Canadian Royalties Inc.

Canadian Royalties Inc.

November 23, 2006 13:33 ET

Canadian Royalties Named Entrepreneur of the Year 2006

MONTREAL, QUEBEC--(CCNMatthews - Nov. 23, 2006) - Canadian Royalties Inc. (TSX:CZZ) has been named Quebec Entrepreneur of the Year 2006 at the Annual Conference of the Quebec Mineral Exploration Association. This award recognizes Canadian Royalties' achievements in advancing its Raglan South Nickel Project (RSNP) and follows the receipt by the Company of the Quebec Prospector of the Year award in 2003 whereby Canadian Royalties received first recognition for the discovery of the Mesamax deposit, now an important part of the RSNP. Over a period of only six short exploration seasons (4 months each), Canadian Royalties has accomplished a significant milestone with the completion of a positive Scoping Study. Canadian Royalties is currently proceeding with permitting applications, a bankable feasibility study ("BFS"; (1)) and an environmental and social impact analysis ("ESIA").

Canadian Royalties' progress with the RSNP is clearly related to the favourable exploration conditions in Quebec. As a Quebec based corporation with its main asset in Quebec, Canadian Royalties anticipates continued government support for its further exploration as well as for the permitting, construction and development of the RSNP to production. The Company anticipates that the project has the potential to create a significant number of jobs during the construction period and approximately 250 direct employment positions once in production.

Canadian Royalties continues to grow its organization in a variety of key areas with the objective of preparing for the future development of its RSNP while continuing to maintaining the highest level of governance. Canadian Royalties is pleased to announce that Brigitte Paquet has joined the corporation as Legal Counsel. Mtre Paquet was called to the Quebec Bar in 1998. Before she joined Canadian Royalties, she was practicing law at the Montreal office of Heenan Blaikie in the field of civil and commercial litigation. Further, Mtre Luciana Zannella rejoins the Company as its Secretary as of November 27, 2006, with Mr. Jens Zinke retaining the position of Treasurer. Additionally, Canadian Royalties has created two new positions for staff geologists: Mr. Jean Bernard and Mr. Bertrand Brassard will fill the positions of Chief Project Geologist and Senior Exploration Geologist, respectively.

About Canadian Royalties and the Raglan South Nickel Project

Canadian Royalties is evaluating the potential of establishing an independent, stand-alone Ni-Cu-PGE mining and milling operation in the general vicinity of Xstrata Nickel's Raglan Mine in Nunavik, Quebec. Canadian Royalties is currently proceeding with permitting applications, a bankable feasibility study ("BFS"; (1)) and an environmental and social impact analysis ("ESIA").

(1) A bankable (full) feasibility study is a comprehensive analysis of a projects economics (+/- 15% precision) and is used by the banking industry for financing purposes.

The statements contained in this press release may contain statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections.

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