelter royalty ("NSR", refer to news release dated September 21, 2005). Additionally, Canadian Royalties has vested in a 70% interest in the Expo-Ungava property (which hosts the Mesamax, Mequillon and Expo deposits), where its interest shall be increased to 80% simultaneously with the creation of the joint venture. Further, Canadian Royalties holds an underlying 2% NSR on the Expo-Ungava Property.

Terms the Option-Joint Venture

C2C may earn an initial 50% interest in the Property by making a $40,000 cash payment on signing (paid), issuing an aggregate 250,000 C2C shares (125,000 at signing, issued; 125,000 at 6-month anniversary), and incurring exploration expenditures of $5,000,000 over a four year period. Provided that C2C makes the cash payment ($40,000), issues the shares (250,000), and completes the required exploration expenditures ($5,000,000), C2C may then elect to increase its interest in the Property by 10 % (aggregate 60%) by issuing an additional 250,000 C2C shares, and incurring further expenditures of $5,000,000 (aggregate $10,000,000) in the 5th year of the agreement. Further, provided that C2C has completed the requirements of the 2nd stage of vesting, C2C may earn an additional 6% (aggregate 66%) in the Property by completing a bankable feasibility study and issuing a further 500,000 C2C shares to the Company (aggregate 1,000,000). Canadian Royalties shall be the operator during the option period. Canadian Royalties acquired the New Bidlamaque Prospect pursuant to the terms of an option agreement, the terms of which are disclosed in a press release of the Company dated June 11, 2002 which is available for viewing via the internet at www.sedar.com.

About C2C and the Ecuadorian Project

C2C Inc. is a Quebec based mineral exploration company with active gold projects located in Quebec, Canada and southwestern Ecuador. C2C is also actively pursuing a property due diligence program for the acquisition of a gold mine in the Bella Rica Co-operative in Ecuador.

Forward Looking Statement

This news release contains certain forward-looking statements. These forward-looking statements are subject to a variety of risks and uncertainties beyond the Company's ability to control or predict which could cause actual events or results to differ materially from those anticipated in such forward-looking statements. Such risks and uncertainties are disclosed under the heading "Risk Factors" in the Company's Amended and Restated Annual Information Form dated July 10, 2007 for the year ended December 31, 2006. Accordingly, readers should not place undue reliance on forward-looking statements.

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