Ivernia Inc IVWFF

RE: News out.....PoorFool

[ElJ]

Just a gentle reminder that your numbers are in U.S. dollars and the Canadian dollar on the TSE is closing but not at par yet! The "back of your envelope" seems reasonable to me, though the $0.53 should have a range as that LME inventory rises and the $0.30 will probably take a few more months. I flag a potential for misunderstanding on line 5 of the News Release where it states that "sale of 14,900 tonnes of lead concentrate" ....subsequent sections of the News Release clearly state that this is Lead in the concentrate.... Concentrate produced 23.0 Contained lead 14.7 I found the results to be as anticipated with the large jump in head grade to 8% average in Q4 compared to 5.9% in Q3 due to mine plan mix and recovery up in Q4 to 75.6% from 54.6% in Q3....this can be anticipated to increase further in Q1, 2006 as flotation efficiency, etc., get tweeked in normal ramp-up operating efficiency improvements. Price received for lead will be higher in Q1, 2006 than the little over $0.45 booked in Q4, 2005 and the big revenue and earnings lift in 2006 will be the second ball mill scheduler for late Q2, 2006 Peace, Good Decisoion-making to All, ElJ