Ivernia Inc.

Ivernia Inc.

August 31, 2005 09:28 ET

Ivernia's Magellan Mine Makes Further Bulk Shipments Of 10,000 Tonnes Of Lead Concentrates

TORONTO, ONTARIO--(CCNMatthews - Aug. 31, 2005) - Ivernia Inc. (TSX:IVW) today reported that two further bulk shipments of lead concentrates from its 100% owned Magellan lead mine in Western Australia were made today from the south-coast port of Esperance. The shipments, totaling 10,000 tonnes, were loaded on the vessel Port Kenny and are destined for two Asian smelters.

Alan De'ath, President and CEO of Ivernia, said, "These further bulk shipments represent another key stage in the commissioning of the Magellan mine as we ramp up production levels. The mine is expected to reach its design throughput rate of 1.4 million tonnes per annum during the course of the fourth quarter. Magellan 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. Magellan is expected to reach full production levels in the fourth quarter. By 2006 it should be one of the top five lead-producing mines in the world, producing about 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.

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