Welcome!

Open Web Authors: Pat Romanski, PR.com Newswire, David Weinberger, Louis Nauges, Sarah Lake

News Feed Item

Ivernia Reports Third Quarter 2012 Financial Results

TORONTO, ONTARIO -- (Marketwire) -- 11/13/12 --

All Dollar Amounts are in U.S. Dollars ("US$") Unless Otherwise Indicated

Ivernia Inc. (collectively with its subsidiaries "Ivernia" or the "Company") (TSX:IVW) today reported its third quarter 2012 financial results. The Company's lead mine (the "Mine") continued the planning process for a restart throughout the third quarter of 2012. As announced on October 11, 2012, plans are well advanced to restart operations in the second quarter of 2013.

The Company recorded net income after tax of $0.3 million or $0.00 per common share for the third quarter of 2012, compared to a net loss after tax of $10.8 million or $0.01 per common share for the same period last year.

THIRD QUARTER 2012 HIGHLIGHTS

Financial


--  Gross loss of $1.1 million for the third quarter of 2012 including a
    $1.3 million reversal to the prior write-down to inventory net
    realizable value mainly as a consequence of the lead price increasing
    from $1,811 per tonne at June 30, 2012 to $2,300 per tonne at September
    30, 2012. 
--  Net income after tax of $0.3 million for the third quarter of 2012. Net
    income after tax for the third quarter of 2012 includes a foreign
    exchange gain of $2.9 million. The foreign exchange gain was as a
    consequence of the A$ strengthening against the US$ in the third quarter
    of 2012 with the US$/A$ rate increasing from 1.0236 on June 30, 2012 to
    1.0388 on September 30, 2012. Of this foreign exchange gain,
    approximately $1.4 million is related to unrealized gains on
    intercompany loans in the Company's Australian subsidiaries, denominated
    in US$ and C$. These intercompany loans are with wholly owned
    subsidiaries of the Company and are eliminated from the Statement of
    Financial Position on consolidation. The Company's Australian
    subsidiaries functional currency is A$ while Ivernia's reporting
    currency is US$. 
--  On October 17, 2012, Ivernia announced that Enirgi Group Corporation
    ("Enirgi Group"), the Company's majority shareholder, had approved the
    Company's request to extend the maturity date of the C$6 million secured
    loan facility with Enirgi Group (the "Facility") from June 28, 2013 to
    June 28, 2014. 
--  As at November 7, 2012, the Company had approximately $2.4 million in
    cash and had fully drawn down the C$6 million Facility to fund restart
    planning and other activities at the Mine. The Company expects to
    receive the release of A$5 million in cash from current restricted cash
    balances in November which will provide short term funding for restart
    activities but will be required to be replaced as restricted cash for
    shipping bonds prior to the restart of shipments. 
--  The Company will require additional financing to underwrite the restart
    of operations, in excess of current cash balances and the proceeds it
    will receive from the shipment of lead carbonate concentrate stockpiles
    at the Mine. The quantum of the total funding requirement cannot be
    finally estimated at this time and will be contingent on the actual net
    proceeds received from the sale of lead carbonate concentrate
    stockpiles, as well as expected general market conditions at the time,
    including but not limited to lead prices, foreign exchange and capital
    markets. 
--  Initial estimates indicate immediate start-up funding requirements in
    the range of approximately $15 to $20 million, which includes the
    replacement of A$5 million of restricted cash for shipping bonds.
    Ivernia continues to explore a number of financing options to meet these
    funding requirements and is aiming to complete a financing in December
    2012 or January 2013. The Company is focused on completing a financing
    solution that minimizes equity dilution and is well progressed on
    discussions with parties on debt solutions. 
--  The Company holds approximately 10,100 tonnes of lead carbonate
    concentrate inventory with a carrying value of $8.3 million as of
    September 30, 2012. 

Operational


--  On July 27, 2012, the Company received the Operating Conditions for the
    Mine. The Operating Conditions replace and supersede the Interim
    Implementation Conditions which were issued on February 23, 2011 and
    previous Ministerial Conditions Statements 559 and 783. In general, the
    Operating Conditions preserve and, in some cases, enhance the already
    strict auditing, monitoring, management and reporting requirements
    previously imposed in the Interim Implementation Conditions,
    particularly in respect of product transportation. 
--  Plans are well advanced to restart operations at the Mine during the
    second quarter of 2013. 
--  During the fourth quarter of 2012, the Company will commence ordering
    long lead time items and consumables as well as commence required
    capital projects to restart sustainable operations. 
--  It is estimated that the Company will spend approximately $5 to $6
    million on capital projects over the course of the next 9 months. 
--  Recruitment of key personnel is well progressed and the more general
    recruitment planning will continue in the fourth quarter of 2012 with
    the recruitment of remaining employees expected to occur in the first
    quarter of 2013. 
--  During the third quarter of 2012, the Company completed its internal
    planning process for a restart of operations in the second quarter of
    2013, which includes critical path planning, capital expenditure
    requirements and the identification of key recruitment milestones. The
    plan was initiated at the end of the third quarter of 2012. 
--  The Chairman of Ivernia's principal Australian subsidiary has
    recommended to the Ivernia Board of Directors a proposal that day to day
    management for the Company's Australian operations (the "Management
    Services Proposal") should be provided by Enirgi Metal Group Pty Ltd.
    ("EMG") under a management services agreement, which once fully
    implemented, is expected to lead to direct cost savings in the range of
    approximately $3 million to $4 million per annum. Ivernia would retain
    full ownership of the Mine. 
--  Under the Management Services Proposal, EMG would take the leading role
    in managing the restart of operations at the Mine with full production
    levels targeted by the end of 2013. 

FINANCIAL AND OPERATING HIGHLIGHTS

The following table is a summary of Ivernia's financial and operating highlights for the three months and six months ended September 30, 2012 and 2011.


                                     Three months ended    Six months ended 
                                           September 30        September 30 
----------------------------------------------------------------------------
(in thousands of United States                                              
 dollars, unless otherwise indicated                                        
 and per share amounts)                  2012      2011      2012      2011 
(unaudited)                                 $         $         $         $ 
----------------------------------------------------------------------------
Financial Highlights                                                        
Revenue                                     -       (37)        -    11,272 
Operating costs                        (1,111)   (5,165)   (6,173)  (31,176)
----------------------------------------------------------------------------
Gross loss                             (1,111)   (5,202)   (6,173)  (19,904)
----------------------------------------------------------------------------
General and administrative             (2,172)   (2,245)   (7,508)   (7,183)
Severance costs                             -         -         -    (1,127)
Write off of exploration expenditure       (5)        -    (3,431)        - 
Share based compensation                 (212)     (315)     (624)     (351)
Foreign exchange                        2,931   (21,732)    2,839   (11,598)
Other income (expenses)                     -       (14)        -       371 
Net interest income (expense)              52       166       255       457 
Accretion                                (129)     (160)     (386)     (526)
----------------------------------------------------------------------------
                                          465   (24,300)   (8,855)   19,957 
----------------------------------------------------------------------------
Loss before tax                          (646)  (29,502)  (15,028)  (39,861)
Deferred income tax recovery              956     7,554     4,185    10,359 
----------------------------------------------------------------------------
Net loss                                  310   (21,948)  (10,843)  (29,502)
Unrealized loss on investments            (11)       (4)      (47)      (77)
Foreign currency translation                                                
 differences                           (1,227)    8,556    (1,022)    5,533 
----------------------------------------------------------------------------
Comprehensive loss                       (928)  (13,396)  (11,912)  (24,046)
----------------------------------------------------------------------------
Basic and fully diluted loss per                                            
 share(2)                                0.00     (0.03)    (0.01)    (0.05)
----------------------------------------------------------------------------
Weighted average shares outstanding                                         
 - thousands                          745,131   675,745   745,131   622,848 
----------------------------------------------------------------------------
Cash used in operations before                                              
 changes in non-cash working capital   (4,817)   (7,661)  (14,419)  (23,490)
----------------------------------------------------------------------------
Cash flow used in operating                                                 
 activities                            (4,969)   (8,711)  (14,662)  (32,866)
----------------------------------------------------------------------------
Operating Highlights                                                        
Ore milled - (000's tonnes)                 -         -         -       161 
Average head grade - (% lead)               -       N/A         -       6.9%
Recovery - (%)                              -       N/A         -        73%
Concentrate produced - (000's dry                                           
 tonnes)                                    -         -         -      12.7 
Concentrate sold - (000's dry                                               
 tonnes) (1)                                -         -         -       7.6 
Lead metal in concentrate produced -                                        
 (000's tonnes)                             -         -         -       8.1 
Lead metal in concentrate sold -                                            
 (000's tonnes) (1)                         -         -         -       4.9 
Concentrate inventory - (000's of                                           
 dry tonnes)                             10.1      10.1      10.1      10.1 
Average lead price - LME cash                                               
 settlement- ($ per pound)               0.90      1.12      0.91      1.15 
Ivernia's average lead sale price -                                         
 ($ per pound)                              -         -         -      1.13 
Cash cost per pound sold - ($ per                                           
 pound)(3)                                N/A       N/A       N/A       N/A 
----------------------------------------------------------------------------
(1)  Ivernia restarted operations at the Mine in late February, 2010. A     
     ramp-up of operations took place throughout 2010. On April 5, 2011, the
     Company voluntarily ceased transportation and operations as a result of
     the detection of lead bearing mud on one of its shipping containers.   
     With the uncertainty surrounding these results and what was the third  
     transportation disruption since December 31, 2010 the decision was made
     to undertake a comprehensive review of its business practices before   
     the recommencement of transportation would resume. As such, the Mine's 
     workforce commenced an orderly shutdown of operations and the Mine was 
     placed on full care and maintenance in April 2011. The operations      
     remain on care and maintenance as at November 13, 2012.                
(2)  Per share data was calculated on the basis of the weighted average     
     shares outstanding (basic and diluted) for the relevant period.        
(3)  Cash cost per pound sold is a non-IFRS measure. Cash cost of lead sold 
     is not currently meaningful as the Mine worked through the issues      
     surrounding transportation and then care and maintenance during 2011   
     and 2012. Upon the restart of operations and once the Mine achieves    
     steady state production run rates information about the cash cost of   
     lead sold will be reintroduced.                                        

OPERATIONS REVIEW

Ivernia restarted operations at the Mine in late February, 2010. A ramp-up of operations took place throughout 2010. On December 31, 2010, a stop order was received from the Acting Minister for Environment of Western Australia (the "Stop Order") relating to the transport of lead carbonate concentrate from the Mine. Transportation operations from the 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 (the "Order") with respect to cessation of transportation of lead carbonate concentrate. Mining and processing operations, were stopped commencing January 5, 2011 until February 23, 2011 when the Minister announced the lifting of the Order. Following the lifting of the Order, the Company commenced a ramp up of operations. In April 2011, the Company announced that it was voluntarily placing the operations on care and maintenance following the detection of a small amount of lead bearing mud on the outside of a small number of shipping containers.

The operations remained on care and maintenance in the third quarter of 2012. Consequently, there was no production or sales of lead carbonate concentrate in the third quarter of 2012. At the time that the transport operations were stopped in April 2011, there were approximately 10,100 tonnes of lead concentrate on site at an estimated average concentrate grade of 64% lead, containing approximately 6,450 tonnes of lead. This concentrate remains stored in sealed bags and protected from the weather. Prior to the recommencement of any shipping operations, the cleanliness and integrity of all bags will be verified.

Principal activities during the third quarter of 2012 focused on discussions and other exchanges with the Western Australian government and regulators in relation to finalizing the issuance of the Operating Conditions for the Mine and the implementation of the initial steps required to move towards a restart of operations in the second quarter of 2013.

On July 27, 2012, the Company received the Operating Conditions from the Minister which, in general were consistent with the draft recommended conditions ("Draft Recommended Conditions") for the Mine that were released by the Environmental Protection Authority of Western Australia ("EPA"). The Operating Conditions replace and supersede the Interim Implementation Conditions, which were issued on February 23, 2011 and the previous Ministerial Statements 559 and 783. See "New Operating Conditions" below.

A full discussion of the events for the three year period to March 29, 2012, is contained in the 2011 AIF under the heading "Three-Year History - Operations", and is incorporated herein by reference. The 2011 AIF is available on the Ivernia web site at www.ivernia.com and on SEDAR at www.sedar.com.

New Operating Conditions

On July 27, 2012, the Company received Ministerial Statement 905 which contains the Operating Conditions. The Operating Conditions replace and supersede the Interim Implementation Conditions which were issued on February 23, 2011 and previous Ministerial Statements 559 and 783.

Pursuant to the Operating Conditions, the Company can ship lead carbonate concentrate through the Port of Fremantle for only five years from the date of issuance of the Operating Conditions. The Company is strongly committed throughout this five year period to demonstrating that containerized shipping of the Company's product is both safe and appropriate. As with its other regulatory compliance and approval processes, including maintaining current operating licences and permits and obtaining approvals to significantly expand or alter the Mine's operations, the Company will need to demonstrate its sound environmental performance to maintain current licenses and permits or obtain approvals for new licenses or renewals for existing licenses. See "Risk Factors - Regulatory Compliance and Approvals" in the 2011 AIF.

In addition, the Operating Conditions require that certain actions be undertaken by the Company prior to the re-commencement of transportation of any lead carbonate concentrate from the mine site. In particular, prior to the re-commencement of transportation of shipping containers containing lead carbonate concentrate, the Company must:


--  carry out a risk assessment ("Environmental Risk Assessment") of all key
    aspects of the operations regarding the potential pathways for lead
    carbonate concentrate contamination and report on such findings to the
    Chief Executive Officer ("CEO") of the of the Office of the EPA
    ("OEPA"); 
--  prepare and submit to the CEO of the OEPA for approval (and on advice of
    the Department of Mines and Petroleum ("DMP") of Western Australia), an
    environmental management program ("EMP") which among other things, must
    document standards, guidelines and codes of practice relating to
    management of lead carbonate concentrate and detail procedures relating
    to mining, processing, storing, packaging and transport of lead
    carbonate concentrate; 
--  engage a third party expert approved by the CEO of the OEPA to carry out
    an evaluation of the sampling methodology and analysis methodology
    ("Sampling Evaluation") for all water, dust, air, soil, drainage sump
    and benthic sediment sampling. The Company must also demonstrate that
    the recommendations in the third party evaluation have been implemented
    or provide the reasons why the recommendations cannot be implemented to
    the CEO of the OEPA prior to removing shipping containers containing
    lead carbonate concentrate from the mine site; and 
--  engage the services of an independent inspector approved by the CEO of
    the OEPA to, among other things, visually inspect all sealed bags
    containing lead carbonate concentrate and establish and document the
    detailed roles and responsibilities of the inspector to the satisfaction
    of the CEO of the OEPA, in consultation with the Department of
    Environment and Conservation (the "DEC") and DMP ("Inspector Report"). 

The Company is well progressed on completing the EMP, Sampling Evaluation, Inspector Report and Environmental Risk Assessment and expects to have these matters submitted to the CEO of the OEPA by early in the first quarter of 2013.

The Operating Conditions also require that shipping containers be free of all visible mud potentially containing lead carbonate concentrate prior to being removed from the mine site and prior to being loaded onto trains at the Leonora rail yard. The Company expects to complete the design of a significant hardstanding area in the fourth quarter of 2012 and complete construction in the first quarter of 2013, to store containers in mud free locations and to upgrade its facilities to wash and inspect containers prior to their removal from the mine site. The Company is working with the owners of the Leonora rail yard to define improvements and changes to the operation of the facility to reduce the exposure of containers to mud and to ensure that containers are inspected prior to being loaded onto the rail wagons.

The Operating Conditions also require that the Mine provide to the CEO of the OEPA, by January 31, 2013, a report detailing options for downstream processing of lead carbonate concentrate that, among other things, details the available options against best environmental practice (the "Downstream Processing Report"). The Downstream Processing Report must be peer reviewed by an independent expert acceptable to the CEO of the OEPA. In 2011, the Company commissioned and received a process selection study from an independent third party engineering firm. In January 2012, the Company delivered its preliminary findings to the OEPA and the Minister. The findings are preliminary as they require further studying of the environmental impact of a downstream processing facility by the Company. The preliminary findings of such study were that at current lead prices and exchanges rates, downstream processing of lead produced from the Mine remains uneconomic. The Company anticipates that the current study will form the basis for the Downstream Processing Report, however, further work is required to study the environmental impacts of a facility as required by the Operating Conditions.

Mine Update and Restart Planning

During the current care and maintenance period, the mine and processing plant have been maintained in a state of readiness for a restart of operations and on the basis of minimizing the amount of time required for a ramp-up of operations to full production levels. All process vessels have been drained, flushed and inspected with minor repairs conducted and the process vessels then refilled with water to prevent corrosion. All major equipment including mills, motors, pumps and agitators are operated on a routine basis to ensure that they are in good working order. The power supply has been rationalized in line with reduced power requirements. At the start of the care and maintenance period, all haul roads were secured. Access to the open pits has been limited to authorised personnel and regular inspections indicate that the pits have remained in geotechnically stable condition throughout the care and maintenance period.

During the third quarter of 2012, the Company completed its internal planning process for a planned restart of operations in the second quarter of 2013, which includes critical path planning, capital expenditure requirements and the identification of key recruitment milestones. The plan was initiated at the end of the third quarter of 2012.

A successful restart will be dependent on ensuring key personnel are in place. The care and maintenance team was carefully selected to ensure core skills were retained to allow for an efficient restart and the care and maintenance personnel are expected to fill key managerial, supervisory and staff roles in processing, maintenance, OHS&E, contracts, HR, finance and logistics. A restructured organization chart has been designed to meet the increased compliance and assurance programs upon a restart. Recruitment of key personnel is well progressed and the more general recruitment planning will continue in the fourth quarter of 2012 with the recruitment of remaining employees expected to occur in the first quarter of 2013.

During the fourth quarter of 2012, the Company will continue the recruitment of key personnel and continue to implement the detailed restart planning required to restart operations. The Company is well progressed to commence operations in the second quarter of 2013.

The Chairman of Ivernia's principal Australia subsidiary has recommended to the Ivernia Board of Directors the Management Services Proposal. Under the Management Services Proposal, Enirgi Group would assume responsibility for Ivernia's leased office space in Toronto and for employing Ivernia's officers. Ivernia would reimburse Enirgi Group the pro rated costs for the officers' salaries and applicable expenditures incurred on its behalf. In addition, the day to day management for the Mine is proposed to be provided by EMG. Under the Management Services Proposal Ivernia would retain full ownership of the Mine.

EMG is the largest secondary lead smelting group in Australia with its two secondary lead smelters in Eastern Australia and has a wealth of knowledge and experience in the lead industry.

Under the Management Services Proposal, EMG expects to deliver increased technical and operating experience, executive management and economies of scale from being part of a larger group. The restructuring of operations under EMG management is expected to deliver significant cost savings. Management estimates that this restructuring, once fully implemented will lead to direct cost savings in the range of approximately $3 million to $4 million per annum, predominately from the benefit of shared resources and the elimination of duplicated functions and will provide further significant indirect value that cannot be financially measured at this time.

Under the Management Services Proposal, EMG would take the leading role in managing the restart of operations, with a restart of operations planned in stages during the second quarter of 2013 with full production targeted by year end. While the Company anticipates finalizing the Management Services Proposal in the fourth quarter of 2012 with Enirgi Group, it remains subject to the negotiation of definitive agreements, Ivernia Board approval and the receipt of any other required approvals.

Capital Resources and Working Capital Requirements

As at November 7, 2012 the Company had approximately $2.4 million in cash to fund restart planning activities and any costs associated with the restart of the Mine. The Company expects to receive the release of A$5 million in cash from current restricted cash balances in November which will provide short term funding for restart activities but will be required to be replaced as restricted cash for shipping bonds prior to the restart of shipments. The Company expects to continue to have negative cash flows until the Company has restarted the Mine and has positive cashflow from operations. Plans are well advanced to restart operations during the second quarter of 2013. It is estimated that the Company will spend approximately $5 to $6 million on capital projects over the course of the next nine months. Recruitment of key personnel is well progressed and the more general recruitment planning will continue in the fourth quarter of 2012 with the recruitment of remaining employees expected to occur in the first quarter of 2013.

The Company will require additional financing to underwrite the restart in excess of current cash balances and the proceeds it will receive from the shipment of lead carbonate concentrate stockpiles at the mine site. The quantum of the total funding requirement cannot be finally estimated at this time and will be contingent on the actual net proceeds received from the sale of lead carbonate concentrate stockpiles as well as expected general market conditions at the time, including but not limited to lead prices, foreign exchange and capital markets. However, initial estimates now indicate immediate start-up funding requirements in the range of approximately $15 to $20 million, which includes the replacement of A$5 million of restricted cash for shipping bonds. Ivernia continues to explore a number of financing options to meet these funding requirements and is aiming to complete a financing in December 2012 or January 2013. The Company is focused on completing a financing solution that minimizes equity dilution and is well progressed on discussions with parties on debt solutions.

Conference Call

Management will host a conference call to discuss the Company's results at 10:00 a.m. (Eastern Time) on Wednesday November 14, 2012. The call will be webcast live on the Ivernia website at www.ivernia.com.

Dial-in information for the call is as follows:


Phone: 1 866 202 4367 (Canada and USA) or +1 617 213 8845 (International)   
(i) Participant passcode is 60990070                                        

For those unable to participate in the conference call or webcast at the scheduled time, a telephone replay will be available until November 21, 2012 by dialing:


Phone: 1 888 286 8010 (Canada and USA) or +1 617 801 6888 (International)   
(i) The playback passcode is: 99917929                                      

A webcast replay will remain available on the Investors section of the Company's website at www.ivernia.com.

Management's Discussion and Analysis and Consolidated Financial Statements

Ivernia's unaudited financial statements and management's discussion and analysis for the three months and nine months ended September 30, 2012 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 which, through its wholly-owned subsidiary, Rosslyn Hill Mining Pty Ltd. (formerly called Magellan Metals Pty Ltd.), is the sole owner and operator of the Paroo Station lead mine (formerly called the Magellan Mine) (the "Mine") in Western Australia, which is the Company's principal asset.

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 news 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 Ivernia Board's approval, the execution of a definitive agreement and receipt of any other necessary approvals with respect to the Management Services Proposal with Enirgi Group, the direct and indirect cost savings from the Management Services Proposal from Enirgi Group, the decision to restart and timing of the restart of operations, the financing requirements to restart the Mine, the cost and timing for completion of capital projects prior to restart, the timing of any steps required under the Operating Conditions before the end of the suspension of the Company's transportation of lead carbonate from the Mine, the Company's ability to comply with the new Operating Conditions, the duration of the period of care and maintenance commenced in April 2011 and the commencement of transportation of lead carbonate concentrate from the Mine, 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, lead market outlook 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 Mine, the duration of the period of care and maintenance commenced in April 2011, the timing, need and ability to raise additional financing, risks relating to the operations being placed on care and maintenance, 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 relating generally to the transportation of lead carbonate, presence of a majority shareholder, matters related to public opinion, matters related to the Esperance settlement and shipments through the Port of Fremantle, and common share price volatility and the dilution of the Company's common shares. Additional factors and considerations are discussed in the Company's 2011 AIF under "Description of the Business of the Company - Risk Factors" and elsewhere in 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.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.