Canadian Royalties: Environmental Certificate of Authorization Awarded for Nunavik Nickel Project

MONTREAL, QUEBEC--(Marketwire - May 21, 2008) - Canadian Royalties Inc. (TSX:CZZ) announces that it has obtained the Environmental Certificate of Authorization for its Nunavik Nickel Project. The Ministere du Developpement durable, de l'Environnement et des Parcs (MDDEP) authorized Canadian Royalties to pursue the development of the project and to start construction work.

The project was approved including port facilities. New port facilities will be required with the anticipated expansion of mining activities in the region. Concerning an additional airstrip, the Kativik Environmental Quality Commission recommended to the MDDEP that a common Airport in the vicinity of the project should be used.

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 20 kilometres south of Xstrata Nickel's Raglan Mine in northern Quebec. Canadian Royalties is proceeding with permitting applications, as well as exploration for additional resources.

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 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 Annual Information Form for the year ended December 31, 2007 and dated March 31, 2008. Further, forward-looking information is in addition based on various assumptions, including, without limitation, the expectation and beliefs of management, the assumed long term price of nickel, that the Project is a technical viable and economic operation, that it can be successfully completed by the Company, that the Company will receive the required permits and access to surface rights, and that the Company can access financing, appropriate equipment, and sufficient labour. Should one or more of these risks and uncertainties materialize, or should the underlying assumption prove incorrect or different, actual results may vary materially from those described in the forward-looking statements. All forward looking statements speak only as of the date of this news release. Accordingly, readers should not place undue reliance on forward-looking statements.

For additional information please visit our website at www.canadianroyalties.com.

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