Ivernia Reduces Magellan Team in Western Australia

TORONTO, ONTARIO, Oct 23 (MARKET WIRE) --
Ivernia Inc. ("Ivernia" or the "Company") (TSX: IVW), an international
base metals company, today announced that in response to the
unprecedented turmoil in global financial and commodities markets, the
Company has taken measures to conserve cash by reducing costs. This is to
ensure it is in as strong a financial position as possible to bring its
Magellan mine back into production after receipt of the requisite
approvals for containerized shipment of its product through the Port of
Fremantle, subject to the then prevailing lead prices and exchange rates
being at economic levels.

As a key step to reducing costs the Company has made the decision to
terminate the employment of 18 employees. These terminations are
principally at the Magellan mine site in Western Australia.

Alan De'ath, Ivernia's President and Chief Executive Officer said, "In
these turbulent times in the base metals industry it was important to
take swift action to reduce costs and conserve cash. Looking ahead,
Ivernia is focused on directing its core resources to completing
Magellan's key priorities in Western Australia, which are: working
diligently to obtain final sealed shipment approvals from the Western
Australian Government; removing the lead stockpile from Esperance and
meeting our commitments to the community and government on an appropriate
contribution towards the lead clean-up in Esperance; and initiating the
containerized shipping of our stockpiled lead concentrates from the
Magellan site. All of this work must be undertaken with our commitment to
high environmental, health and safety standards, and to continue planning
for the restart of Magellan when market circumstances allow".

About Ivernia

Ivernia is an international base metals operating, development and
exploration company. The Company is the sole owner and operator of the
Magellan lead mine in Western Australia. Upon recommencement of
production, Magellan will be the world's largest pure lead mine
accounting for approximately 2% of total world lead mine production.

Ivernia trades under the symbol "IVW" on the Toronto Stock Exchange.
Additional information on Ivernia is available on the Company's website
at www.ivernia.com and at SEDAR at www.sedar.com.

Forward-Looking Statements

Certain statements contained in this document constitute forward-looking
information within the meaning of securities laws, including statements
as to the recommencement of operations, production levels, and growth
strategies. While we consider these assumptions to be reasonable based on
information currently available to us including our current estimates,
expectations and projections, they may prove to be incorrect and may be
impacted by various risks and uncertainties described in Management's
Discussion and Analysis ("MD&A") for the most recently completed
quarter-end under the heading "Risks and Uncertainties", and in the
Company's most recently filed Annual Information Form under the heading
"Risk Factors". 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.
Ann Candelario
Director Investor Relations & Corporate Communications
(416) 867-9298
Email: ann@ivernia.ca
Website: www.ivernia.com

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