Ivernia Inc IVWFF

RE: And the beat goes on....

[ElJ]

I respectfully draw attention to the difference between concentrate shipments and lead content in the shipments. The count by poster colleague "the accurate1" is correct for shipments(including the latest Dec.19th scheduled Esperance departure) and given the published October increase in Head Grade in ore(due to Cano) and the increased recovery 30,000 - 32,000 tonnes of lead seems reasonable for year 2005. Goldmembers reference to the "Drumbeat" of production is a key operating metric IMHO and this latest scheduled shipment from Esperance(Dec.19, 2005) reflects significant progress towards initial steady-state target under current mill constraint(second mill planned for mid-year 2006). Looking at actual figures for first 9 months of year 2005 and considering the start of mining the Cano deposit a high-end Q4,2005 performance might be reflected in rough estimates outlined below: ..............................Q1,2005.....Q2,2005....Q3,2005....Q4,2005 .............................Actual..........Actual.......Actual.......My est. Ore Mined 000's tonnes.. 159.9.....128.6......301.6 Waste Mined 000's tonnes 448.......735........735 Ore Milled 000's tonnes.... 71.7......158.4......269.9........275 Head Grade in ore..............6.4%.....5.3%.......5.9%.......7.3% Recovery.........................72.9%.....54.5%......54.6%.....75% Concentrate Prod. (k tonnes) 5.2......7.4..........13.5.......18.5 Concentrate Lead content.... 65%.....62%........64%.......79% Contained lead (k tonnes)....3.36......4.6...........8.6........15.0 I recommend your own DD and estimations, Peace, Good decision-making to All, ElJ