Ivernia Inc.

Ivernia Inc.

July 08, 2005 08:07 ET

Ivernia's Magellan Mine Makes First Bulk Shipment Of Lead Concentrates To Asian Smelter

TORONTO, ONTARIO--(CCNMatthews - July 8, 2005) - Ivernia Inc. (TSX:IVW) today reported that the first bulk shipment of lead concentrate from its 100% owned Magellan lead mine in Western Australia was made on Monday July 4. The 5,000-tonne shipment was efficiently loaded on the vessel Albany Sound at the south-coast port of Esperance in Western Australia and is destined for an Asian smelter.

Alan De'ath, President and CEO of Ivernia, said, "This first bulk shipment represents another key milestone for Ivernia as the Magellan mine moves through its stages of commissioning. This shipment represents the first bulk delivery against sales contracts we have in place to deliver concentrates to Asian smelters. The mine is expected to reach its design throughput rate of 1.4 million tonnes per annum in the fourth quarter. Ivernia's Magellan mine will become a significant lead producer in 2006 and should then be the world's fifth largest lead producing mine."

Ivernia is an international base-metals mining and exploration company whose principal asset is a 100% interest in the low-cost, long-life Magellan lead mine in Western Australia. The mine is now being commissioned and the first bulk shipment of lead concentrate was made in July 2005. The Magellan mine is expected to reach full production levels in the fourth quarter. By 2006, Magellan should be one of the top five lead-producing mines in the world, producing approximately 100,000 tonnes of lead per year, close to 3% of total world lead mine production. The inferred resources and considerable regional exploration opportunities offer significant potential to extend the mine's current long reserve life.

Photographs of the loading of the vessel Albany Sound can be seen on the Ivernia website at www.ivernia.com

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This document contains certain "forward-looking statements". All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future, are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "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 forward-looking statements reflect the current internal projections, expectations or beliefs of the Company based on information currently available to the Company. Forward-looking statements are subject to a number of risks and uncertainties, including those detailed from time to time in filings made by the Company with securities regulatory authorities, that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements, and even if such actual results are realised or substantially realised, there can be no assurance that they will have the expected consequences to, or effects on, the Company. The Company expressly disclaims any obligation to update or revise any such forward-looking statements.

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