Ivernia Inc. Announces Partial Conversion and Extension of the Maturity Date on Its Secured Convertible Notes

TORONTO, ONTARIO, Mar 31 (MARKET WIRE) --
Ivernia Inc. ("Ivernia" or the "Company") (TSX: IVW) today announced it
has reached an agreement with the syndicate of lenders ("Lenders"),
including two of the Company's largest shareholding groups - The Sentient
Group and clients of investment advisor Ingalls and Snyder, for the
partial conversion and extension of the maturity date on the existing $50
million secured convertible notes issued on April 27, 2007 (the "Notes").

By mutual agreement, $20 million ("Conversion Amount") of the $40 million
currently drawn and outstanding against the Notes will be converted into
common shares of the Company prior to April 27, 2008 at the previously
agreed to price of US$1.08 per share. On conversion, a total of
18,518,518 shares will be issued to the Lenders.

The maturity date of the Notes has been extended to April 27, 2009 ("New
Maturity Date") from April 27, 2008. With the extension, the Lenders have
until the New Maturity Date to convert the remaining $20 million
currently drawn on the Notes and any additional funds that may be drawn
by the Company at anytime prior to April 27, 2009 (up to an additional
$10 million).

Revised arrangements

All interest and fees accrued on the Conversion Amount will be payable on
the earlier of the closing of the Company's previously-announced C$22
million private placement investment with Yunnan Metallurgical Group
("YMG") and the New Maturity Date.

Payment of interest on the outstanding principal amount of the Notes, not
included in the Conversion Amount, will be deferred until the New
Maturity Date. Additionally, future interest on the extended Notes will
be at an interest rate of 6% per annum - down from the current interest
rate of 9.25% per annum.

Other than the existing general security agreement granted by Ivernia,
all other security currently in place on the Notes shall be discharged by
the Lenders. The Lenders have further agreed to subordinate their current
security so as to permit an additional $10 million of secured financing
to rank ahead of the Notes.

YMG private placement

The Company has been advised by YMG that the Chinese government approvals
required to finalize the private placement investment in Ivernia through
their Australian subsidiary have been received. YMG's Australian
Subsidiary is currently working to obtain necessary Foreign Investment
Review Board approval from the Australian government, which the Company
has been advised, is in the final stages of the process. It is currently
anticipated that the transaction will close in April.

Commentary

Alan De'ath, President and CEO of Ivernia, commented, "We are pleased
with the support extended by two of our major shareholders in the $20
million conversion to equity and the financial flexibility provided to
the Company with the maturity date extension on the remaining $20 million
which is the only significant debt on our balance sheet. We also welcome
the news that the Chinese Government has approved the YMG private
placement in Ivernia which paves the way for them to become a meaningful
strategic partner in the growth of the Company."

"We view these developments as an endorsement of the Company's
initiatives to secure final approvals to enable the restart of operations
at Magellan and pursue our longer-term growth and diversification
strategy."

Forward-looking Statements

Certain statements contained in this document constitute forward-looking
information within the meaning of securities laws. All statements
included in this document (other than statements of historical facts)
which address activities, events or developments that management
anticipates will or may occur in the future are forward-looking
statements, including statements as to the following: the timing for
closing the private placement transaction with YMG's Australian
subsidiary, the duration of the suspension of the Company's mining and
milling operations, the proposal to ship lead concentrate through the
Port of Fremantle, the estimated timing of the receipt of required
regulatory approvals to ship the stranded lead concentrate at the Port of
Esperance (such approvals are not anticipated to be received until, at
the earliest, during the first quarter of 2008), business strategies and
measures to implement such strategies, estimated goals and plans for
Ivernia's future business operations; and other such matters.
Forward-looking statements are often, but not always, identified by the
use of words such as "seek", "anticipate", "contemplate", "target",
"believe", "plan", "estimate", "expect", and "intend" and statements that
an event or result "may", "will", "can", "should", "could" or "might"
occur or be achieved and other similar expressions. These statements are
based upon certain factors, assumptions and analyses made by management
in light of its experience and perception of historical trends, current
conditions and expected future developments, as well as other factors
management believes are appropriate in the circumstances such as the
resources and reserves, metal price volatility, lead concentrate
treatment charges, exchange rates, single mineral property, metallurgy,
environmental factors, mining risks, insurance, labour and employment
regulations, health and safety, government regulations, dependence on key
personnel, constraints on cash flow and nature of mineral exploration and
development.

While we consider these assumptions to be reasonable based on information
currently available to us, they may prove to be incorrect. These factors
may cause the actual results of the Company to differ materially from
those discussed in the forward-looking statements, and there can be no
assurance that the actual results or developments anticipated by
management will be realized or, even if substantially realized, that they
will have the expected results on the Company. Other risks and factors
that could cause actual results to differ are described in Management's
Discussion and Analysis ("MD&A") for the most recently completed
financial quarter and for the most recently completed year end under the
heading "Risks and Uncertainties", in the Company's final Short Form
Prospectus filed on July 25, 2007 ("Short Form Prospectus") under the
heading "Risk Factors" and in the Company's most recently filed annual
information form. Our MD&A, Short Form Prospectus, annual information
form additional information on Ivernia are available on the Company's
website at www.ivernia.com and on Ivernia's SEDAR profile at
www.sedar.com. All of the forward-looking statements made in this
document are based on our current estimates, expectations and
projections, which we believe are reasonable as of the current date. You
should not place undue importance on forward-looking information and
should not rely upon this information as of any other date. While we may
elect to, we are under no obligation and do not undertake to update this
information at any particular time.

Contacts:
Ivernia Inc.
Sharon Loung
Vice President, Investor and Public Relations
(416) 365-2783
(416) 867-9384 (FAX)
Email: investor@ivernia.ca
Website: www.ivernia.com

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