Ms. Catherine McLeod-Seltzer reports

GRENVILLE ANNOUNCES OPTION GRANTS

Grenville Strategic Royalty Corp. has granted options to acquire an aggregate of 2,915,000 common shares of Grenville to certain directors and officers of the company. All of the options are exercisable at a price of 88 cents per common share. All of the options granted to non-management directors of the company will vest annually in equal tranches, with the first 25 per cent of the options vesting on the grant date. The options granted to members of senior management of the company, including the chief executive officer, executive chairman and chief financial officer, will vest annually in equal tranches if the company achieves cumulative free cash (as that term is defined in the company's management discussion and analysis) of at least $5-million, $10-million, $15-million and $20-million by the first, second, third and fourth anniversaries of the grant date, respectively.

All of the options have a term of five years and are subject in all respects to the terms of Grenville's stock option plan.

Catherine McLeod-Seltzer, chair of the company's compensation committee, stated, "The board of Grenville is pleased to initiate this innovative performance option program which augments the usual time-based vesting provisions with performance metrics that we believe will drive shareholder value and further align management's objectives with those of shareholder's desire for growing free cash flow."