Ivernia Inc.

Ivernia Inc.

June 30, 2009 12:20 ET

Ivernia Announces Changes To Board Of Directors

TORONTO, ONTARIO--(Marketwire - June 30, 2009) - Ivernia Inc. ("Ivernia" or "the Company") (TSX:IVW) today announced the election of a new member to its Board of Directors. At the 2009 Annual and Special Meeting of Shareholders held on June 17, 2009 Mr. Pieter Britz was elected as the newest member of the Ivernia Board.

Mr. Britz has broad experience in many facets of the resources industry. Mr. Britz co-managed the de-merger and separate listing of Kumba Resources Limited in 2001 where he continued with responsibility for strategy and corporate development. In early 2004 Mr. Britz moved to Australia to set up Royal Bank of Canada's investment banking division, initially focusing on equity capital markets before expanding into corporate advisory work. Mr. Britz joined Sentient in early 2007, where he occupies the position of Investment Manager, and is a director of Geodynamics Limited. He also sits on the Board of Ivernia's principal operating subsidiary, Magellan Metals Pty Ltd.

Ivernia also announced today the resignation of Mr. Walter Murray from its Board of Directors. Mr. Murray has been a member of the Board of Ivernia since October 2000 and has served as Chair of Ivernia's Audit Committee and a member of the Compensation and Corporate Governance Committees. Current Ivernia Director and Audit Committee member Mr. David N. Murray has been appointed to serve as Audit Committee Chair. The Ivernia Board of Directors wish to thank Mr. Murray for his years of service and considerable contribution to the Company and wish him well.

With a view to complementing Ivernia's corporate development and growth strategy, the Board of Directors will expand the expertise of its members by adding two new independent Directors to the Board -one with technical mining experience and one with financial expertise and public company history.

At the Annual and Special Meeting shareholders also approved the confirmation of and amendment to the shareholders' rights plan, initially passed in 2006. The amendments to the plan were largely of a technical nature and the plan, as amended, has been filed on SEDAR, www.sedar.com, where it can be reviewed in its entirety.

About Ivernia:

Ivernia is an international base metals mining, exploration and development company. The Company is the sole owner and operator of the Magellan lead mine in Western Australia. When operations resume and target production levels are achieved the mine is expected to be a significant pure lead producer accounting for approximately 2% of the total world lead mine production.

Ivernia trades under the symbol "IVW" on the Toronto Stock Exchange. Additional information on Ivernia is available on the Company's website at www.ivernia.com and at SEDAR at www.sedar.com.

Forward-Looking Statements

Certain statements contained in this MD&A constitute forward-looking information within the meaning of securities laws. All statements included herein (other than statements of historical facts) which address activities, events or developments that management anticipates will or may occur in the future are forward-looking statements, including statements as to the following: the duration of the suspension of the Company's mining and milling operations, the possibility of legal or regulatory action (and any resulting costs or liabilities) which may be taken in connection with the matters investigated by the government of Western Australia relating to the suspension of mining operations, the estimated timing to recommence lead shipments from the Magellan Mine, future targets and estimates for production, capital expenditures, operating costs, cash costs, mineral resources and ore reserves, recovery rates, grades and prices; business strategies and measures to implement such strategies; competitive strengths; estimated goals and plans for Ivernia's future business operations; and other such matters. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "contemplate", "target", "believe", "plan", "estimate", "expect", and "intend" and statements that an event or result "may", "will", "can", "should", "could" or "might" occur or be achieved and other similar expressions.
These statements are based upon certain reasonable factors, assumptions and analyses made by management in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances. However, whether actual results and developments will conform with management's expectations is subject to a number of risks and uncertainties, including factors underlying management's assumptions such as the duration of the suspension of mining and milling operations, metal price volatility, lead carbonate concentrate treatment charges, exchange rates, regulatory proceeding and litigation, single mineral property, resources and reserves, health and safety, environmental factors, mining risks, metallurgy, labour and employment regulations, government regulations, insurance, refinancing risk, dependence on key personnel, constraints on cash flow and nature of mineral exploration and development. Additional factors and considerations are described in the Company's Annual Information Form dated as of March 31, 2009 under "Description of the Business of the Company - Doing Business in Australia" and elsewhere in this MD&A and in other documents filed from time to time by Ivernia with Canadian securities regulatory authorities. While Ivernia considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. These factors may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements, and there can be no assurance that the actual results or developments anticipated by management will be realized or, even if substantially realized, that they will have the expected results on the Company. Undue importance should not be placed on forward-looking information nor should reliance be placed upon this information as of any other date. Except as required by law, while it may elect to, Ivernia is under no obligation and does not undertake to update this information at any particular time.

Contact Information

  • Ivernia Inc.
    Ann Candelario
    Director Investor Relations & Corporate Communications
    (416) 867-9298
    (416) 867-9384 (FAX)