Ivernia Announces Magellan Measured and Indicated Resources Update Following 2005 Infill Drilling Program; 2006 Exploration Program.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 increased Measured and Indicated Resources following the first-half 2005 infill in·fill n. 1. The use of vacant land and property within a built-up area for further construction or development, especially as part of a neighborhood preservation or limited growth program. 2. drilling program and first 12 months of mining activity at the wholly-owned 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 mine 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. . Highlights - Measured and Indicated Resources as at December December: see month. 31, 2005 increased to 21.4 million tonnes at a grade of 5.8% lead containing 1.24 million tonnes of lead after the first 12 months of mining activity at the Magellan mine. - Inferred Resources as at December 31, 2005 were a further 7.2 million tonnes at a grade of 4.6% lead containing 0.33 million tonnes of lead. - Resource update incorporates the results of an infill drilling program completed in first-half 2005 which targeted areas of Inferred Resources at 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 and at the margins of the Magellan deposit. - A$1.2 million exploration budget for 2006 targeting areas of high potential for addition of resources and reserves as well as progressing work on newer exploration ground. - The increase in Measured and Indicated Resources after 12 months of mining activity, good exploration potential and substantial exploration commitment underpin Ivernia's growth plans and potential to extend the Magellan mine's current long life. Lead Mineral Resource Estimates The Measured and Indicated Resource tonnage TONNAGE, mar. law. The capacity of a ship or vessel. 2. The act of congress of March 2, 1799, s. 64, 1 Story's L. U. S. 630, directs that to ascertain the tonnage of any ship or vessel, the surveyor, &c. as at December 31, 2005 was 21.4 million tonnes at a grade of 5.8% lead containing 1.24 million tonnes of lead (December 31, 2004 was 18.6 million tonnes at a grade of 5.9% lead containing 1.1 million tonnes of lead). The December 31, 2005 resource tonnage is stated after the 2005 mining of approximately 1.23 million tonnes of ore at a grade of 5.9% lead containing 0.07 million tonnes of lead. The December 2005 Measured and Indicated Resource tonnage has increased primarily due to the results of the infill drilling program completed during first-half 2005 which targeted areas of inferred resources at the Pinzon deposit and at the margins of the Magellan deposit and revising the 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 to 2.5% lead. Subsequent to this infill drilling program remaining Inferred Resources as at December 31, 2005 were 7.2 million tonnes at a grade of 4.6% lead containing 0.33 million tonnes of lead (December 31, 2004 was 13 million tonnes at a grade of 4.3% lead containing 0.56 million tonnes of lead). The 2005 resource model for the Magellan mine (comprising the Magellan, Cano and Pinzon deposits) was updated incorporating new drilling data from first-half 2005, the conclusions from grade control and density studies and revised modelling parameters.
Detailed results are tabulated below:
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Lead Mineral Resource Estimate - December 31, 2005
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Cut-off Measured Indicated
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@ Tonnes Pb Pb Tonnes Pb Pb
2.50% (million) % ('000 t) (million) % ('000 t)
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Magellan 8.3 6.5 540 5.6 5.1 290
Cano 1.7 6.0 100 1.0 5.1 50
Pinzon - - - 4.8 5.3 250
Drake - - - - - -
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Total 10.0 6.4 640 11.4 5.2 600
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Lead Mineral Resource Estimate - December 31, 2005
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Cut-off Measured & Indicated Inferred
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@ Tonnes Pb Pb Tonnes Pb Pb
2.50% (million) % ('000 t) (million) % ('000 t)
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Magellan 13.9 6.0 830 3.3 5.0 160
Cano 2.7 5.6 150 0.1 4.4 10
Pinzon 4.8 5.3 250 1.5 4.2 60
Drake - - - 2.3 4.4 100
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Total 21.4 5.8 1,240 7.2 4.6 330
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The December 2005 Resources have been reported based on a cut-off grade of 2.5% Pb, an exchange rate of US$0.75/A$1.00, a lead price of US$750 per tonne tonne measure of weight or mass; 1 tonne=1000 kg. See also ton. equivalent to A$1,000 per tonne, and estimated operating costs operating costs npl → gastos mpl operacionales . Resources are based on reports prepared by Jeffrey Elliott of 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 Pty Ltd PTY LTD Propriety Limited (company structure in Australia) ("CSA") and Malcolm Titley of Finore Pty Ltd ("FinOre") who are a division of CSA. Table entries (other than contained lead) are rounded to 2 significant figures. 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 2004 update of the JORC JORC Joint Ore Reserves Committee code. Jeffrey Elliott and Malcolm Titley are qualified persons for purposes of National Instrument 43-101 and 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 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. The Measured and Indicated Resource at Magellan deposit of 13.9 million tonnes at 6.0% lead containing 0.83 million tonnes of lead is largely unchanged, although approximately 1.5 million more tonnes is now classified as Measured Resource. The Measured and Indicated Resource at Cano deposit of 2.7 million tonnes at 5.6% lead containing 0.15 million tonnes of lead has decreased due to mining activity (approximately 0.89 million tonnes @ 5.1% lead for 0.05 million tonnes of lead) and also due to the application of new density algorithms The following is a list of the algorithms described in Wikipedia. See also the list of data structures, list of algorithm general topics and list of terms relating to algorithms and data structures. and different modelling parameters. The Pinzon Resource of 4.8 million tonnes at 5.3% lead for 0.25 millions tonnes of lead is quoted for the first time as an Indicated Resource following infill drilling of the deposit in first-half 2005. The Drake drake 1. male duck. 2. loliumtemulentum. deposit comprises an Inferred Resource of 2.3 million tonnes at 4.4% lead for 0.1 million tonnes of lead. The Inferred Resources at Drake was defined by reverse circulation ("RC") drilling in first-half 2005 and was reported with third quarter 2005 results on November 10, 2005. The Drake deposit is a satellite deposit to the Magellan lead mine and is located approximately 11km southwest of the Magellan deposit. The updated resource estimates for the Magellan, Cano and Pinzon deposits represent a significant increase in confidence in resources for the Magellan lead mine. The 2005 model was tracked against additional grade control data in second-half 2005 as a check on estimation estimation In mathematics, use of a function or formula to derive a solution or make a prediction. Unlike approximation, it has precise connotations. In statistics, for example, it connotes the careful selection and testing of a function called an estimator. performance. The updated model was also subjected to an internal and external review process. Reconciliation of the 2005 resource model to grade control predictions was excellent (within 1% metal content for the whole year). Further Drilling at Pinzon and Magellan During December 2005 Additional RC drilling was completed on areas of inferred resources at Pinzon and on the southern part of the Magellan deposit in late 2005. All assay results from the drilling program completed in December have now been received. An initial appraisal of the results suggests that the drilling has intersected additional mineralisation on the northern and western margins of the indicated resources at Pinzon. At Magellan South the results from completed holes generally agreed with previous drilling, however several holes were abandoned before target depth or could not be drilled due to existing infrastructure. The further drilling program has reduced drill spacing on the margins of the deposits and therefore is likely to increase resource confidence in the next update. Further drilling of remaining inferred resources will resume after the completion of the reserve update and a new Life of Mine plan. Exploration Potential Significant exploration potential exists within Ivernia's tenements at the Magellan lead mine both in areas adjacent to the Magellan mine and in the surrounding sur·round tr.v. sur·round·ed, sur·round·ing, sur·rounds 1. To extend on all sides of simultaneously; encircle. 2. To enclose or confine on all sides so as to bar escape or outside communication. n. regions. In 2006, Ivernia has committed a budget of A$1.2 million towards exploration at its Magellan tenements. The potential for the identification of additional resources and reserves adjacent to the current deposits is still very good, where a substantive inferred resource of 7.2 million tonnes at 4.6% lead containing 0.33 million tonnes of lead remains following drilling campaigns completed during the first half of 2005. There also remains good potential for discovery of additional resources in the greater area of the Magellan Mine (known as the Magellan Hill) either as extensions to the existing deposits or as new finds. Exploration drilling programs will target prospective areas of the Magellan Hill in 2006. Exploration completed in the surrounding regions to the Magellan Mine has also indicated significant exploration potential. RC drilling at the Drake prospect in 2005 identified a new inferred resource and further work is planned to improve the resource estimate in 2006. Drilling was also completed at the Pizarro and Cortez prospects in 2005 and areas of potential were identified for further drilling. Additional drilling is planned at the Drake, Pizarro and Cortez prospects to the south and west of the Magellan lead mine, all of which are within a 15 kilometre trucking distance of the Magellan plant site. In the Yandil tenement A comprehensive legal term for any type of property of a permanent nature—including land, houses, and other buildings as well as rights attaching thereto, such as the right to collect rent. to the northwest of the Magellan lead mine a heritage survey is planned for first-quarter 2006 to clear access for drilling later in the year. The planned programs in 2006 will continue to target areas of high potential for addition of resources and reserves, whilst continuing to test mature tenements and progress work on newer ground. The approach will allow ground holdings to be rationalised and new exploration or acquisition opportunities to be pursued. Ore Reserves and Life of Mine Plan Following the December 31, 2005 resource update and the first 12 months of mining activity the new General Manager - Operations, Alan Thompson Alan Thompson can refer to
Perth is the capital of the Australian state of Western Australia. on an updated Ore Reserve estimate and Life of Mine Plan. It is anticipated that the work will be completed during second quarter 2006. On March 6, 2005 the lead cash settlement price on 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. was US$1218 per tonne and the exchange rate US$0.74/A$1.00 for an equivalent lead price of A$1646 per tonne. About Ivernia Ivernia is an international base-metals, mining and exploration company whose principal asset is a 100% interest in the low-cost, long-life Magellan lead mine in Western Australia. The mine achieved commercial production on October 1, 2005 and is expected to reach full production levels by mid- mid- pref. Middle: midbrain. 2006. When in full production it should be one of the top five lead-producing mines in the world, yielding approximately 100,000 tonnes of lead per year, close to 3% of total world mine production. The inferred resources and considerable regional exploration opportunities offer significant potential to extend the mine's current long reserve life. Ivernia trades under the symbol "IVW" on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. . For further information on the Company, please visit www.ivernia.com and for detailed financial information and regulatory filings visit www.sedar.com . 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. This document contains certain "forward-looking statements". All statements, other than statements of historical fact, that address activities, events or developments that Ivernia 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 Ivernia based on information currently available to Ivernia. Forward-looking statements are subject to a number of risks and uncertainties, including those detailed from time to time in filings made by Ivernia 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 Ivernia to differ materially from those discussed in the forward-looking statements, and even if such actual results are realised or substantially realised, there can be no assurance that they will have the expected consequences to, or effects on, Ivernia. Ivernia expressly disclaims any obligation to update or revise any such forward-looking statements. Ivernia Inc. (TSX:IVW) |
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