Canadian Royalties Inc.
TSX : CZZ

Canadian Royalties Inc.

June 15, 2009 15:35 ET

Canadian Royalties' Results of the 2009 Annual General Meeting and Corporate Update

MONTREAL, QUEBEC--(Marketwire - June 15, 2009) - Canadian Royalties Inc. (the "Company")(TSX:CZZ) announces the results of its Annual General Meeting (the "Meeting") held on June 11th, 2009 in Montreal, Quebec. At the Meeting, the Shareholders of the Company approved all resolutions put before them by management, including the election of directors, and the appointment of the auditor.

Election of the Board of Directors

The Shareholders re-elected Messrs. Bryan A. Coates, R. Bruce Durham, Glenn J. Mullan, and Michael H. Wilson. In addition, new directors Messrs. Philippe Couillard, Bernard J. Guarnera, Andrew Pepper, and the Hon. Arthur T. Porter were elected to serve as directors of the Company until the Company's next annual general meeting.

As of the close of the Meeting, the Company's newly elected board (the "Board") is constituted of a majority of independent directors, namely Messrs. Coates, Couillard, Guarnera, Pepper, Porter, and Wilson. Background information with respect to members of the new Board is posted on the Company's website at www.canadianroyalties.com and in the Management Information Circular pertaining to the Meeting filed on SEDAR and available for public viewing at www.sedar.com.

The Company would like to take this opportunity to thank each of Mr. David Holowack and Mr. Raymond Savoie for their contributions to the Company's development during their tenure as members of the board of Canadian Royalties Inc. The Board, in conjunction with management, recognizes Messrs. Holowack and Savoie for their support, as well as for their significant commitment in time, dedication and service, and wishes them both much success in their future endeavours.

Appointment of Auditors

The Shareholders appointed Raymond Chabot Grant Thornton, LLP, Chartered Accountants as the Company's auditor and authorized the directors to fix the auditors remuneration.

Officer Appointments

At the first meeting of the new Board, held on June 12 in Montreal, the Board appointed or reappointed, as applicable, the following individuals as officers of the Company:

Glenn J. Mullan: Chairman of the Board and Chief Executive Officer

W. Grant Arnold: President and Chief Operating Officer

Hugh Blakely: Interim Chief Financial Officer

Luciana Zannella: Corporate Secretary

Jens Zinke: Vice-President, Business Development

The function of Vice-President, Exploration shall continue to be carried out by Mr. Arnold, in his capacity as Chief Operating Officer.

Lead Director and Board Committees

Mr. Bryan Coates has been appointed by the Board to serve as the Company's Lead Director. The Board has also crystallized its standing board committees, and established or modified several other committees. The Company's standing committees and its members are detailed below:

Audit Committee (1): Messrs. Coates (C.A., chair), Couillard, and Pepper;

Corporate Governance and Compensation Committee (1): Messrs. Pepper, Porter (chair), and Wilson;

Sustainability and Technical Committee: Messrs. and Durham, Guarnera, and Wilson (chair);

Special Finance Committee: Messrs. Coates (chair), Couillard, Mullan, and Porter.

(1) These committees are comprised entirely of independent directors.

Amended and Restated Shareholders Rights Plan

The Company advises that the amended and restated shareholders rights plan adopted by the Shareholders of the Company at the June 11, 2003 annual and special meeting of Shareholders, and which was not presented for reconfirmation at the Meeting terminated on and from the close of the Meeting, with no rights having been issued thereunder.

About Canadian Royalties and the Nunavik Nickel Project

Canadian Royalties is a mineral exploration company whose principal active area is along the South Trend located in the Raglan mining district of Northern Quebec's Nunavik Region. Since 2001, the Company has discovered and delineated several potentially mineable nickel-copper-cobalt-platinum-palladium-gold deposits which collectively form the Nunavik Nickel Project (the "Project"). The Company has completed a Bankable Feasibility Study ("BFS") and has received its Environmental Certificate of Authorization ("CA"); it has also received mine leases for four sites, namely the Ivakkak, Mequillon, Expo, and Mesamax. An Impact and Benefits Agreement ("IBA") has been entered into between the Company, three (3) Inuit communities, and Makivik Corporation, the non profit legal representative of the Inuit; the IBA constitutes the Company's formal commitment to ensure a fair and sustainable distribution of the economic benefits stemming from the Project. Development of the Project was initiated in 2007, to be subsequently put on care and maintenance as a result of the 2008 financial crisis. The Company's objective is to develop and exploit the mineral resources comprising the Nunavik Nickel Project either independently or in partnership.

Forward-looking Statement

This news release contains certain forward-looking statements or forward-looking information. These forward-looking statements are subject to a variety of risks and uncertainties beyond the Company's ability and control, which could cause actual events or results to differ materially from those anticipated in such forward-looking statements. Some of these risks and uncertainties are identified and disclosed under the heading "Risk Factors" in the Company's Annual Information Form for the year ended December 31, 2008 and dated March 31, 2009. Accordingly, all of the forward-looking information contained in this news release is qualified by this cautionary statement and there can be no assurance that the actual results or developments anticipated by the Company, as expressed or implied by the forward-looking information, will be realized or, even if substantially realized, that they will have the expected consequences to or effects on the Company or its business operations. All forward-looking statements speak only as of the date of this news release and the Company does not undertake any obligation to update or publicly disclose any revisions to such forward-looking statements to reflect events, circumstances or changes in expectations after the date hereof, except as required under applicable securities laws. Accordingly, readers should not place undue reliance on forward-looking statements.

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