Cosan Limited (CZZ)

[Ed Monton]

Canadian Royalties: Initial Mineral Resources Announced for Mesamax and TK Deposits
Tuesday April 15, 9:42 am ET

VAL D'OR, QUEBEC--
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At 10:00 a.m. (EST) today a live audio webcast of the conference call related to the information in this release will be available through www.vcall.com. Please connect to www.vcall.com at least 15 minutes prior to the conference call to ensure adequate time for any software downloads required. A replay of the webcast will be available for 90 days at www.vcall.com. A replay of the conference call will also be available by telephone from approximately 12:00 p.m. (EST) on April 15, 2003 through April 22, 2003. To access the replay, dial 1-800-408-3053 or 416-695-5800 and enter reservation number 1407176.

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Canadian Royalties Inc. (TSX-V: CZZ - News) reports that an independent consultant's resource estimate for the Company's Mesamax Deposit is 1,450,000 tonnes in the indicated category, and a further 130,000 tonnes in the inferred category. An additional 150,000 tonnes of near surface, somewhat oxidized material was identified, but not included in the current resource estimate pending further studies. A limited resource was also calculated for the eastern portion of the TK Zone.

Strathcona Mineral Services Limited ("Strathcona") delivered the results of the resource evaluation study to Canadian Royalties yesterday. The study incorporates the information from 41 diamond drill holes (3,473 meters) at Mesamax and 27 drill holes (2,217 meters) from the eastern portion of the drilling completed to date at the TK Zone which is located some 3.2 kilometers to the west of Mesamax. The study did not address the historical resource estimates at the Expo-Ungava deposit (see figure 1). Both Mesamax and TK remain open to expansion in several directions. At TK, some mineralized intervals were not included in the evaluation due to the current lack of sufficient data or complex geology. In the Mesamax area, additional diamond drilling is required to expand and ultimately define the limits of the mineralized zone to the north, east and possibly to the west-southwest.
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