Ivernia Inc IVWFF

RE: RE: A little progress at last.

[NigelDavies]

You were correct, Skydiver69. Ann from IR got back to me very quickly and sent me a copy of the AGM presentation of yesterday. Its well worth reading and can be found on the IVW website in the Investor section under 'Presentations'.

The essential details are, from a quick read, that approval was given by the Australian Govt. for shipment through Freemantle in February 2009. The company are finalising the monitoring and management plans for this and the 21,000 tonnes of concentrate will be moved from the mine and exported through Freemantle through the remainder of 2009. There will be a staged re-start of the Magellan mine in the first half of 2010 and they are well financed to achieve this.

There is a lot other information plus maps and photographs of the mine and new shipping method. I couldn't see any comment about the costings for this operation but I have looked quickly at the moment, I'll study it later.

They also seem to be mending fences in Esperance with their community fund for that town which has received applications for $1.2 miilion worth of grants. I guess there may still be issues in Esperance regarding the leak of lead dust into the atmosphere but there is no comment on this.

I'll ask Ann specifically about the transport costs but maybe there is not a final answer to this until they get the green light for commencement of the shipping through Freemantle.

Hope that helpful and good luck to all long-suffering IVW shareholders.