Its very close to the limit but most cds will take a couple of MB over the 700.
Does it give an option to try or does it just refuse ?
You may have to force it to "overburn", its a long time since I have done that but you will need to set it up in Nero Burning Rom or Nero Express.
Go to File/Options/Expert Features in Rom or Options/Expert Features in Express.
Theres a box in there that you can tell it to burn a few MB over. Dont go mad but you should be able to get up to around 82 mins or a little more on a 80 min CD.