EMG Emergeo Solutions Worldwide Inc.

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

Ivernia Inc. ("Ivernia" or the "Company") (TSX:IVW) today announced that plans
are well advanced to restart operations during the second quarter of 2013 at its
world class, 100% owned, Magellan lead mining operations (the "Mine") located in
Western Australia. The Chairman of Ivernia's Mine subsidiary, who has taken the
leadership role in the restart planning process, has also recommended to the
Ivernia Board of Directors that day to day management for the operation should
be provided by Enirgi Metals Group Pty Ltd. ("EMG") under a management services
agreement, following board approval, the negotiation of definitive agreements
and the receipt of any other required approvals. EMG is a wholly owned
subsidiary of the Company's majority shareholder, Enirgi Group Corporation
("Enirgi Group"). Under this 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 a management services agreement, 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 agreement, EMG would take the leading role in
managing the restart of operations at the Mine with a restart of operations
planned in stages during the second quarter of 2013 with full production
targeted by year end.


Ivernia has previously advised the need to undertake a number of activities at
the Mine, recruiting and training a significant new workforce and mobilization
of contractors before a restart of operations can occur. The Company expects to
sell the lead carbonate concentrate stockpiles, currently at the Mine during the
ramp-up of operations in the second quarter of 2013.


Since the receipt of the new transportation and operating conditions received on
July 27, 2012 ("Operating Conditions"), the operations team has focused on
restart planning and, during the fourth quarter of 2012, it is planned to order
and commit to long lead time items and consumables as well as commencing
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.


As at October 5, 2012 the Company had approximately $2.0 million in cash and
approximately $2.0 million remaining to be drawn down on a secured loan facility
with Enirgi Group (the "Enirgi Facility") to fund activities and any costs
associated with the restart.


As previously disclosed, the Company will require additional financing to
underwrite the restart, in excess of current cash balances, the remaining Enirgi
Facility 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,
repayment date of the Enirgi Facility, 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 indicate funding
requirements in the range of approximately $20 to $25 million which includes the
repayment of the fully drawn down $6 million Enirgi Facility in June 2013.
Ivernia continues to explore a number of financing options to meet these funding
requirements including a combination of debt and equity. Ivernia has also
requested that the Enirgi Group consider an extension to the scheduled repayment
date for the Enirgi Facility in an effort to reduce the overall funding
requirements during restart, however any such repayment extension remains at the
sole discretion of Enirgi Group.


Wayne Richardson, Chairman of Ivernia's Mine subsidiary, a Director of Ivernia
and CEO of Enirgi Group, commented "I am delighted with the progress the team
has made on restart planning and the strong contribution made by the EMG
management which is demonstrating the value EMG will add to Ivernia going
forward."


The Company expects to release its Q3 2012 financial results on November 12,
2012 after the close of the market. Management will host a conference call to
discuss the Company's results at 10:00 a.m. (Eastern Time) on Tuesday November
13, 2012. Details for the conference call will be published on the Ivernia
website at www.ivernia.com and the call will also be webcast live on the Ivernia
website.


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 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 necessary regulatory approvals with respect to the management
services agreement with Enirgi Group, the direct and indirect cost savings from
the service agreement with 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
express ions. 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 this news 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.

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