Ivernia Inc.

Ivernia Inc.

November 11, 2008 10:13 ET

Ivernia's Wholly Owned Magellan Metals Welcomes Premier's Commitment to Esperance

TORONTO, ONTARIO--(Marketwire - Nov. 11, 2008) - Ivernia Inc.'s (TSX:IVW) wholly-owned subsidiary, Magellan Metals, today issued the following media release in Western Australia:


Perth, Australia - November 11, 2008 - Magellan Metals supports the Premier's firm commitment (made in Esperance yesterday) to resolving lead issues quickly.

Magellan is committed to the community and removing its lead stockpile so the town and port can be cleaned up. The company is on standby to start the process of removing this lead as soon as it receives approval to commence work.

Magellan has worked closely with the Esperance Port Authority (EsPA) and State Government agencies, and consulted with the Esperance community, to complete a Lead Removal Plan that will allow the safe export of the remaining lead concentrate at Esperance.

It is proposed to remove the lead concentrate by packing and sealing it in two tonne bags before locking it in steel containers, loading them on to vessels and exporting to China.

Once the lead stockpile is removed the old lead storage shed can be cleaned and demolished.

Magellan is hopeful that EsPA will soon receive approval for the Lead Removal Plan once any outstanding logistics issues are resolved. The company has a team of employees ready to shift its bagging plant to Esperance so it can be reassembled within the lead storage shed.

The company will have senior employees based in Esperance throughout the lead removal operation to ensure the bagging and containerising is closely monitored. The process will also be independently audited at all times.

Magellan advised earlier this year that it is willing to make an appropriate financial contribution towards both the clean-up and the community and has not waivered from that position.

More information on the Lead Removal Plan can be obtained by visiting www.magellanmetals.com.au.

About Ivernia

Ivernia is an international base metals operating, development and exploration 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.

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)
    Email: ann@ivernia.ca
    Website: www.ivernia.com