IVERNIA ANNOUNCES TEMPORARY SHUTDOWN OF MAGELLAN OPERATIONS

- Ivernia Inc �providing a further update on recent events in
regard to the temporary cessation of transport operations by its wholly-
owned subsidiary Magellan Metals Pty Ltd ("Magellan Metals") at the Magellan
Mine, located near Wiluna in Western Australia.

Due to the current uncertainty surrounding the timeline to recommence
shipments, the Company is commencing a temporary shutdown of mining and
processing operations. Magellan Metals has also commenced the process of
sending notices of force majeure to its suppliers, where appropriate. The
mining and processing operations will be shutdown in a safe and thorough
manner, such that operations can recommence rapidly once the stop order is
lifted. A small crew of employees will be kept at site to conduct the
shutdown and ensure the integrity of the plant. 

The remaining Magellan Mine employees are being asked to stay at home and
will be eligible for full pay and entitlements. Magellan Metals plans to
retain its workforce intact to ensure that operations can be restarted
rapidly when the order is lifted. Its ability to do so will depend on the
duration of the shut down and when the order is lifted. Contractors at the
Magellan Mine have also been informed that, in most cases, their services
are not required during the temporary shutdown.

Alan De'ath, President and CEO of Ivernia commented: "Since the resumption
of operations earlier this year we have built up a strong and experienced
workforce at the Magellan Mine. It is important that we retain our overall
team ready for a prompt restart as soon as possible after the Order is
lifted. We appreciate their loyalty and commitment as we continue to work
towards fulfilling the requirements set out by the Minister for Environment
to allow the resumption of transport of lead carbonate from the Magellan
Mine".

The temporary shutdown of mining and processing will commence immediately
and follows the cessation of transport from the mine announced in an Ivernia
news release of Dec. 31, 2010 and updated in an Ivernia news release of
January 3, 2011. The key facts to note about this issue are:

�         Container monitoring results clearly indicate no public risk.
Airborne lead levels in sealed containers are very low and are well below
occupational health levels established by the Australian National
Occupational Safety and Health Commission,

�         There is no evidence that any of the sealed bags containing lead
carbonate from the Magellan Mine have been damaged during loading or
transport, and

�         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
from the Magellan Mine in the environment since transport operations
commenced in September 2009.

Additionally, the Minister for Environment; Water of Western Australia
announced on January 4, 2011 that no elevated lead levels were discovered as
a result of recent testing by the Department of Environment and Conservation
in the storage area used by Magellan Metals at Fremantle Port.

The temporary shutdown of mining and processing will be re-evaluated on a
weekly basis or at more frequent intervals, as required. 

�
For further information please contact: 
Ivernia Inc. Fiona ChildeVice President, Investor Relations &
CommunicationsSuite 3303, 130 Adelaide Street West Toronto, Ontario M5H 3P5
(416) 867-9298Email: fiona@ivernia.ca
 
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, the timing of Magellan's response
to the requirements of the Order 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.

Ivernia Inc.
130 Adelaide St. West
Suite 3303
Toronto, ON, Canada
M5H 3P5





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