Ivernia Provides Update On Recent Events
TORONTO, ONTARIO -- (Marketwire) -- 01/03/11 -- Ivernia Inc. ('Ivernia' or the 'Company') (TSX: IVW) 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.
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.
Contacts:
Ivernia Inc.
Fiona Childe
Vice President, Investor Relations & Communications
(416) 867-9298
fiona@ivernia.ca