Attention Business/Financial Editors:

IRC receives listing on American Stock Exchange

    TSX:IRC

    DENVER, CO, Oct. 17 /CNW Telbec/ - International Royalty Corporation
(TSX: IRC, AMEX:ROY) (the "Company" or "IRC") is pleased to report the
American Stock Exchange ("AMEX") has approved IRC's application for the
listing of its common shares for trading beginning on or about October 20
under the trading symbol "ROY". This approval is contingent upon the Company
being in compliance with all applicable listing standards on the date it
begins trading on the Exchange, and may be rescinded if the Company is not in
compliance with such standards. The Company's common shares currently trade
exclusively on the Toronto Stock Exchange.

    About IRC
    ---------

    IRC was formed for the purpose of acquiring and creating natural resource
royalties with a specific emphasis on mineral royalties. IRC holds interests
in over 60 royalties in 14 commodities. IRC's portfolio includes royalties on
properties ranging from the exploration through production stages across the
globe including an effective 2.7% NSR royalty on the Voisey's Bay project in
Labrador, Canada and the recently-acquired Western Australia gold royalty, a
1.5% NSR applying to more than 3.1 million acres located in the Laverton,
Leonora, Meekatharra, Murchison and Southern Cross-Marvel Loch districts of
Western Australia.

    On behalf of the Board of Directors,
    INTERNATIONAL ROYALTY CORPORATION

    Douglas B. Silver
    Chairman and CEO

    Some of the statements contained in this release are forward-looking
statements, such as estimates and statements that describe the Company's
projected royalties, strategies or goals, including words to the effect that
the Company or management expects a stated condition or result to occur. Since
forward-looking statements are not statements of historical fact and address
future events, conditions and expectations, forward-looking statements by
their nature involve inherent risks and uncertainties. Actual results in each
case could differ materially from those currently anticipated in such
statements. The Company does not expect to update forward-looking statements
continually as conditions change and you are referred to the full discussion
of the Company's business contained in the Company's reports filed with the
securities regulatory authorities.
    %SEDAR: 00021569E

For further information: please contact: Jack Perkins, Investor
Relations,  (303) 991-9500; Douglas B. Silver, Chairman and CEO, (303)
799-9020, info@internationalroyalty.com, www.internationalroyalty.com; Renmark
Financial Communications Inc.: Tina Cameron, tcameron@renmarkfinancial.com;
Charles Lanthier, clanthier@renmarkfinancial.com; Media: Eva Jura,
ejura@renmarkfinancial.com, (514) 939-3989, www.renmarkfinancial.com