Ivernia Inc.

Ivernia Inc.

January 17, 2011 11:21 ET

Ivernia Provides Update on Responses to Order From the Minister for Environment of Western Australia

TORONTO, ONTARIO--(Marketwire - Jan. 17, 2011) - Ivernia Inc. ("Ivernia" or the "Company") (TSX:IVW) announces that its wholly-owned subsidiary, Magellan Metals Pty Ltd ("Magellan Metals"), has responded to those requirements of the order (the "Order") dated January 3, 2011 and issued to Magellan Metals by the Minister for Environment of Western Australia that sought specific information by January 17, 2011. Magellan Metals continues to consult with the Western Australian Government on the remaining requirements of the Order. The Company cannot at this time provide any further guidance on when the Minister for Environment will allow Magellan Metals to recommence the transport of lead carbonate concentrates from the Magellan Mine site, nor therefore as to when operations at the mine can resume.

The key facts to note about this issue are:

  • There have been no airborne lead levels recorded above the baseline within the sealed containers that transport double-lined bags of lead carbonate from the Magellan Mine, near Wiluna, through, to, and within the Port of Fremantle
  • Extensive sampling of nearly 300 individual monitoring and sampling sites along the transport route from the Magellan Mine, near Wiluna, through, to, and within the Port of Fremantle has shown no trace of lead carbonate from the Magellan Mine in the environment since transport operations commenced in September 2009 and clearly indicates there is no public health risk. These data have been regularly posted on the Magellan Metals website since transportation began in late September 2009
  • Container monitoring results clearly demonstrate the effectiveness of the industry-leading processes Magellan Metals has developed and implemented for the safe transport of lead carbonate

Forward-Looking Statements

Certain statements contained in this press release 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 transportation of lead carbonate from the Magellan Mine, the duration of the temporary shutdown of the Magellan mine, 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 the transportation of lead carbonate, 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 30, 2010 under "Description of the Business of the Company – Doing Business in Australia" and elsewhere in this press release 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.
    Fiona Childe
    Vice President, Investor Relations & Communications
    (416) 867-9298