International Royalty Corporation
TSX : IRC
AMEX : ROY

International Royalty Corporation

October 15, 2007 15:34 ET

International Royalty to Raise C$63 Million in Bought Deal Financing

DENVER, COLORADO--(Marketwire - Oct. 15, 2007) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

International Royalty Corporation (TSX:IRC)(AMEX:ROY) (the "Company" or "IRC") is pleased to announce that it has entered into an agreement with a syndicate of underwriters led by Scotia Capital Inc., ("Scotia") and including Haywood Securities Inc. and Raymond James Financial Inc. which have agreed to purchase, on a bought deal basis, 10,000,000 common shares of the Company ("Shares") at a price of C$6.30 per Share for aggregate proceeds of approximately C$63 million.

The underwriters will also have an option, exercisable until the closing date, to purchase up to an additional 1,500,000 Shares on the same terms and conditions to cover over-allotments and for market stabilization purposes.

The offering is expected to close on or about November 5, 2007, and is subject to the receipt of all necessary approvals, including the approval of the Toronto Stock Exchange and the American Stock Exchange. Proceeds of the offering will be used for general corporate purposes.

The securities being offered have not been and will not be registered under the United States Securities Act of 1933, as amended, or the securities laws of any state, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons without registration unless an exemption from registration is available. This news release does not constitute an offer for sale of securities in the United States.

International Royalty Corporation

International Royalty Corporation is a global mineral royalty company. IRC holds over 60 royalties including an effective 2.7% NSR on the Voisey's Bay mine, a slidingscale NSR on the Pascua gold project, and a 1.5% NSR on more than 3.0 million acres of gold lands in Western Australia. IRC is senior listed on the Toronto Stock Exchange (TSX:IRC) as well as the American Stock Exchange (AMEX:ROY).

On behalf of the Board of Directors,

INTERNATIONAL ROYALTY CORPORATION

Douglas B. Silver, Chairman and CEO

Forward Looking Statements: This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995, including statements related to the anticipated terms of the Shares, the use of proceeds, and other statements that are not historical facts. Forward looking statements are statements that are not historical facts and are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including, risks related to the Company's royalty interest in projects; market fluctuations in prices for securities; uncertainties about the availability of additional financing; uncertainties related to fluctuations in gold prices; satisfactory completion of due diligence and other risks and uncertainties described in the Company's registration statement on Form 40-F and Reports on Form 6-K filed with the Securities and Exchange Commission. Although we believe the expectations reflected in our forward looking statements are reasonable, results may vary, and we cannot guarantee future results, levels of activity, performance or achievements.

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