Ivernia Announces Contained Lead in Reserves Increase by 22%; Discovered Significant New Inferred Resources at Magellan and Pinzon Deposits.TORONTO Toronto (tərŏn`tō), city (1998 est pop. 2,400,000), provincial capital, S Ont., Canada, on Lake Ontario. Toronto is the largest city in Canada and since the 1970s has been one of the fastest-changing cities in North America, experiencing -- Ivernia Inc. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :IVW IVW Informationsgemeinschaft zur Feststellung der Verbreitung von Werbeträgern EV (German auditing institution) IVW In-Voluntary Withdrawal ) today announced the results of its resource and reserve update following the Q1 2004 drilling program on the Company's 51% owned high-grade High-grade Credit quality of AAA or AA. high-grade Of, relating to, or being a bond with little risk of default on the part of the issuer. High-grade is usually reserved for bonds rated AAA or AA by the rating services. Magellan A disk management utility for PCs from Lotus that had its heyday in the late 1980s. Believed by many to be one of the top 10 utility programs of all time, Magellan searched for file names and indexed the text content of the PC's hard drive at lightning speed. lead project in Western Australia Western Australia, state (1991 pop. 1,409,965), 975,920 sq mi (2,527,633 sq km), Australia, comprising the entire western part of the continent. It is bounded on the N, W, and S by the Indian Ocean. Perth is the capital. . Compared to year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. 2003, the program results have increased contained lead in reserves by 22% to 1.00 million tonnes, and identified significant new inferred resources with contained lead of 0.57 million tonnes . The A$0.7 million drilling program increased the drilling data to 659 drill holes for this resource and reserve update compared to the 2003 estimates which were based on 281 drill holes. The drilling data incorporates 318 drill holes on the Magellan deposit, 232 drill holes on the Cano deposit and 109 drill holes on the Pinzon Pin·zón , Martín Alonso 1440?-1493. Spanish navigator who commanded the Pinta on Christopher Columbus's first voyage to America (1492-1493). deposit. "The prime purpose of the latest drilling program was to adequately define the initial mining plan and so it was restricted to the plateau plateau, elevated, level or nearly level portion of the earth's surface, larger in summit area than a mountain and bounded on at least one side by steep slopes, occurring on land or in oceans. containing the Magellan and Cano deposits and the Pinzon deposit to the southeast of Magellan," said Ken Sangster Sangster can also refer to: People
1. ^ International Union of Pure and Applied Chemistry. "throughput rate". of 1.4 million tonnes of ore." Ken Sangster continued, "Although these additional reserves in the Magellan orebody are at a lower grade than the very high grades seen in the centre of the orebody, this is still high grade material overall. Importantly we now have a significantly larger Magellan orebody where the waste-to-ore strip ratio has improved by 25% from 3.6:1 to 2.7:1. This significantly reduces the mining costs per tonne tonne measure of weight or mass; 1 tonne=1000 kg. See also ton. of ore produced." The Cano orebody has a strip ratio of 2.1:1. Ken Sangster concluded, "Over the next 18 months we are planning to conduct more comprehensive drilling in the adjacent Pizarro, Drake drake 1. male duck. 2. loliumtemulentum. and Cortez Cortez alluded to in a poem by Keats, mistaken for Balboa, as discoverer of Pacific Ocean. [Br. Poetry: “On First Looking into Chapman’s Homer”] See : Error prospects together with further drilling in the areas categorized cat·e·go·rize tr.v. cat·e·go·rized, cat·e·go·riz·ing, cat·e·go·riz·es To put into a category or categories; classify. cat as inferred resources at Magellan and Pinzon." Detailed results are as follows. In the tables below, Resources are reported inclusive of inclusive of prep. Taking into consideration or account; including. Reserves:
Lead Mineral Resources (inclusive of Reserves)
Magellan Deposit (@ 3% lead cut-off)
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Resource 31-Dec-03 9-Jul-04
Category -----------------------------------------------------
Cont- Cont-
ained ained
Tonnes(t) Lead Lead Tonnes Lead Lead
(million) (%) (000t) (million) (%) (000t)
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Measured (M) 5.4 8.1 435 6.7 7.9 524
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Indicated (I) 5.0 5.5 274 7.6 4.5 341
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Total - M+I 10.4 6.8 709 14.3 6.1 865
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Inferred - - - 6.0 4.2 257
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Cano Deposit (@ 3% lead cut-off)
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Resource 31-Dec-03 9-Jul-04
Category -----------------------------------------------------
Cont- Cont-
ained ained
Tonnes(t) Lead Lead Tonnes Lead Lead
(million) (%) (000t) (million) (%) (000t)
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Measured (M) 3.1 6.0 186 3.9 5.6 216
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Indicated (I) 1.6 4.5 72 0.4 4.0 17
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Total - M+I 4.7 5.5 258 4.3 5.5 233
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Inferred - - - 0.1 4.4 5
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Pinzon Deposit (@ 3% lead cut-off)
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Resource 31-Dec-03 9-Jul-04
Category -----------------------------------------------------
Cont- Cont-
ained ained
Tonnes(t) Lead Lead Tonnes Lead Lead
(million) (%) (000t) (million) (%) (000t)
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Measured (M) - - - - - -
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Indicated (I) - - - - - -
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Total - M+I - - - - - -
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Inferred - - - 6.9 4.4 303
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Total Resources (@ 3% lead cut-off)
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Resource 31-Dec-03 9-Jul-04
Category -----------------------------------------------------
Cont- Cont-
ained ained
Tonnes(t) Lead Lead Tonnes Lead Lead
(million) (%) (000t) (million) (%) (000t)
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Measured (M) 8.5 7.3 621 10.6 7.1 740
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Indicated (I) 6.6 5.3 346 8.0 4.5 358
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Total - M+I 15.1 6.4 967 18.6 5.9 1098
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Inferred - - - 13.0 4.3 565
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Lead Ore Reserves
Magellan Deposit (@ 3% lead cut-off)
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Resource 31-Dec-03 9-Jul-04
Category -----------------------------------------------------
Cont- Cont-
ained ained
Tonnes(t) Lead Lead Tonnes Lead Lead
(million) (%) (000t) (million) (%) (000t)
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Proven 5.1 8.1 413 6.4 8.0 516
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Probable 3.4 5.7 199 5.6 4.6 256
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Total 8.5 7.1 612 12.0 6.4 772
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Increase 3.5(+41%) 160(+26%)
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Cano Deposit (@ 3% lead cut-off)
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Resource 31-Dec-03 9-Jul-04
Category -----------------------------------------------------
Cont- Cont-
ained ained
Tonnes(t) Lead Lead Tonnes Lead Lead
(million) (%) (000t) (million) (%) (000t)
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Proven 2.8 6.2 174 3.9 5.6 216
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Probable 0.7 5.3 38 0.4 4.1 14
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Total 3.5 6.0 211 4.2 5.5 230
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Increase 0.7(+20%) 19(+9%)
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Total Reserves (@ 3% lead cut-off)
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Resource 31-Dec-03 9-Jul-04
Category -----------------------------------------------------
Cont- Cont-
ained ained
Tonnes(t) Lead Lead Tonnes Lead Lead
(million) (%) (000t) (million) (%) (000t)
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Proven 7.9 7.4 586 10.3 7.1 732
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Probable 4.1 5.6 237 5.9 4.6 270
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Total 12.0 6.8 823 16.2 6.2 1002
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Increase 4.2(+35%) 179(+22%)
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Reserves and resources as at July July: see month. 9, 2004 have been reported based on a cut-off cut-off Anesthesiology The point at which elongation of the carbon chain of the 1-alkanol family of anesthetics results in a precipitous drop in the anesthetic potential of these agents–eg, at > 12 carbons in length, there is little anesthetic activity, grade of 3.0% lead, an exchange rate of US$0.70/A$1.00, a lead price of US$700 per tonne (A$1,000 per tonne) and estimated operating costs operating costs npl → gastos mpl operacionales . Resources are based upon studies prepared by CSA (1) (Canadian Standards Association, Toronto, Ontario, www.csa.ca) A standards-defining organization founded in 1919. It is involved in many industries, including electronics, communications and information technology. Australia Australia (ôstrāl`yə), smallest continent, between the Indian and Pacific oceans. With the island state of Tasmania to the south, the continent makes up the Commonwealth of Australia, a federal parliamentary state (2005 est. pop. Pty Ltd PTY LTD Propriety Limited (company structure in Australia) ("CSA") under the supervision of Jeffrey Elliot of CSA with some assistance and limited review by Snowden Mining Industry Consultants Pty Ltd ("Snowden") under the supervision of Vivienne Snowden of Snowden. Reserves are based upon studies prepared by Snowden under the supervision of Allan Blair Allan Walker Blair (1900 – 1947) was a professor at the University of Alabama's medical school who is best known for allowing himself to be bitten by a black widow spider in order to investigate the toxicity of its venom in humans. . Table entries (other than contained lead) are rounded to two significant figures. All reserves and resources are reported in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with the 1999 update of the JORC JORC Joint Ore Reserves Committee Code. Qualified persons for purposes of National Instrument 43-101 have verified ver·i·fy tr.v. ver·i·fied, ver·i·fy·ing, ver·i·fies 1. To prove the truth of by presentation of evidence or testimony; substantiate. 2. the above reserve and resource figures and the underlying sampling and analytical analytical, analytic pertaining to or emanating from analysis. analytical control control of confounding by analysis of the results of a trial or test. data. Jeffrey Elliot and Lorry Hughes of CSA and Allan Blair of Snowden are the qualified persons for the purpose of National Instrument 43-101. Additional information concerning the Magellan Project reserves and resources is contained under the heading "Determination of Mineral Resources Noun 1. mineral resources - natural resources in the form of minerals natural resource, natural resources - resources (actual and potential) supplied by nature and Ore Reserves" in Ivernia's annual information form filed with Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. securities regulators. The December 2003 reserves and resources were reported based on a cut-off grade of 3.0% lead. In 2003 the Magellan deposit was reported on the basis of an exchange rate of US$0.55/A$1.00, a lead price of US$500 per tonne (A$910 per tonne) and estimated operating costs. In 2003 the Cano deposit was reported on the basis of an exchange rate of US$0.70/A$1.00, a lead price of US$625 per tonne (A$895) and estimated operating costs. On July 9, 2004 the exchange rate was US$0.72/A$1.00 and the London Metal Exchange London Metal Exchange (LME) A market for trading base metals, where traded options contracts are available against the underlying futures contract. cash settlement price for lead was US$926 per tonne (A$1,286 per tonne). Alan De'ath, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , commenting on the improvements, said "This latest drilling program and resource and reserve update clearly indicates that we have a significantly larger Magellan deposit and a new Pinzon deposit to the south-east of Magellan. Our immediate task is to re-evaluate the life-of-mine development plan including the mining sequence for the Cano and Magellan pits based on this latest data. This is very positive news. This work will run in parallel with the construction of the processing plant and related infrastructure, which started as planned in May and is on schedule. We remain on target for first production of lead concentrates in Q1, 2005." Ivernia is an international base metals mining and exploration company whose principal asset is a 51% interest in the low-cost Magellan lead project in Western Australia. The project is expected to commence production in the first quarter of 2005. Phase 1, which is fully financed, is estimated to produce an annual average of 70,000 tonnes of lead in concentrates, increasing to 90,000 tonnes of lead metal in 2007 in conjunction with completing the Phase 2 refinery. Forward-Looking Information This document contains certain "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. ". All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future, are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "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 forward-looking statements reflect the current internal projections, expectations or beliefs of the Company based on information currently available to the Company. Forward-looking statements are subject to a number of risks and uncertainties, including those detailed from time to time in filings made by the Company with securities regulatory authorities Noun 1. regulatory authority - a governmental agency that regulates businesses in the public interest regulatory agency administrative body, administrative unit - a unit with administrative responsibilities , that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. The Company expressly disclaims any obligation to update or revise any such forward-looking statements. |
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