Ivernia Announces Final Government Approval for Magellan Sealed Shipments Through the Port of Fremantle

Ivernia Inc. and it’s wholly owned subsidiary, Magellan Metals Pty Ltd announce final approval by the Western Australian Minister for Environment for the Company’s sealed shipments of Magellan lead carbonate concentrate through the Port of Fremantle in Western Australia.

Magellan’s sealed shipment process has been extensively reviewed and endorsed by all relevant regulatory authorities. The development, planning, documentation and approval of the sealed shipments has been a rigorous 22 month process involving the Company, the State Government, multiple Government agencies and the community.

Conditional approval for the sealed shipments was given by the previous Minister for Environment in January 2008, following an EPA assessment in late 2007 that recommended the proposal proceed under stringent conditions. The Minister also imposed additional conditions to those recommended by the EPA, covering environmental health, safety, auditing, emergency response planning and a financial bond. These conditions are detailed in prior Ivernia disclosures and on the Magellan website at www.magellanmetals.com.au.

During 2008, as required by the conditional approval, Magellan developed comprehensive monitoring and management plans, and conducted extensive stakeholder consultation on all aspects of these plans, to the satisfaction of relevant regulatory agencies prior to today’s final approval by the Minister of Environment.

Magellan is committed to full ongoing compliance with all of the sealed shipment conditions, and to open and timely public reporting of monitoring results and compliance activities through postings on its website.

Dr. John Yeates, Magellan’s General Manager, Corporate Social Responsibility, said “The Government’s decision today concludes a long running and intensively scrutinised approval process, provides positive direction for Magellan and Ivernia and recognises the hard work of management, employees, consultants and contractors and of regulatory agencies in setting a new global safety standard for transportation of lead carbonate concentrate.”

“The State Government has recognised that Magellan has met all the conditions required to gain final approval, and we now have the opportunity to clearly demonstrate that we can conduct our sealed shipments safely and effectively.” Dr. Yeates concluded.

Magellan’s sealed shipment process involves packing lead carbonate concentrate with the consistency of damp sand into United Nations and State Government approved two tonne, double-lined bags at the Magellan mine near Wiluna. The exterior of the bags will be vacuumed and the bags will then be locked inside steel containers and loaded on trucks. The containers and trucks will then be washed and the locked containers delivered to the rail freight network at Leonora for transport direct to the Port of Fremantle. The entire sealed shipment process will be inspected and independently audited both at the Magellan mine and at the Port of Fremantle.

Alan De’ath, Ivernia President and Chief Executive Officer, said “The Government approvals received today are a very positive step forward for Magellan and Ivernia. Sealed shipments through the Port of Fremantle are currently expected to commence during the latter part of the second quarter of 2009. Our immediate priority up to the end of April is the successful implementation of the Lead Removal Plan at the Port of Esperance in partnership with the Esperance Port Authority and the State Government. The safe removal of the Esperance stockpile, in full compliance with stringent conditions, will allow for a final clean-up of the Esperance Port and the town which will be carried out by the State Government.”

Mr. De’ath continued “Once the stockpile at Esperance has been shipped, we will turn our attention to shipping the stockpile at the Magellan mine site. While the stockpiles are being exported, which is anticipated could take until the fourth quarter to complete, the Company will embark on the extensive Magellan mine operations restart planning process and review when to recommence production, taking into consideration amongst other things metal prices, exchange rates and global economic conditions at that time.”

“We are committed to conducting an open and transparent export operation through the Port of Fremantle. We expect to initiate exports via Fremantle commencing with small trial shipments. We will keep all stakeholders fully informed as plans progress to commence sealed shipments through the Port.” Mr. De’ath concluded.

The entire sealed shipment process will be inspected and independently audited both at the Magellan Mine and at the Port of Fremantle. In addition, there are various other monitoring and emergency management processes along the transport route which have been fully endorsed by all relevant regulatory authorities.

The full Ministerial Statement under s45(5)(b) of the WA Environmental Protection Act 1986 is available on the Magellan website at www.magellanmetals.com.au.