REFERENCES and PRESS RELEASES

The Limpopo royalties are expected to complement IRC's existing PGM royalties on Barrick Gold Corporation's ("Barrick") advanced-stage Federova (Pana) open-pit platinum-palladium project in Russia which IRC acquired as part of the BHP Billiton ("BHP") royalty portfolio transaction in February 2005. Barrick has announced (Barrick Gold Coporation press release, February 22, 2007) that the project has "platinum measured and indicated mineral resources of 6.5 million ounces and inferred resource of 0.6 million ounces and palladium measured and indicated resource of 2.1 million ounces and inferred resource of 2.6 million ounces (100% basis)." "In 2007, Barrick plans to spend approximately $30 million for drilling and completion of a pre-feasibility study for this large near-surface deposit."

IRC holds two royalties on the Federova project. The first royalty is based on 0.75% of gold and silver and 1.0% of PGM, nickel and copper net returns. The second royalty is based on 0.50% of the net returns. IRC has an option to purchase a third royalty after commencement of commercial production. All royalties are payable on all commercial production after capital repayment.