International Royalty to acquire 16 royalties from Rio Tinto for for US$61.5 million

On December 21, 2007, International Royalty Corporation ("IRC") announced that it had entered into a definitive purchase and sale agreement to acquire 16 mineral royalties from Rio Tinto PLC, including interests on the near-producing Las Cruces copper and Avebury nickel mines, for US$61.5 million in cash, plus a potential contingency payment. These acquisitions expand the number of royalties in IRC's portfolio by approximately 20% to now include more than 80 individual royalty interests. Michael Bourassa, Andrew Gabrielson and Adam Inglis of Fasken Martineau advised IRC in this transaction.