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 fourth quarter 2012 and year ended December 31,
2012 financial results. During the fourth quarter of 2012 and the first quarter
of 2013, the Company's Paroo Station lead mine (the "Mine") continued the
preparation work required for a restart of operations. On March 28, 2013, the
Company announced that it was recommencing processing operations at the Mine.
The Company recorded net income after tax of $2.7 million or $0.00 per common
share for the fourth quarter of 2012, compared to net income after tax of $10.9
million or $0.01 per common share for the same period last year. The Company
recorded a net loss after tax of $8.2 million or $0.01 per common share for the
2012 year, compared to net loss after tax of $18.6 million or $0.03 per common
share for the 2011 year.
FOURTH QUARTER 2012 HIGHLIGHTS
Financial
-- Gross loss of $2.8 million for the fourth quarter of 2012 and $9.0
million for the year ended December 31, 2012.
-- Net income after tax of $2.7 million for the fourth quarter of 2012 and
net loss after tax of $8.2 million for the year ended December 31, 2012.
Net income after tax for the fourth quarter of 2012 includes an
unrealized foreign exchange gain of $3,000 and an unrealized foreign
exchange gain of $2.8 million for the year. The foreign exchange gain
for the year was as a consequence of the A$ strengthening against the
US$ with the US$/A$ rate increasing slightly from 1.0250 on December 31,
2011 to 1.0392 on December 31, 2012. Of this foreign exchange gain, the
majority 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$.
-- As at March 26, 2013, after refunding the A$5 million bond required to
be in place to transport concentrate under its operating conditions (the
"Bond"), the Company had approximately $8.5 million in cash to fund the
restart of operations at the Mine.
-- On January 29, 2013, the Company closed a C$20 million secured loan
facility, bearing a monthly compounded interest rate of 12% per annum
(the "Sprott Facility") with Sprott Resources Lending Partnership
("Sprott"), with a C$15 million and C$5 million drawdown made on January
29, 2013 and March 20, 2013, respectively. The Sprott Facility matures
February 28, 2015.
-- On June 29, 2012, the Company closed a C$6 million secured loan facility
(the "Enirgi Facility"), with Enirgi Group Corporation ("Enirgi Group"),
bearing an annual simple interest rate of 8.3%. Repayment of the
principal of the Enirgi Facility was postponed in conjunction with the
Sprott Facility and now matures on March 31, 2015. The Enirgi Facility
was fully drawn down as of December 31, 2012.
Operational
-- On July 27, 2012, the Company received Ministerial Statement 905, which
contains the majority of the Company's new transportation and operating
conditions for the Mine (the "Operating Conditions"). 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.
-- On March 27, 2013, the Office of the Environmental Protection Authority
of Western Australia (the "OEPA") issued a news release confirming that
the Company had completed all of the management and monitoring plans
required to restart transportation of lead carbonate concentrate from
the Mine pursuant to the Operating Conditions.
-- On March 28, 2013, the Company announced that it was recommencing
processing operations.
-- The Company expects to commence shipments of some of its stockpiled
concentrate during the month of April with full production levels at the
Mine targeted by the end of 2013.
-- Plans are well advanced to restart operations at the Mine during the
second quarter of 2013 with nearly all of the 140 positions required for
Mine operations and in the Perth office having been filled.
-- During the fourth quarter of 2012, the Company ordered long lead time
equipment and consumables as well as commenced required capital and
maintenance projects to restart sustainable operations.
-- The main capital project (completed in the first quarter of 2013)
required prior to restart, was upgrading the infrastructure and systems
around the concentrate handling process at the Mine and along the
transport route including building a significant hardstanding and
washdown area at the Mine.
-- On December 28, 2012, the Company entered into a management services
agreement (the "Enirgi Management Services Agreement") with Enirgi
Group, the Company's majority shareholder and, concurrently, Rosslyn
Hill Mining Pty Ltd ("Rosslyn Hill Mining) entered into separate
management services agreement (the "EMG Management Services Agreement",
together with the Enirgi Management Services Agreement referred to as
the "Management Services Agreements") with Enirgi Metal Group Pty Ltd.
("EMG"), a wholly-owned subsidiary of Enirgi Group., pursuant to which,
among other things EMG will manage the restart and ongoing operation of
the Paroo Station Mine. The Management Services Agreements, once fully
implemented, are expected to lead to direct cost savings in the range of
approximately $3 million to $4 million per annum.
-- Concurrent with the Management Services Agreement, Wayne Richardson
became the President and Chief Executive Officer of the Company in
December 2012.
-- On June 12, 2012, the Company withdrew from the earn-in and joint
venture agreement (the "Earn-In Agreement") relating to the Prairie
Downs base metals project located near Newman in Western Australia (the
"Prairie Downs Project"). The Prairie Downs Project did not meet the
Company's internal investment criteria to continue exploring the Prairie
Downs Project.
FINANCIAL AND OPERATING HIGHLIGHTS
The following table is a summary of Ivernia's financial and operating highlights
for the three months and twelve months ended December 31, 2012, 2011 and 2010.
Three months ended Year ended
December 31, December 31,
------------------------------------------------------
(in thousands of
United States
dollars, unless
otherwise indicated
and per share 2012 2011 2010(3) 2012 2011 2010(3)
amounts) $ $ $ $ $ $
----------------------------------------------------------------------------
Financial Highlights
Revenue(1) - - 36,969 - 11,272 97,492
Operating costs (2,728) (1,859) (26,054) (9,293) (29,572) (88,107)
Inventory (write-down)
recovery 64 (1,346) 251 1,012 (3,361) 1,729
Amortization (183) (189) (4,062) (739) (1,637) (6,152)
----------------------------------------------------------------------------
Gross (loss) profit (2,847) (3,394) 7,104 (9,020) (23,298) 4,962
----------------------------------------------------------------------------
General and
administrative (5,543) (2,285) (2,423) (13,051) (9,468) (8,465)
Severance costs - - - - (1,127) -
Write off of
exploration expenses - - - (3,431) - -
Net interest (expense)
income (40) 130 (586) 215 589 (2,717)
Accretion (131) (151) (558) (517) (677) (2,030)
Stock option costs (202) (475) (31) (826) (826) (145)
Foreign exchange and
other expenses 3 11,164 14,991 2,842 (63) 31,281
----------------------------------------------------------------------------
(5,913) 8,383 11,393 (14,768) (11,572) 17,924
----------------------------------------------------------------------------
Income (loss) before
income taxes (8,760) 4,991 18,497 (23,788) (34,870) 22,886
Deferred income tax 11,438 5,871 11,309 15,623 16,230 14,300
----------------------------------------------------------------------------
Net income (loss) 2,678 10,862 29,806 (8,165) (18,640) 37,186
----------------------------------------------------------------------------
Basic (loss) earnings
per share (2) 0.00 0.02 0.10 (0.01) (0.03) 0.18
----------------------------------------------------------------------------
Fully diluted (loss)
earnings per share
(2) 0.00 0.02 0.10 (0.01) (0.03) 0.18
----------------------------------------------------------------------------
Weighted average
shares outstanding -
thousands 745,131 693,103 310,102 745,131 640,556 210,115
----------------------------------------------------------------------------
Unrealized gain (loss)
on investment 156 - 46 109 (77) 133
----------------------------------------------------------------------------
Foreign currency
translation
differences (41) (4,811) (5,938) (1,063) 722 (10,333)
----------------------------------------------------------------------------
Comprehensive income
(loss) 2,973 6,051 23,914 (9,119) (17,995) 26,986
----------------------------------------------------------------------------
Cash provided by (used
in) operations before
changes in non-cash
working capital (4,706) (5,110) 8,079 (18,122) (28,619) 900
----------------------------------------------------------------------------
Cash flow provided by
(used in) operating
activities (5,994) (5,880) 7,650 (19,653) (36,732) 9,646
----------------------------------------------------------------------------
Operating Highlights
Ore milled - (000's
tonnes) - - 316 - 161 874
Average head grade -
(% lead) - - 6.9 - 6.9 6.8
Recovery - (%) - - 78 - 73 74
Concentrate produced -
(000's dry tonnes) - - 25.9 - 12.7 68.0
Concentrate sold -
(000's dry tonnes) - - 23.5 - 7.6 71.3
Lead metal in
concentrate produced
- (000's tonnes) - - 16.9 - 8.1 44.1
Lead metal in
concentrate sold -
(000's tonnes) - - 15.3 - 4.9 46.2
Concentrate inventory
- (000's of dry
tonnes) 10.1 10.1 5.1 10.1 10.1 5.1
Average lead price -
LME cash settlement-
($ per pound) 1.00 0.90 1.08 0.94 1.09 0.97
Ivernia's average lead
sale price - ($ per
pound) - - 1.19 - 1.13 1.04
Cash cost per pound
sold - ($ per
pound)(3) N/A N/A 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. On March 28, 2013,
the Company announced that it was recommencing processing operations.
(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 fourth quarter of 2012.
Consequently, there was no production or sales of lead carbonate concentrate in
the fourth 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. On March 28, 2013, the Company announced that it was recommencing
processing operations at the Mine and transportation of the stockpiles of lead
carbonate concentrate was expected to commence in April 2013.
Principal activities during the fourth quarter of 2012 focused on completing
activities required to restart the Mine. The Company ordered long lead time
equipment and consumables as well as commenced required capital and maintenance
projects to restart sustainable operations. The Company commenced its
recruitment efforts in the fourth quarter of 2012 with recruitment for restart
substantially completed in the first 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
(the "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.
The table below summarizes quarterly Mine production, process production,
shipments and inventories for the three months and year ended December 31, 2012
and December 31, 2011:
Three months Three months Twelve months Twelve months
ended ended ended ended
December 31, December 31, December 31, December 31,
2012 2011 2012 2011
----------------------------------------------------------------------------
Mining
Ore mined - 000's
tonnes(1) - - - 174
Low grade ore
mined - 000's
tonnes(2) - - - 42
Total ore and
waste mined -
000's bcm - - - 316
----------------------------------------------------------------------------
Processing
Ore milled - 000's
tonnes - - - 161
Average head grade
- % lead - - - 6.9
Average recovery -
% - - - 73
Concentrate
produced - 000's
dry tonnes - - - 12.7
Concentrate grade
- % lead - - - 65
Lead metal in
concentrate
produced - 000's
tonnes - - - 8.1
----------------------------------------------------------------------------
Sales and
inventories
Concentrate sold -
000's dry tonnes - - - 7.6
Concentrate grade
- % lead - - - 65
Lead metal in
concentrate sold
- 000's tonnes - - - 4.9
Concentrate
inventory - 000's
dry tonnes 10.1 10.1 10.1 10.1
----------------------------------------------------------------------------
(1)Ore mined does not include low grade ore
(2)Low grade ore is 1.5 to 2.5% lead
New Operating Conditions
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
licenses and permits and obtaining approvals to 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 on reasonable terms.
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 accordance with the Operating
Conditions, the Company:
-- carried out a risk assessment ("Environmental Risk Assessment") of all
key aspects of the operations regarding the potential pathways for lead
carbonate concentrate contamination and submitted a report on such
findings to the Chief Executive Officer ("CEO") of the of the OEPA;
-- prepared and submitted 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 ("Environmental
Management Program") which among other things, documents standards,
guidelines and codes of practice relating to management of lead
carbonate concentrate and details procedures relating to mining,
processing, storing, packaging and transport of lead carbonate
concentrate;
-- engaged 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 rainwater tank, static dust, air, soil,
drainage sump and benthic sediment sampling required under the
Operations Conditions and reported to the CEO of the OEPA on its
implementation of the recommendations in the Sampling Evaluation; and
-- engaged 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 established and documented 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 (the "Inspector
Report").
The Operating Conditions also require that shipping containers be free of all
visible mud containing lead carbonate concentrate prior to being removed from
the mine site and prior to being loaded onto trains at the Leonora rail yard. In
the first quarter of 2013, the Company completed construction of a hardstanding
area at the Mine. In addition, in conjunction with work being completed by the
road and rail contractor, the facilities at the Leonora rail yard are being
upgraded to include a container washing facility and hardstanding area for the
Company's containers.
As required under the Operating Conditions, on January 31, 2013, the Company
provided the CEO of the OEPA, 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 was peer reviewed by an
independent expert approved by the CEO of the OEPA. The Downstream Processing
Report was a requirement of the Operating Conditions and the Company has not
sought any change to its existing lead carbonate concentrate mining proposal in
the Operating Conditions to include downstream processing. Further, the
Downstream Processing Report did not require the Company to opine on the
economic feasibility of a downstream processing facility. However, in 2011, the
Company commissioned and received a process selection study from an independent
third party engineering firm and delivered its preliminary findings to the OEPA
and the Minister in January 2012. Those preliminary findings indicated that at
current lead prices and exchanges rates, downstream processing of lead produced
from the Mine remains uneconomic.
The Company has completed all material actions specified in the Operating
Conditions that are required to be undertaken prior to the recommencement of
transportation of lead carbonate concentrate from the mine site. On March 27,
2013, the OEPA issued a news release confirming that the Company had completed
all of the management and monitoring plans required to restart transportation of
lead carbonate concentrate from the Mine pursuant to the Operating Conditions.
On March 28, 2013, the Company announced that it was recommencing processing
operations at the Mine.
Mine Update and Restart Planning
During the care and maintenance period, all process vessels have been drained,
flushed and inspected with minor repairs conducted and the process vessels then
refilled with water to prevent corrosion. Major equipment including 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. In the fourth quarter of 2012 and the first quarter of 2013,
the Company completed maintenance work on the plant aimed to maximize plant
availability during the restart period.
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.
In 2004, the mining contractor was awarded a five year contract, since extended
to December 31, 2014, to carry out the mining and supply of ore to the
concentrator. Following the decision to enter care and maintenance in April
2011, the Company amended its open pit mining contract (the "Amended Mining
Contract") to suspend the services of the mining contractor at the Mine.
Pursuant to the Amended Mining Contract, the Company is permitted to reinstitute
the services of the mining contractor following providing notice of
re-commencement of work. In addition, the expiry date of the Amended Mining
Contract will be extended by the length of the suspension period that commenced
on April 6, 2011 and that terminates following the issuance of a notice of
recommencement of work to the mining contractor. In the first quarter of 2013,
the Company recommenced discussions with the mining contractor on the
re-mobilization of its workforce from the temporary suspension under the
contract. The Company anticipates re-commencing mining operations in the second
quarter of 2013. When in operation, ore is extracted via open pit operations
over the life of the Mine. The pits are shallow with a maximum depth of 50
metres and excavators are used to dig and load waste and ore into 85 tonne
haulage trucks. Qualified personnel employed or contracted directly by the
Company carry out mine planning and grade control.
As security for the punctual performance of the Emergency Response Plan under
the Operating Conditions, prior to removing shipping containers with lead
carbonate concentrate from the mine site, the Company is required to issue in
favour of the Minister for Environment and the CEO of the OEPA an A$5 million
Bond from a bank acceptable to the OEPA. In November 2012, the Company had the
A$5 million bond refunded that was previously in place to cover shipments from
the Mine to use as working capital. In March, 2013, the Company received a C$5
million final advance under the Sprott Facility to refund the A$5 million Bond
and the Bond has been reinstated. The Company's aggregate current performance
bonds as at March 28, 2013 are A$7,619,500.
Approximately 140 employee positions need to be filled in Perth and at the Mine
as part of the restart of operations and nearly all these positions are filled
as at March 28, 2013.
Production Outlook
The Mine remains on voluntary care and maintenance as at March 28, 2013 with
mining operations planned to restart in the second quarter of 2013.
Following resumption of full operations, the Company will provide updated
guidance on its production outlook.
Financing activities
Sprott Facility
On January 29, 2013, the Company announced that it had entered into the Sprott
Facility with Sprott which is expected to provide the Company with the funding
needed to restart operations at the Mine. On the closing of the Sprott Facility,
the Company drew down a C$15 million initial advance under the Sprott Facility.
A subsequent advance of C$5 million was drawn down on March 20, 2013 to fund the
Bond required for punctual performance of the Emergency Response Plan under the
Company's Operating Conditions. The Sprott Facility is secured by the Mine and
all of its assets.
The Sprott Facility matures on February 28, 2015 after twelve equal principal
repayments starting March 31, 2014, however early repayment of the Sprott
Facility, at Ivernia's option, is allowed without penalty provided that Ivernia
has paid at least six months of interest under the Sprott Facility. The Sprott
Facility bears interest at a rate of 12% per annum, compounded monthly, which is
payable at the end of each month. In addition to the payment of interest, under
the Sprott Facility, Ivernia also issued 10,169,491 Ivernia common shares to
Sprott and its nominees having a value of C$1.2 million and a cash structuring
fee of C$200,000.
As a condition to the execution of the Sprott Facility, Enirgi Group agreed to
postpone the maturity date of the Enirgi Facility to March 31, 2015.
Capital Resources and Working Capital Requirements
As of March 26, 2013, after the refunding of the Bond, the Company had
approximately $8.5 million in cash. The Company expects it has sufficient
funding to restart the Mine in the second quarter of 2013. This funding
assumption includes the expected proceeds from shipments of the approximate
10,100 dry metric tonnes of lead carbonate concentrate stockpiles at the Mine,
which are expected to commence in April 2013.
Management's Discussion and Analysis and Consolidated Financial Statements
Ivernia's audited financial statements and management's discussion and analysis
for the three months and twelve months ended December 31, 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 and the owner of the Paroo
Station Mine 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 are forward-looking
information within the meaning of applicable 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 decision to restart and timing of the restart of operations and
transportation from the Mine, any additional financing requirements to restart
the Mine, the cost and timing for completion of capital projects necessary for
restart or ongoing operations, the Company's compliance with material regulatory
requirements, 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,
expected concentrate sales, the costs and other capital expenditures required to
recommence operations and transportation, the timing, need and ability to raise
any additional financing and the risks relating to ramping up mining and milling
throughput and operations, restart of mining and milling operations, funding
requirements, operations being placed on care and maintenance, matters relating
to regulatory compliance and approvals, possible further shareholder dilution,
matters relating to public opinion, the presence of a majority shareholder and
Management Services Agreements, matters related to the Esperance settlement and
shipments through the Port of Fremantle, regulatory proceedings and litigation
and general operating risks such as metal price volatility, lead carbonate
concentrate treatment charges, exchange rates, the fact that the Company has a
single mineral property, health and safety, environmental factors, mining risks,
metallurgy, labour and employment regulations, government regulations,
insurance, dependence on key personnel, constraints on cash distribution from
the Mine, the nature of mineral exploration and development and common share
price volatility. Additional factors and considerations are discussed in the
Company's annual information form for the year ended December 31, 2012 and and
elsewhere 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Ivernia Inc.
Jessica Helm
Corporate Communications Officer, Enirgi Group Corporation
(416) 365-2783
investor@ivernia.ca
www.ivernia.com
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