Ivernia Inc IVWFF

RE: Annual Information Form released today.

[ElJ]

 I summarize a few quick supplemental points from my review today of the Ivernia Annual Report, recognizing that most regular posters here are very familiar with Ivernia's history and performance and temporary closure difficulties :

- As at Dec. 31, 2007 29 employees were employer by Magellan  metals on-site and at it's Perth office, plus 7 persons at it's corporate offices.
- Installation of the gas pipeline(37 Km) has been completed at a total capital cost of approx. A$10.1 million.
- The company has determined not to continue further exploration in the Yandil region and will be relinquishing the licenses.
- Counterparties under two of its service contracts have disputed Magellan metal's ability to claim "force majeure". One of the counterparties has formally terminated the agreement and requested damages of approx. A$2 million.
- Some Financial extracts:
    Care and Maintenance Costs    Q4,2007:     $2.6 Million          Year 2007:     $7.08 M
    Prelim. Enquiry Costs                                      $0.26 Million         Year 2007:     $1.99 M
    Net Earnings(Loss)                                         ($6.52) Million        Year 2007:    ($21.04) M 
    Earnings(Loss) per share                                ($0.04)                                          ($0.15) 
- Reserves at 2.1 % cut-off:
    Proven reserves 996 Million LBs at production locations Magellan and Cano
    Additional Probable reserves 772 Million LBs at Magellan and Piznzon 
        Note: Drake and Pizarro are not included yet in these reserve figures as testing at those locations has not reached reserve identification stage......testing is on-going.    
- The latest agreement with the syndicate of lenders, under the revised arrangement compared to the previous arrangement, will in a summary manner provide interest costs relief per year of  $20 million X 9.25% + $20 million X 3.25%(i.e. 9.25 old -6 new percentage interest rate)  =  $2.5 million for a dilution(through prior arrangement)  of 18.52 million shares and $20million less debt.
-The previously announced long-term proposed agreement with YMG has cleared the Chinese government review and is now awaiting imminent Australian government clearance.
- Ivernia is focused on three main initiatives.......... Optimize Magellan operations;  Increase reserves and resource base;  Diversify geographically and among base metals

Peace,
Good decision-making to All,
ElJ