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Magellan Metals Pty Ltd

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Magellan Metals Pty Ltd

Overview:

Magellan Metals is wholly owned by Ivernia Inc, an international base metals mining, exploration and development company listed on the Toronto Stock Exchange (TSX) under the symbol IVW.

The Magellan Project

The Magellan project is an open cut lead carbonate mine and concentrating facility located 30 kilometres from Wiluna in Western Australia’s Mid-West region. Lead carbonate concentrate produced from the mine is exported to customers in China and other countries.

At full production this unique operation has the capacity to be the world's most significant pure lead mine, accounting for approximately two percent of the total world mined lead production.

Following extensive community and Government consultation, in August 2009 Magellan Metals obtained approvals to commence bagged and containerised sealed shipments of lead carbonate concentrates through the Port of Fremantle. This process was developed following bulk concentrate handling issues at the Port of Esperance in 2007, which allowed some of Magellan’s product to escape into the environment. In September 2009, Magellan Metals began shipping to its international customers using this process.

On 7 April 2011, the Magellan Mine was placed under care and maintenance when an isotopic test of a dried mud sample from the bottom of a shipping container revealed the presence of Magellan lead. The mine will remain under care and maintenance while an end-to-end review of the entire Magellan operation is undertaken to identify ways to minimise the risk of further business interruptions.

In the first quarter of 2011, as part of its A$9 million commitment under the terms of the Esperance Agreement with the Government of Western Australia, Magellan Metals made a second A$3 million payment; a contribution towards the Government managed clean-up of the Esperance Port and Town following the bulk handling issues which had occurred there with Magellan’s product.

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