Ivernia Inc IVWFF

RE: RE: RE: Financing

[NigelDavies]

Thanks for your comments, I agree 100% with what you say. There are two things that hang over IVW in my view. Firstly the company still haven't commented on the extra costs of implimenting the new transport arrangements and with the price of lead on the LME standing at 60cents whether the mining operation is viable, or whether they are taking a 'Blue Sky' view that the lead price will recover sufficiently to make profits appear. The clean up cost at Esperence is known at $9 M approx(at least I think that is the figure that was quoted). Secondly there is the ongoing possibility of a Class Action against the company on Public Health grounds. At this stage no-one is accepting overall responsibility and the cuprits could be IVW, Magellan, the haulage company or the Docks Authorities. I would doubt that the Chinese company are going to want to take control of IVW with that hanging over it. I certainly agree that the Chinese would like to gain control of the assets but they might prefer to wait to see if IVW survives. That there appears to be backing for the financing is positive, lets see what happens. I keep an eye on the local newspapers in Esperence by googling 'Esperence newspapers'. Sometimes there have been references to this affair and you get a different prospective although journalists will try to sensationalise everything. GLTA