1) Payments made to VINL for the sale of nickel concentrates under
           the terms of non-arms length contracts between Vale Inco, VIASL
           and VINL do not represent fair market value and Vale Inco has
           incorrectly calculated the NSR paid to VINL through these
           contracts, and
        2) VINL has deducted certain income taxes that it pays to the
           Province of Newfoundland and Labrador in determining the NSR,
           which is not allowable under the royalty agreement.

If successful, the Company estimates that its share of the royalty underpayments up to June 30, 2009 would exceed US$26 million, before the deduction of royalty taxes.

International Royalty Corporation

International Royalty Corporation is a global mineral royalty company. IRC holds 84 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 approximately 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 NYSE-Amex (NYSE-A: 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, such as statements that describe IRC's expectations in regards to the legal claim against Vale Inco and IRC's analysis of such claim. 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", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "does not anticipate", or "believes" or variations of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Since forward-looking statements are 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 LNRLP to succeed in its claim against Vale Inco, estimates of royalties and potential back payments. 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. These forward-looking statements should not be relied upon as representing IRC's views as of any date subsequent to the date of this release. 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.

SOURCE INTERNATIONAL ROYALTY CORPORATION

The program consisted of geological mapping; trenching and rock sampling. The main objectives of the program were to gain a better understanding of the geology, alteration, and structural controls on mineralization, to refine existing gold zones and to generate new high quality drill targets. Work on the Coldstream Project focused on the Span Lake and East Coldstream areas.

The Span Lake area was examined by Inco in the late 1980's, when 9 gold zones were identified, and limited drilling returned results including 3.01 g/t Au over 7.45m, and 3.67 g/t Au over 4.63m. The Span Lake area is directly adjacent to the National Instrument 43-101 compliant inferred resource of the 1.5 million ounce Moss Lake Gold Deposit. Work in the Span Lake area was designed to confirm results from Inco's late 1980's channel sampling, and mapping to delineate geological controls on gold mineralization in the area.

At the East Coldstream deposit work was concentrated on understanding controls on mineralization and generating drill targets to confirm and expand the Noranda resource on site. Noranda's historic resource estimate is 5.1 million tonnes grading 1.4 g/t Au. This estimate is historical and is not 43-101 compliant, and should be used for reference purposes only.

Historic drilling results from East Coldstream included wide intersections such as 68 m averaging 1.21 g/t Au.

Work also included follow-up on other historical occurrences on the property to determine the potential for additional drill targets. For example, trenching and channel sampling were completed at the Goldie Zone, an historic gold occurrence where an IP conductivity anomaly is coincident with samples grading 2.06 to 5.48 g/t Au over 2m.

Results of this program will be released as they become available.

ABOUT THE COLDSTREAM PROJECT

The Coldstream Property includes 5,394 hectares of staked and patented mining claims along the TransCanada Highway 115 kilometers west of the city of Thunder Bay, Ontario. The area has excellent existing infrastructure, with a major power line and the CN rail line passing just north of the property. Skilled labour is readily available locally.

ABOUT FOUNDATION

Foundation is a mineral exploration company focused on exploration and development of high potential gold zones on the Coldstream and Burchell properties. The properties are located in the Western Superior geological province of the Canadian Shield which is noted for hosting prolific gold deposits in Ontario, Canada.

On behalf of the board,

John Hiner

CEO and Director

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release." News release contains certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the Company's business, including risks inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Copyright (c) 2009 Thenewswire.ca - All rights reserved.

910 - 475 Howe Street

Vancouver, B.C. V6C 2B3

Tel: 604.689.2599

Fax: 604.689.3609

www.altoventures.com

info@altoventures.com

NEWS RELEASE

SUMMER EXPLORATION PROGRAM COMPLETED ON COLDSTREAM GOLD PROJECT, ONTARIO

Vancouver, B.C., October 4, 2009. Alto Ventures Ltd. (ATV: TSX-V) is pleased to announce that the 2009 summer exploration program has been completed on the Coldstream gold project located 115 km west of the City of Thunder Bay, Ontario. Foundation Resources Inc (FDN: TXS-V) is earning an interest in the project and is the operator.

The program consisted of geological mapping, trenching and rock sampling. The main objectives of the program were to gain a better understanding of the geology, alteration, and structural controls on mineralization to better define existing gold zones and generate new high quality drill targets. Initial work focused on the Span Lake, East Coldstream, and Goldie Lake areas.

Previous systematic work in the Span Lake area was carried out by Inco in the late 1980's when 9 gold zones were identified and limited drilling by Inco returned results including 3.01 g/t Au over 7.45 m and 3.67 g/t Au over 4.63 m. Current work at Span Lake focused on confirming results from Inco's channel sampling and geological mapping was completed to delineate controls on gold mineralization in the area. The Span Lake area lies adjacent to the Moss Lake gold deposit to the southwest. The Moss Lake gold deposit is reported to contain National Instrument 43-101 compliant inferred resource of 1.5 million ounces of gold.

At the East Coldstream area, work focused on understanding controls on mineralization and generating drill targets to confirm and expand the historical resource. The East Coldstream gold deposit was discovered by Noranda Exploration Ltd and was delineated by 37 diamond drill holes between 1988 and 1991. Noranda prepared the historical resource estimate in 1991 however a "qualified person" (as that term is defined in NI 43-101) has not done sufficient work to classify the historical estimate as current mineral resources. The Company is not treating the historical estimate as current mineral resources (as defined in NI 43-101) and thus the historical estimate should not be replied upon. Wide zones of gold mineralization were drilled by Alto in 2006 including 68 m averaging 1.21 g/t gold.

Trenching, geological mapping and channel sampling work was completed at Goldie Lake where historic gold occurrences were reported to contain from 2.06 to 5.48 g/t gold. These gold occurrences are coincident with IP Conductivity anomalies but have not been drilled previously.

Results from this program will be released as they become available.

About the Coldstream Project

The Coldstream Property includes 5,394 hectares of staked and patented mining claims along the Trans Canada Highway 115 km west of the City of Thunder Bay, Ontario. The area is road accessible and

has excellent infrastructure with a major power line and CN rail line passing just north of the property. Skilled labour is readily available locally.

The property is under an Option Agreement with Foundation Resources Inc. Under the terms of the Agreement, Foundation can acquire an initial 60% interest in the Property by issuing a total of 1,000,000 common shares of Foundation to Alto plus incur $3,000,000 in expenditures on the Property over four years. Foundation can acquire a further 10% interest by completing a feasibility study on the property. Foundation is the project operator.

For more details regarding the Company's projects, please visit our website at www.altoventures.com

Mike Koziol, P. Geo., P.Eng. and Alto's President and CEO is the Qualified Person who has reviewed and approved this news release.

About Alto Ventures Ltd

Alto Ventures Ltd. is a gold exploration and development company with a portfolio of highly prospective properties in the Canadian Shield. Alto's Management and Board of Directors have a long and successful track record of creating shareholder value through systematic exploration, acquisitions and discovery. The Company is currently active in Quebec where it is focussed on the Despinassy project in the Abitibi Greenstone Belt and in Ontario in the Beardmore and Shebandowan gold districts.

ON BEHALF OF THE BOARD,

Mike Koziol, P. Geo., P. Eng.

President & CEO

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For further information contact:

Mark ProsserInvestor Relations ManagerALTO VENTURES LTD.910-475 Howe StreetVancouver, BC, V6C 2B3Tel: 604-638-3947Fax: 604-689-3609Email: mark@altoventures.comWebsite: www.altoventures.com

Copyright (c) 2009 Thenewswire.ca - All rights reserved.

As Pinto gives his report to the media, miners (in miners gear) from Sudbury will give out free nickels with their leaflet.

In what is shaping up to be a major international fight, the Canadian workforce has rejected Vale's demand for drastic concessions to their bonus, pensions and seniority. The Brazilian Vale bought the profitable Canadian Inco two years ago. "In those two years, Vale has made twice the profit that Inco made in the previous ten years. However, they are insisting on huge concessions," said John Fera, President of United Steelworkers Local 6500 in Sudbury.

Pinto will describe what he saw and heard in Sudbury, from the community, the mayor and the striking Steelworkers. He will also be able to report on the multinational's situation.

    <<
    WHAT:     Vale Board Member to Bring Report of Conditions on the Sudbury
              Strike
              &
              Steelworkers to Give Away Canadian Nickels to Passersby

    WHO:      Eduardo Pinto,
              Vale Board of Directors, and President of STEFEM Brazilian Rail
              Workers

    WHERE:    In Front of Vale Inco's Canadian Headquarters
              North West Corner of Front and Bay Streets
              (Royal Bank Plaza, 200 Bay Street)

    WHEN:     Tuesday, Sept 22nd, 11:00am
    >>

SOURCE: United Steelworkers (USW)

Bob Gallagher, USW (Canada), (416) 544-5966, (416) 434-2221