IVERNIA PROVIDES UPDATE ON RECENT EVENTS
- Ivernia Inc is 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.
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.
Alan De'ath, President and CEO of Ivernia
commented: "Ivernia and Magellan
Metals take this issue extremely seriously and immediately complied with the
State Government of Western Australia's Stop Order to cease transport of
lead carbonate from the Magellan Mine site near Wiluna.
Magellan Metals
would like to meet with the Western Australia's Office of Environmental
Protection Authority ("OEPA") as soon as possible to resolve the
issues
involved in order to be able to recommence transportation."
In mid-December Magellan Metals met and proactively advised the OEPA that an
internal review of data showed that lead from the Magellan Mine may have
been identified within a small number of sealed containers. Magellan Metals
was fully prepared to meet the timeline agreed with the OEPA as a result of
these meetings to provide additional information when the Stop Order was
issued on December 31, 2010.
Magellan Metals received, on January 3rd, 2011, an Order which replaces the
Stop Order referred to in Ivernia's December 31st,
2010 release.
The Order sets out what information Magellan Metals is required to deliver
to the OEPA by January 17, 2011. The Order also requires Magellan Metals to
work with government to design an investigation to determine the source and
extent of the lead and initiate a review of procedures for packaging and
transport.
Magellan Metals intends to address this matter as soon as possible before
the deadline and work with the OEPA and its General Manager to ensure their
satisfaction with the results of the investigation and review in order to
resume shipments from the Magellan Mine.
Ivernia is assessing the implications of the Order
and its impact on the
Magellan Mine operations.
Detailed information about the transport operation and stringent monitoring
processes, and all transport route monitoring results can be found on
www.magellanmetals.com.au
About Ivernia: Ivernia is
an international base metal mining, exploration
and development company. The Company is the sole owner and operator of the
Magellan Mine in Western Australia, which restarted operations in early 2010
and is ramping up to full production. When target production levels are
achieved the mine is expected to be a significant pure lead producer,
accounting for approximately 2% of annual global lead mine production.
Ivernia trades under the symbol "IVW" on
the Toronto Stock Exchange.
Additional information on Ivernia is available on the
Company's website at
www.ivernia.com and at SEDAR at www.sedar.com.
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 production of
lead carbonate at 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
.