Ivernia Reports First Quarter 2011 Financial Results and Provides Business Update
TORONTO, ONTARIO -- (Marketwire) -- 06/13/11 -- All Dollar Amounts are in U.S. Dollars Unless Otherwise Indicated
Ivernia Inc. ('Ivernia' or the 'Company') (TSX: IVW) today reported for the first time its financial results under International Financial Reporting Standards ('IFRS'). The Company recorded revenue of $5.6 million for the first quarter of 2011, compared with revenue of $11.2 million for same period last year as the Magellan Mine was on a temporary shutdown for the majority of the quarter.
The Company recorded a net loss of $4.6 million, or ($0.01) per common share, for the first quarter of 2011 compared with a net loss of $1.9 million, or ($0.01) per common share for the same period last year.
2011 FIRST QUARTER HIGHLIGHTS
Financial
-- Revenue of $5.6 million on sales of 2,500 tonnes of lead carbonate
concentrate.
-- 12,600 tonnes of lead carbonate concentrate inventory as of March 31,
2011.
-- Net loss of $4.6 million for the first quarter of 2011 or ($0.01) per
share.
-- Payment during the quarter of the second A$ 3 million EBITDA based
payment relating to the Esperance Settlement Agreement.
-- Raised C$18 million (net C$17 million) in a private placement in January
2011 to provide working capital to fund Magellan Metals during the
temporary shutdown of the Magellan Mine
-- First quarter reporting in IFRS (previously reported in Canadian GAAP).
-- Subsequent to first quarter end and following the April announcement
that the Magellan Mine was being put on care and maintenance, the
Company raised C$20 million (net C$19 million) in a private placement in
May 2011 to strengthen Ivernia's financial position generally and to
provide working capital to fund Magellan Metals during the care and
maintenance period of the Magellan Mine including the end-to-end review
process.
Operational
-- Ivernia reported a significant increase in the mineral reserves and
mineral resources at the Magellan project.
-- Magellan Mine life of mine to date, record monthly mill throughput in
March of 127,000 tonnes.
-- Significant disruption to operations due to incidents involving the
concentrate transport process, ultimately resulting in the operations
being placed in care and maintenance in April 2011.
-- Extensive testing for Magellan lead along the transport route confirmed
that no concentrate has escaped from the two tonne sealed bags into the
environment or the community during the Company's concentrate transport
operations from mine site through to export from Fremantle.
-- Magellan Metals reached agreement with the local Native Title claimants
on a Negotiation Protocol which will be used as the basis for renewed
discussions over Native Title matters relevant to new lease
applications.
FINANCIAL AND OPERATING HIGHLIGHTS
The following table is a summary of Ivernia's financial and operating highlights for the three months ended March 31, 2011 and 2010:
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(in thousands of United States dollars, unless otherwise 2011 2010
indicated and per share amounts) $ $
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Financial Highlights
Revenue 5,596 11,241
Cost of sales (12,701) (15,400)
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Gross loss (7,105) (4,159)
General and administrative (2,949) (1,827)
Share based compensation (18) (40)
Foreign exchange 3,025 3,878
Other income (expenses) 742 (220)
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Operating loss (6,305) (2,368)
Interest income 142 106
Interest expense (374) (1,297)
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Loss before tax (6,537) (3,559)
Income tax recovery 1,921 1,676
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Net loss (4,616) (1,883)
Unrealized gain on investments 2 -
Foreign currency translation differences (351) (1,134)
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Comprehensive loss, net of tax (4,965) (3,017)
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Basic and fully diluted loss per share(1) (0.01) (0.01)
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Weighted average shares outstanding - thousands 574,549 188,536
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Cash provided by (used in) operations before changes in
non-cash working capital (6,893) (7,598)
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Cash flow (used in) provided by operating activities (11,382) 1,220
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Operating Highlights
Ore milled - (000's tonnes) 145 32
Average head grade - (% lead) 6.8 6.9
Recovery - (%) 74 54
Concentrate produced - (000's dry tonnes) 11.4 2.0
Concentrate sold - (000's dry tonnes) 3.9 8.4
Lead metal in concentrate produced - (000's tonnes) 7.3 1.2
Lead metal in concentrate sold - (000's tonnes) 2.5 5.4
Concentrate inventory - (000's of dry tonnes) 12.6 2.0
Average lead price - LME cash settlement- ($ per pound) 1.18 1.02
Ivernia's average lead sale price - ($ per pound) 1.19 0.97
Cash cost per pound sold - ($ per pound)(2) N/A N/A
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(1) Per share data was calculated on the basis of the weighted average
shares outstanding (basic and diluted) for the relevant period
(2) Cash cost per pound sold is a non-IFRS measure. Cash cost of lead sold
is not currently meaningful as the Magellan Mine worked through the
issues surrounding the Order and the transportation delays during the
first quarter of 2011. Upon the restart of operations of the Magellan
Mine and once the Magellan Mine achieves steady state production run
rates information about the cash cost of lead sold will be reintroduced.
OPERATIONS REVIEW - MAGELLAN MINE
Ivernia restarted operations at the Magellan Mine in late February, 2010. A ramp-up of operations took place throughout 2010. On December 31, 2010, Magellan Metals received a stop order from the Acting Minister for Environment of Western Australia (the 'Stop Order') relating to the transport of lead carbonate concentrate from the Magellan Mine. Transportation operations from the Magellan Mine were immediately halted upon receipt of the Stop Order. The Stop Order was replaced by a subsequent order issued on January 3, 2011 from the Minister for Environment of Western Australia (the 'Order') with respect to cessation of transportation of lead carbonate concentrate from the Magellan Mine. Magellan Metals stopped mining operations at the Magellan Mine commencing January 5, 2011 until February 23, 2011 when the Minister for Environment announced the lifting of the Order. Following the lifting of the Order, Magellan Metals commenced a ramp-up of operations. On April 5, 2011, Magellan Metals announced that it had voluntarily ceased transportation and operations as result of the detection of lead bearing mud on one of its shipping containers. On April 7, 2011, the Company announced that it had commenced placing the Magellan Mine on care and maintenance.
The Company cannot, at this time, provide any specific guidance on when the Company will restart operations at the Magellan Mine. The Company believes that Magellan Metals must complete its internal end-to-end review, complete its internal inquiry on the source and extent of lead bearing mud described in detail below and the Office of the Environmental Protection Authority of Western Australia ('OEPA') must complete its Section 46 Review of the Interim Implementation Conditions defined and described in detail below, before the Company will be in a position to provide guidance on the expected timing for a restart of operations. The Company cannot provide guidance on the timing for completion of the OEPA's Section 46 Review; however, the Company currently expects to complete the end-to-end review by the end of October 2011. As a result, the Company does not expect to make a decision on the restart of operations until at least that time. Upon making the decision to restart operations, the Company expects that it would take greater than three months for a ramp-up of operations to be completed with an expectation that the longer the Magellan Mine is on care and maintenance the longer the ramp-up period that may be required.
A full discussion of the events related to the placement of the Magellan Mine on care and maintenance in 2007, the restart of operations in 2010 and the events to March 30, 2011 is contained in Ivernia's Annual Information Form ('2010 AIF') dated March 30, 2011 under the heading 'Three-Year History - Operations', and is incorporated herein by reference. For additional information, management's discussion and analysis for the interim period ended March 31, 2011 (the 'Q1 2011 MD&A') and the 2010 AIF are available on the Ivernia web site at www.ivernia.com and on SEDAR at www.sedar.com.
Principal activities during the first quarter of 2011 focused on the Order, matters related to the lifting of the Order and the resumption of ramp-up of operations following the lifting of the Order until the Magellan Mine was placed on care and maintenance in April 2011.
The table below summarizes quarterly mine production, process production, shipments and inventories for the three months ended March 31, 2011 and March 31, 2010:
Three months ended Three months ended
March 31, 2011 March 31, 2010
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Mining
Ore mined - 000's tonnes(1) 150 -
Low grade ore mined - 000's
tonnes(2) 34 15
Total ore and waste mined - 000's
bcm 264 118
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Processing
Ore milled - 000's tonnes 145 32
Average head grade - % lead 6.8 6.9
Average recovery - % 74 54
Concentrate produced - 000's dry
tonnes 11.4 2.0
Concentrate grade - % lead 64 60
Lead metal in concentrate produced -
000's tonnes 7.3 1.2
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Sales and inventories
Concentrate sold - 000's dry tonnes 3.9 8.4
Concentrate grade - % lead 64 64
Lead metal in concentrate sold -
000's tonnes 2.5 5.4
Concentrate inventory - 000's dry
tonnes 12.6 2.0
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(1) Ore mined does not include low grade ore
(2) Low grade ore is 1.5 to 2.5% lead
Operations during the quarter were disrupted by the events that are described above. Despite these interruptions, the operations ran for all of March and achieved a life of mine to date record high for monthly mill throughput, treating 127,000 dry metric tonnes of ore. Throughput during March would have been higher had the plant not had to deal with a period of ore containing high amounts of clay which impacted on daily throughputs and recoveries. The improved milling performance was due to improved plant availability and utilization following a number of minor debottlenecking projects implemented in the fourth quarter of 2010 and the first quarter of 2011.
During the first quarter of 2011, the Company treated 145,000 tonnes of ore at a head grade of 6.8%. The company recovered 74% of the lead to produce 11,400 tonnes of lead carbonate concentrate at a grade of 64% containing 7,300 tonnes of contained lead.
During the quarter the Company experienced a considerable inventory build. The Company shipped 3,900 tonnes of lead carbonate concentrate containing 2,500 tonnes of contained lead leaving 12,600 tonnes of lead carbonate concentrate inventory at quarter-end.
Update on care and maintenance at the Magellan Mine
On April 5, 2011, Ivernia announced that Magellan Metals had voluntarily halted all operations at the Magellan Mine in Western Australia. Magellan Metals isotopically tested a sample of dried mud from the bottom of a shipping container that was transported from the Magellan Mine to the Port of Fremantle. The result showed a high probability that some or all of the lead in the sample came from the Magellan Mine. Magellan Metals immediately informed the OEPA.
Magellan Metals immediately and voluntarily ceased transportation and commenced an internal inquiry into the source and extent of the mud found on the container and disclosed that mud was observed on a small number of other containers. When transportation was disrupted there were a total of 71 containers in four locations along the transport route. Consistent with previous sampling by Magellan Metals, and by the OEPA at Fremantle Port, there is no suggestion the source of the lead is from the bagged lead carbonate concentrate within the shipping container, which is consistent with previous sampling results along the transport route, and there is no risk to public safety or to the environment. Samples of the mud on the containers were sent for isotopic testing which indicated a high probability of lead originating from the Magellan Mine. None of the samples exceeded 0.45% lead content. To put this figure in context, the average run of mine ore grade from the Magellan Mine is approximately 5.7% lead content. The shipping containers with lead bearing mud have been cleaned in accordance with a protocol approved by the OEPA, and the mud disposed of by a licensed contractor in accordance with waste disposal requirements. The process, approved by the OEPA, does not pose any risk to public health or safety. The last of the 71 containers were exported in the first half of June 2011.
Magellan Metals believes that the source of the mud, at least in part, resulted from the shipping containers being placed on the ground following extremely wet weather conditions experienced in central Western Australia in March 2011. Magellan Metals expects to complete its internal inquiry on the source and extent of the lead bearing mud in July 2011.
In April 2011, with the uncertainty surrounding these results and what would be the third transportation disruption since December 31, 2010, the decision was made to undertake an end-to-end review of its business practices before the recommencement of transportation would resume. As such, the Magellan Metals workforce commenced an orderly shutdown of operations and the mine was placed on full care and maintenance.
As part of care and maintenance, Magellan Metals undertook a process of retrenchment of its work force. Magellan Metals followed an open and engaging process with its workforce over the retrenchments and received generally positive feedback both from those who were retrenched and those who were retained. Prior to care and maintenance, approximately 220 employees and contractors were employed at the Magellan Mine and an additional 15 people in the Perth office. As at June 13, 2011, there are 20 people at the minesite and 10 people at Perth office. The selection process was designed to retain the required skills and numbers to conduct the necessary care and maintenance work as well as the projects required to return the project to operation.
Since entering into care and maintenance, Magellan Metals has amended its open pit mining contract (the 'Amended Contract') to suspend the services of its mining contractor at the Magellan Mine. The Amended Contract requires that Magellan Metals pay non-refundable termination and demobilization fees and certain fixed costs to the mining contractor as part of suspending its services during the care and maintenance period. Pursuant to the Amended Contract, Magellan Metals is permitted to reinstitute the services of the mining contractor following providing notice of re-commencement of work. Magellan Metals has issued notices of force majeure on all of its sales contracts with its lead concentrate customers. In connection with other suppliers, Magellan Metals has reduced the level of goods and services requirements in line with an operation on care and maintenance.
On April 7, 2011, Magellan Metals had a significant container inventory at the minesite with the majority of these containers being loaded with lead carbonate concentrate in sealed two tonne bags. To avoid incurring additional demurrage charges, Magellan Metals unloaded some of the containers and has stored the bagged concentrate at the minesite. This unloading process took place during the months of April, May and June. Magellan Metals also purchased 144 containers that were on site for concentrate storage purposes. As at June 13, 2011, Magellan Metals continues to hold significant bagged lead carbonate concentrate stockpiles at the minesite of 10,100 tonnes. 250 empty containers have been returned to the Port of Fremantle.
Since entering the care and maintenance period, Magellan Metals has commenced a comprehensive end-to-end review of all its compliance activities and response systems related to the Magellan Mine, including over the mining, processing, transporting and management of lead carbonate production and export functions.
Magellan's end-to-end review is being assisted by external expertise, and will include assessing the risks of potential non-compliances with the Interim Implementation Conditions in terms of the practical daily issues involved in a mining operation. The objective is to prevent an ongoing pattern of temporary disruption to operations and to further reduce risks associated with the wide range of potential events that can impact on compliance with the most stringent transport conditions placed on any Western Australian mining operation.
Update on Compliance Matters and Section 46 review of Interim Implementation Conditions
With immediate effect on lifting of the Order on February 23, 2011, Interim Implementation Conditions issued by the Minister for Environment of Western Australia apply to the transport process from the Magellan Mine. Pursuant to the Environmental Protection Act 1986 of Western Australia (the 'EP Act'), the Interim Implementation Conditions will remain in place pending a full review of Magellan Metals' operating conditions by the OEPA pursuant to section 46 of the EP Act (the 'Section 46 Review'). At the conclusion of the Section 46 Review, the OEPA will provide recommendations to the Minister for Environment, these recommendations may include further changes and the permanent implementation of the Interim Implementation Conditions. The full text of the Interim Implementation Conditions is posted on the Magellan Metals website at www.magellanmetals.com.au.
As part of working with the OEPA on its Section 46 Review, Magellan Metals has made submissions to the OEPA with respect to proposed amendments to the Health, Hygiene and Environmental Management and Monitoring Programs and the Interim Implementation Conditions. In May 2011, officers of the OEPA attended the Magellan Mine site to observe how Magellan Metals receives, stores, loads and washes containers to prevent concentrate and mud from leaving the site.
At the request of the Minister for Environment and as part of the Section 46 Review, Magellan Metals has provided the OEPA with its position with respect to smelting lead into ingots. Magellan Metals' submissions summarized the factors affecting refinery viability and the studies which Magellan Metals has completed to date which have shown that it was not cost effective to smelt or refine Magellan Metals' lead concentrate at the Magellan Mine. While the Company has not changed its historical position with respect to the feasibility of a smelter or refinery, the Company is conducting a new study into the viability of downstream processing of its concentrates given the significant increase in mineral reserves at Magellan, the changing lead concentrate market and improved economic climate since the last review was completed in 2008. The study will develop engineering concepts and cost estimates for various downstream process technologies to allow an optimal selection to be considered by the Company. If no optimal selection exists, then the Company expects that the study will outline the reasons for this outcome. The Company does not expect that the study will be finalized prior to the fourth quarter of 2011. Only following completion of the study would Magellan Metals expect to be in a position to make a decision on whether or not to proceed to a feasibility study on downstream processing and associated environmental impact assessment. For greater certainty, the Company can provide no guidance on the expected conclusions of the study and the Company cautions readers not to draw any conclusions from Magellan Metals' decision to conduct the study.
In mid-2010, Magellan Metals submitted an application to the DMP to develop the Pinzon deposit on Magellan Mine's existing mining tenement. At the same time, Magellan Metals submitted an application to the OEPA to support an increased throughput rate (from 1.0 million tonnes up to 1.9 million tonnes of ore processed per annum) and other system improvements, as well as introducing a contingency transport route (trucking to Kalgoorlie rail head instead of rail from Leonora) (the 'Proposal'). In June 2011, Magellan Metals received correspondence from the OEPA stating that the Proposal could not be formally considered until the completion of the Section 46 Review of the Interim Implementation Conditions. In addition, the correspondence states that the preliminary indication is that due to the potential significant aspects of the proposal that Magellan Metals may need to explore its options through a separate application process.
At this point in time, the Company cannot provide any guidance as to the time for completion of the Section 46 Review of the Interim Implementation Conditions and what changes, if any, will be made to Magellan Metals' operating conditions as a result.
As mentioned above, the Company is performing a comprehensive, end-to-end review of its risk management and compliance procedures to ensure that all Interim Implementation Conditions and any conditions resulting from the Section 46 Review will be met from the time of the recommencement of operations. The Company expects its end-to-end review to be completed by the end of October 2011.
Native Title
Magellan Metals has recently signed an agreement with Tarlpa in relation to newly granted exploration tenement areas within the Tarlpa claim area and has formalized a formal negotiation protocol with the combined Wiluna and Tarlpa claimants to develop a broader agreement over the whole of the Magellan Metals minesite, which is anticipated to replace existing agreements.
Mineral Resources, Mineral Reserves and Mine Life
During the first quarter of 2011, SRK Consulting (Australasia) Pty Ltd. ('SRK') prepared the independent NI 43-101 compliant 2011 technical report for the Magellan Mine entitled 'Technical Report on the Magellan Lead Carbonate Mine, Wiluna, Western Australia' dated March 30, 2011 (the '2011 Technical Report'). SRK is a global mining consulting firm independent of Ivernia. Information from the 2011 Technical Report has been summarized in the 2010 AIF under the heading 'Description of the Business of the Company - Magellan Mine - Mineral Resources, Mineral Reserves and Mine Life'. The 2010 AIF and 2011 Technical Report are available on Ivernia's website at www.ivernia.com and on SEDAR at www.sedar.com.
Ivernia Financings
In January 2011, following issuance of the Order, Ivernia sought to strengthen its financial position generally and specifically to provide working capital to fund Magellan Metals during the temporary shutdown of the Magellan Mine. On January 13, 2011 Ivernia closed a private placement for common shares with Sentient Executive GP III, Limited (together with its affiliates referred to as 'Sentient'). Pursuant to the terms of the private placement, Sentient purchased 52,900,000 common shares at a price of C$0.34 per common share for gross proceeds of approximately C$18.0 million ($18.2 million). Total costs for the offering, including a C$899,000 commitment fee paid to Sentient, were C$1.0 million ($1.0 million). The offering was completed by way of a non-brokered private placement.
On May 27, 2011 in connection with the Magellan Mine being placed on full care and maintenance, the Company issued 93,370,682 common shares to Green SEA Resources Inc. ('GSR'), a private Canadian company wholly owned by Sentient, at a price of C$0.2142 per common share. GSR was paid a commitment fee of C$1 million, which was deducted from the gross proceeds, resulting in net proceeds of C$19 million ($19.4 million). The Company received written consents from shareholders representing a majority of the disinterested common shares of the Company (the 'Consenting Shareholders') in support of the private placement. These Consenting Shareholders owned or controlled approximately 28.05% of the Company's total outstanding shares or approximately 53.67% of the outstanding shares held by shareholders other than GSR and its associates and affiliates. The Company approached a number of institutional and accredited investors who were existing shareholders in the Company with respect to participating in the private placement. While the overall response from such persons was supportive of the private placement, and contributed to obtaining a majority of minority approval, the Company did not receive any commitments to participate in the private placement from such investors within the necessary timeline. Immediately following the closing of this private placement, GSR's reported ownership was 371,318,610 Ivernia common shares, or 54.96% of the total issued and outstanding common shares of the Company. The proceeds of the offering will be used to strengthen Ivernia's financial position generally and specifically to provide working capital to fund Magellan Metals during the care and maintenance period of the Magellan Mine including the end-to-end review process.
Prairie Downs
Under the terms of an earn-in agreement announced by the Company on June 14, 2010 a wholly-owned subsidiary of Ivernia may acquire up to 80% interest in the Prairie Downs zinc-lead-silver project ('Prairie Downs Project') from Australian Stock Exchange listed Prairie Downs Metals Limited ('PDML'). The Prairie Downs Project, located 60 kilometres ('km') southwest of Newman in Western Australia, is located within 250 km of the Magellan Mine.
A second phase of drilling by the Company commenced in the second quarter of 2011. The drilling is targeted at the Wolf prospect to follow up the high grade intercepts within a large low grade system identified during the phase one drill program commenced in 2010. The detailed results of the phase one program are presented in Ivernia's news release dated January 20, 2011 and filed on SEDAR at www.sedar.com. The Company anticipates announcing during June the results of the phase two drilling program.
Expenditure is on-track with the expenditure required under the terms of Ivernia's earn-in agreement with PDML. Prior to the completion of this phase two drilling program Ivernia had spent the minimum A$2 million expenditure and has advised PDML accordingly.
Capital Resources and Working Capital Requirements
As at June 10, 2011, the Company had approximately $19 million in cash to fund the care and maintenance activities at the Magellan Mine including the completion of the end-to-end review. The Company expects to continue to have negative cash flows during the care and maintenance period. These negative cashflows may be offset by any revenue generated from the sale of stockpiled lead carbonate concentrate at the Magellan Mine which the Company expects to commence shipping after the completion of the Section 46 Review and the end-to-end review. The Company expects that with the realization of such stockpile sales at current metal prices of approximately $2,500 per tonne and US$/A$ exchange rates of approximately $1.05 it has sufficient working capital to withstand a care and maintenance period (including completing the end-to-end review) for at least the next 12 months from the date of this news release.
Management's Discussion and Analysis and Consolidated Financial Statements
Ivernia's unaudited financial statements and management's discussion and analysis for the quarter ended March 31, 2011 were filed today and will be available on the Ivernia website at www.ivernia.com or SEDAR at www.sedar.com.
About Ivernia
Ivernia is an international base metal mining company and the owner of the Magellan Mine, located in Western Australia.
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 duration of the period of care and maintenance commenced in April 2011, future targets and estimates for production, capital expenditures, operating costs, cash costs, mineral resources, mineral reserves, life of mine, 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 duration of the suspension of the Company's transportation of lead carbonate from the Magellan Mine, the duration of the period of care and maintenance commenced in April 2011, timing for the announcement of phase two drill results for the Prairie Downs Project, risks relating to the operations being placed on care and maintenance, the need for additional financing, matters relating the restart of mining and milling operations, matters relating to ramping up mining and milling throughput and operations, regulatory compliance and approvals, metal price volatility, lead carbonate concentrate treatment charges, exchange rates, regulatory proceedings and litigation, the fact that the Company has a single mineral property, resources and reserves, health and safety, environmental factors, mining risks, metallurgy, labour and employment regulations, government regulations, insurance, dependence on key personnel, constraints on cash flow, the nature of mineral exploration and development, matters related to the order to cease transport of lead concentrate and matters relating generally to the transportation of lead carbonate; presence of a majority shareholder;
matters related to the Esperance settlement and shipments through the Port of Fremantle; implications stemming from the Esperance inquiry; and common share price volatility and the dilution of the Company's Common Shares. Additional factors and considerations are discussed in the Company's MD&A for the interim period ended March 31, 2011 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 & Chief Financial Officer
(416) 867-9298
brent@ivernia.ca
www.ivernia.com