Ivernia Inc IVWFF

From IVW Site

[99921]

NEWS RELEASE IVERNIA INC. AND YUNNAN METALLURGICAL GROUP TO FORM VISIONARY LONG-TERM STRATEGIC RELATIONSHIP TORONTO, ONTARIO – November 30, 2007 – Ivernia Inc. (“Ivernia” or the “Company”) (TSX:IVW) and China-based Yunnan Metallurgical Group (“YMG”) today in Kunming, China announced a visionary, long-term strategic relationship providing a substantial platform for growth and diversification for both companies in Australia and Asia. A Visionary, Long-Term Strategic Relationship The multi-faceted agreement provides for: • Collaboration to identify and evaluate new base metal opportunities for joint investment; • A joint and coordinated effort between the two companies to ensure successful operations at the Magellan mine (“Magellan”); • A long-term commercial concentrate agreement whereby YMG will purchase approximately 50% of Magellan’s annual forecasted lead concentrate production at market terms; • The exchange of technical expertise on Magellan and other future base metal projects; • A C$22 million private placement investment in Ivernia, by YMG through its Australian subsidiary, with the purchase of 14,692,488 common shares at C$1.50 per share; and • YMG’s Chairman, Mr. Chen Zhi, to join Ivernia’s Board of Directors The finalization of the investment in Ivernia is subject to Canadian regulatory approvals and the receipt of Chinese government approvals which are expected on or before March 2008. The Advancement of Growth Strategies “This development is a significant strategic step forward for both companies,” commented Alan De’ath, Ivernia’s President and Chief Executive Officer.