Ivernia Inc IVWFF

RE: Plugging 58 cent lead into my spreadsheet

[ElJ]

In response to your spreadsheet conclusions I identify(and respectfully expect you are well aware) that there are a number of variables in addition to the clear influence of the price of lead that can/will effect share price......example the additional mill capacity scheduled for incorporation in mid-year, the conversion rate between U.S. and Canadian dollars, Ivernia's ongoing Capital program and Reserves updates, etc..... However in the spirit of your analysis(rather than as tight connection to daily or weekly commodity volatility), I have a similar directional relationship of between $0.12 and $0.13 incremental increase from my modeling for each $0.01 increase in the Price of Lead, but this changes to $0.15 in the second half of 2006 under the increased mill capacity state. A significant drop in exchange rate(e.g. 1.1 or 1.05) while keeping the price of lead constant would reduce the share price impact, but under that scenario the price of most commodities would IMHO be also significantly variable. Hope some of these thoughts are useful, Peace, Good Decision-making to All, ElJ