Ivernia Closes $18M Financing

TORONTO, ONTARIO -- (Marketwire) -- 01/13/11 -- All dollar amounts in this release are expressed in Canadian Dollars

Ivernia Inc. (TSX: IVW) ('Ivernia' or the 'Company') today announced that it has closed its financing with Sentient Executive GP III, Limited ('Sentient') previously announced by the Company on January 11, 2011. Sentient has purchased 52.9 million Ivernia common shares ('Common Shares') at a price of $0.34 per Common Share (the 'Offering') for gross proceeds of approximately $18 million. Under the terms of the Offering, Sentient was paid a commitment fee of $899,300, equating to $0.017 per Common Share, which was deducted from the gross proceeds of the Offering. The Offering was completed by way of a non-brokered private placement.

As summarized in a Company news release dated January 11, 2011, net proceeds of the Offering will be used to strengthen Ivernia's financial position generally and specifically to provide working capital to fund Magellan Metals Pty Ltd, a wholly-owned subsidiary of the Company, during the temporary shutdown of the Magellan Mine in Western Australia.

About Ivernia:

Ivernia is an international base metal mining, exploration and development company.

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 use of the net proceeds of the offering, 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.

Contacts:

Ivernia Inc.

Brent Omland

Vice President, Finance and CFO

(416) 867-9298
brent@ivernia.ca
www.ivernia.com