AMEX:ROY



    TSX:IRC



    DENVER, CO, July 28 /EMWNews/ - International Royalty

Corporation (AMEX: ROY, TSX: IRC) (the "Company" or "IRC") is pleased to

report on key updates to the Company's royalty portfolio. IRC's large

royalty portfolio can make it difficult for investors to track activities

occurring on the variety of projects affecting the Company. Therefore, IRC

is pleased to provide an update on select recent events.



    Avebury, 2.0% NSR, Tasmania



    First nickel concentrate was produced in mid-July with sales now

expected in August. Exploration in the East Avebury area resulted in two

significant intercepts including 23 meters at 0.9% Ni suggesting that the

Seymour resource area extends 100 meters further east, and 22 meters at

1.0% Ni which outlines a new zone of mineralization that requires follow

up.(1) For illustration purposes, based on the royalty contract and using

US$9.35 per pound nickel, IRC expects to receive approximately US$2.5

million annually from this royalty once the project reaches full

production.



    Belahouro (Inata) 2.5% NSR, Burkina Faso



    Wega Mining completed a project financing facility with Macquarie Bank

Limited for US$65 million. Wega Mining reported that "As the Inata project

is progressing ahead we are becoming more and more excited about its

upside. Based on today's energy prices Wega Mining estimates an average

cash cost of around US$350 per ounce of gold over the first two years of

operations, or the first 300,000 ounces produced."(2) For illustration

purposes and using a US$925 per ounce gold price, IRC expects to receive

approximately US$3.3 million from this royalty in 2009 on a full year of

production.



    Gwalia, 1.5% NSR, Western Australia



    St Barbara Mines Limited reported that it had raised A$120 million to

fund the remaining capital expenditures for the development of the Gwalia

gold mine and related operations and infrastructure and to improve the

productivity and efficiency of the Southern Cross processing plant.(3) At a

US$925 per ounce gold price, IRC expects to receive approximately US$2.8

million annually from this royalty once the project reaches full

production.



    Fedorova, 0.75-1.0% and 1.25-1.5% sliding scale NSRs, 0.5% NSR, Russia



    Barrick Gold Corporation announced its intent to spend US$770 million

to construct the Fedorova platinum group metal project in the Murmansk

region with a projected 2012 commissioning date.(4) Federova has a measured

and indicated resource (50% basis) of 1.0 million ounces of palladium and

262,000 ounces of platinum as well as inferred resources of 1.3 million

ounces palladium and 312,000 ounces platinum.(4)



    Schaft Creek, 3.5% NPI, British Columbia, Canada



    Copper Fox Metals Inc. reported that its 2008 program will allow it to

complete a feasibility study early in 2009 on its copper-gold-molybdenum

deposit. This summer's drilling program is intended to further define the

first six years of mining when Schaft Creek goes into production in an

effort to shorten the payback period. Work at the site is expected to

include 36 drill holes drilling approximately 9,000 meters.(5)



    Jaccoletti, 1.5% NSR, Western Australia



    St Barbara Mines Limited reported a newly discovered high-grade gold

mineralization at the Jaccoletti deposit, located approximately 1.5

kilometers from its Marvel Loch (Southern Cross) operation. Significant

intersections included 54 meters grading 8.1 g/t Au from 243 meters, 21

meters at 12.2 g/t Au from 217 meters and 18 meters at 7.6 g/t Au from 244

meters. These results are interpreted to represent the core of a steep

southeast plunging ore shoot. True widths on the high-grade ore shoot are

interpreted to be in excess of 20 meters wide and between 50 and 80 meters

in length and provide potential for underground development.(6) For

illustration purposes, using US$925 per ounce gold IRC expects to receive

approximately US$5.0 million in 2009 from projects covered by its Western

Australia 1.5% NSR royalty. Projects contributing to this revenue include

Southern Cross, Meekatharra and Gwalia Deeps.



    Melba Flats, 2.0% NSR, Tasmania



    Two holes were completed at the North Cuni-Gents prospect. Both

intersected mineralized gabbros. Better intersections included 1.9 meters

at 1.0% Ni and 0.80% Cu from 100 meters and 6 meters at 0.80% Ni and 0.70%

Cu from 210 meters.(7)



    Berg, 1.0% NSR, British Columbia, Canada



    Terrane Metals Corporation completed a private placement that resulted

in gross proceeds of CA$5.5 million. Proceeds from this private placement

are expected to be used to explore the Berg copper-molybdenum-silver

project. (8)



    Las Cruces, 1.5% NSR, Spain



    Inmet Mining Corp. responded to a receipt of notice from the Spanish

water authorities of its decision to suspend the authorization for

dewatering and reinjection from a series of wells circumscribing the open

pit. The plan proposed by Inmet Mining Corp. contains two primary actions.

The first involves purification of water extracted from the aquifer through

a reverse osmosis water treatment process prior to reinjection into the

aquifer. The second is the relocation of certain DRS extraction wells to

locations outside of the mineralized zone. Pre-stripping continues.(9)

Inmet also reported unexpected ground movement at the newly constructed

storage facility for dried residue, which they are reportedly

investigating.(10) For illustration purposes, using a US$3.75 per pound

copper price the Las Cruces royalty is expected to pay IRC US$8.3 million

annually when the mine reaches full production.



    Meekatharra, 0.45% and 1.5% NSRs, Western Australia



    Mercator Gold plc transferred non-core exploration tenements in the

Meekatharra area of Western Australia to Silver Swan Group.(11) Silver Swan

raised A$1.15 million to advance all of its projects, including those at

Meekatharra. (12) IRC's variable royalties apply to these tenements. The

addition of Silver Swan adds value to IRC through the resulting increase in

the number of companies working on projects where IRC holds royalties.



    Churchill, 1.0% GOR, Nunavut, Canada



    Stornoway Diamond Corp. approved an exploration program for up to

CA$3.8 million. The program's goal for 2008 is to prove up the existing

kimberlites as well as to explore for new kimberlites with large tonnage

potential that may occur as either pipes, blows along dykes or where the

dykes widen substantially.



    The Churchill Diamond Project is owned 58.14% by Shear Minerals Ltd and

41.86% by Stornoway Diamond Corp. and is comprised of the diamond rights to

more than two million acres located near the communities of Rankin Inlet

and Chesterfield Inlet in the Kivalliq region of Nunavut. Work is presently

focused on continued exploration of new promising indicator mineral trains

and geophysical anomalies as well as the evaluation of a system of

significantly diamond-bearing, vertically-emplaced kimberlite dykes that

have returned sample grades of up to 2.18 carats per tonne.(13) IRC's

royalties apply to this vast area of highly prospective diamond lands.






    References:



    (1)  Oz Minerals Limited Quarterly Report for the three months ending

         June 30, 2008

    (2)  Wega Mining press release, June 30, 2008

    (3)  St Barbara Mines Limited press release, July 11, 2008

    (4)  Prime-Tass Business News, May 28, 2008,

    http://www.barrick.com/globaloperations/projects/fedorova/default.aspx

    (5)  Copper Fox Metals Inc. press release, July 10, 2008

    (6)  St Barbara Mines Limited press release, July 14, 2008

    (7)  Oz Minerals Limited Quarterly Report for the three months ending

         June 30, 2008

    (8)  Terrane Metals Corporation press release, July 18, 2008

    (9)  Inmet Mining Corporation press release, May 13, 2008

    (10) Inmet Mining Corporation press release, July 10, 2008

    (11) Mercator Gold plc press release, April 25, 2008,

    (12) Silver Swan Group press release, June 26, 2008, February 21, 2008

    (13) Stornoway Diamond Corporation press release, July 2, 2008

    International Royalty Corporation



    ---------------------------------



    International Royalty Corporation (IRC) is a global mineral royalty

company. IRC holds over 80 royalties including an effective 2.7% NSR on the

Voisey's Bay mine, a sliding-scale NSR on the Pascua gold project in Chile,

a 1.5% NSR on the Las Cruces copper project in Spain 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



    Cautionary Statement Regarding Forward-Looking Statements



    Some of the statements contained in this release are forward-looking

statements within the meaning of the United States Private Securities

Litigation Reform Act of 1995, such as statements that describe expected

sales and the extent of mineral deposit distribution at the Avebury

project, estimated cash costs at the Belahouro (Inata) project, the

commissioning date of the Fedorova project, the completion of the

feasibility study, expectations of the drilling program and upcoming work

to be done at the Schaft Creek project, future underground development at

the Jaccoletti deposit, use of proceeds from the Berg project, proposed

responses to the Spanish water authorities and reported investigations of

ground movement concerning the Las Cruces site, and exploration goals at

the Churchill Diamond project; anticipated royalty revenue; indications of

expanded research areas and mineralization; market and economic conditions;

stability of the regulatory environment; and demand for commodities.

Financial information contained in this press release is unaudited. In

certain cases, forward-looking statements can be identified by the use of

words such as "plans to", "suggesting that", "based on", "estimates",

"intent to", "projected", "will allow", "intended to", "potential for", and

"goal" or variations of such words and phrases, or words that state that

certain actions, events or results "will be" or are "proposed", "expected",

or "reportedly" to be taken, occur or be achieved. Since these

forward-looking statements are based on publicly available information

disseminated by property owners and/or operators, not statements of

historical fact and address future events, conditions and expectations,

forward-looking statements by their nature inherently involve unknown

risks, uncertainties, assumptions and other factors well beyond the

Company's ability to control or predict. Actual results and developments

may differ materially from those contemplated by such forward-looking

statements depending on, among others, such key factors as the ability of

the mine operators to finance and successfully place their projects into

production, commodities prices and accuracy of assumptions. Such

assumptions include, but are not limited to, the validity of statements

made by the project operators in the public domain and the projected

royalties on such projects. The forward-looking statements included in this

release represent IRC's views as of the date of this release. While IRC

anticipates that subsequent events and developments may cause IRC's views

to change, IRC specifically disclaims any obligation to update these

forward-looking statements unless required by law. Although IRC has

attempted to identify important factors that could cause actual actions,

events or results to differ materially from those described in

forward-looking statements, there may be other factors that cause actions,

events or results not to be as anticipated, estimated or intended.

Accordingly, readers should not place undue reliance on any forward-looking

statements.