Ivernia Inc.

Ivernia Inc.

June 10, 2009 19:36 ET

Ivernia Names Brent Omland Vice President Finance and Chief Financial Officer; Bruce Hooper Vice President Corporate Development and Exploration

TORONTO, ONTARIO--(Marketwire - June 10, 2009) - Ivernia Inc. ("Ivernia" or "the Company") (TSX:IVW) today announced the promotion of Brent Omland to Vice President Finance and Chief Financial Officer and Bruce Hooper to Vice President Corporate Development and Exploration effective immediately.

These appointments are part of an overall reorganization of management responsibilities as Ivernia gears up the restart planning for the Magellan Mine and focuses on its growth strategy. As part of this management reorganization Ivernia is in the process of recruiting an Executive Vice President - Operations to be based in Perth, Australia to spearhead the planning and execution of the restart of Magellan operations. Ivernia expects to make an announcement on that appointment over the next couple of months.

Mr. Omland is a Chartered Accountant with corporate and auditing experience principally in the mining industry. He holds a Bachelor of Commerce (Accounting) degree from the University of British Columbia and is a member of the Institute of Chartered Accountants of Ontario. Mr. Omland joined Ivernia in February 2008 as Director - Finance. Prior to that, he was with Teck Resources Limited. Mr. Omland is based in Toronto and will divide his time between Toronto and Perth during the Magellan restart planning and start-up period.

Mr. Hooper has 30 years of exploration and development experience in Australia and internationally. He has managed many successful exploration programs and is well experienced in taking initial exploration prospects through to evaluation and into production. Mr. Hooper is an Honours Graduate from the University of Leeds, UK in Geological Sciences and has worked for both major resource companies and junior explorers. Mr. Hooper joined Ivernia in October 2008 as Vice President - Exploration and Development. Prior to that, he was General Manager - Exploration with Perilya Limited. Mr. Hooper is based in Perth, Australia.

As part of this overall management reorganization the position of Executive Vice President - Finance and Corporate Development in Toronto has been eliminated and Robert Wickham has left the Company.

Alan De'ath, Ivernia President and Chief Executive Officer said, "This management reorganization reflects the Company's increasing focus on the restart of the Magellan operation and the next stage of growth for Ivernia. With the issues at Esperance now resolved and the approvals to ship through the Port of Fremantle well in hand and going through final process - we are looking forward to getting the Magellan mine back into production with an eye toward implementing corporate development and exploration initiatives intended to expand our presence in the global base metals market. We are now putting in place the management team to restart Magellan and focus on the next stage of development of the company and the exciting times ahead."

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 document constitute forward-looking information within the meaning of securities laws. All statements included in this document (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 proposal to ship lead concentrate through the Port of Fremantle, the implications of the government of Western Australia's continuing investigations into the matters resulting in the suspension of mining operations, the possibility of legal or regulatory action (and any resulting costs or liabilities) which may be taken in connection with the matters being investigated, the estimated timing of the receipt of required regulatory approvals to ship the stranded lead concentrate at the Port of Esperance and 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 results of the Australian government's continuing investigations into lead contamination at the Port of Esperance, the timing of the receipt of final regulatory approvals required to ship lead concentrate through the Port of Fremantle, the duration of the suspension of mining and milling operations, metal price volatility, lead 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. While we consider these assumptions to be reasonable based on information currently available to us, 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. Other risks and factors that could cause actual results to differ are described in Management's Discussion and Analysis ("MD&A") for the most recently completed year end under the heading "Risks and Uncertainties", and in the Company's most recently filed Annual Information Form under the heading "Risk Factors". Our MD&A, Annual Information Form and additional information on Ivernia are available on the Company's website at www.ivernia.com and on Ivernia's SEDAR profile at www.sedar.com. All of the forward-looking statements made in this document are based on our current estimates, expectations and projections, which we believe are reasonable as of the current date. You should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While we may elect to, we are under no obligation and do 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)