MONTREAL, QUEBEC, Oct. 23, 2009 (Marketwire) --

MONTREAL, QUEBEC -- (Marketwire) -- 10/23/09 -- Canadian Royalties Inc. (the "Company", or "Canadian Royalties")(TSX: CZZ) has reviewed the intentions of certain investors in relation to the offers (the "Jien Offers") made by Jien Canada Mining Ltd. ("Jien") to holders of its common shares (the "Shares") and 7% Convertible Senior Unsecured Debentures due March 31, 2015 (the "Debentures"). Jien has confirmed that it has entered into lock-up agreements dated October 15, 2009 with Colonial First State Asset Management (Australia) Limited, Colonial First State Investments Limited and fonds de solidarite des travaileurs du Quebec, holding a total of 271,667 Shares (0.26% of the issued and outstanding Shares) and $38,873,000 principal amount of Debentures (28% of the outstanding principal amount of Debentures). All lock-up agreements have been publicly filed by Jien and are available at www.sedar.com. In addition, Jien, has received verbal indication from Caisse de depot et placement du Quebec of its intention to tender $40 million principal amount of Debentures (29% of the outstanding principal amount of Debentures). Collectively, the lock up agreements and verbal indication account for $78,873,000 principal amount of Debentures (57% of the outstanding principal amount of Debentures).

Canadian Royalties has received a copy of a press release issued October 22, 2009 by Jaguar Financial Corporation ("Jaguar"). This release contains, what can most charitably be referred to as a selective reading of the Company's disclosure. As the Notice of Change to the Directors' Circular dated October 19, 2009 (the "Notice") states clearly, "Debentureholders that have entered into lock-up agreements with Jien, or that have otherwise confirmed their intention, intend to tender an aggregate of $78,873,000 principal amount of Debentures, 57% of the outstanding principal amount of Debentures."

The Company directs its securityholders to review the Notice, and other disclosure of Jien and the Company which is available on www.sedar.com and provides full details of the Jien Offers and the recommendation of the Company's Board of Directors.

The Company understands that Jien has put out a press release that discloses further details about the lock-up agreements that have been entered into between Jien and certain directors, officers and Debentureholders.

About Canadian Royalties and the Nunavik Nickel Project

Canadian Royalties, based in Val-d'Or - Quebec, 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.