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Ivernia Announces $20 Million Loan Facility With Sprott Resources Lending Partnership

TORONTO, ONTARIO -- (Marketwire) -- 01/30/13 --

All Dollar Amounts are in Canadian Dollars ("C$") Unless Otherwise Indicated

Ivernia Inc. ("Ivernia" or the "Company") (TSX:IVW) announced that it has entered into a $20 million secured loan facility (the "Facility") today with Sprott Resources Lending Partnership (the "Lender") which provides the Company with funding to restart operations at its Paroo Station lead mining operations (the "Mine") located in Western Australia. Concurrent with the closing of the Facility, the Company has drawn down a $15 million initial advance under the Facility. A subsequent advance of $5 million is available within 90 days to fund the financial assurance bond required for shipments through the Port of Fremantle, pursuant to the Company's transportation and operating conditions received on July 27, 2012 (the "Operating Conditions"). The Facility is secured by the Mine and all of its assets.

The Facility matures on February 28, 2015 after twelve equal principal repayments starting March 31, 2014, however early repayment of the Facility, at Ivernia's option, is allowed without penalty provided that Ivernia has paid at least six months of interest under the Facility. The Facility bears interest at a rate of 12% per annum, compounded monthly, which is payable at the end of each month. In addition to the payment of interest, the Facility also provides for the issue of 10,169,491 common shares of Ivernia to the Lender or its nominees having a value of $1.2 million and a cash structuring fee of $200,000.

As a condition to the execution of the Facility, Enirgi Group Corporation ("Enirgi"), the Company's majority shareholder, has agreed to postpone the maturity date of its existing $6 million facility (the "Enirgi Facility") to March 31, 2015. The Enirgi Facility has been fully drawn down as of January 29, 2013.

As of January 29, 2013, prior to the initial advance under the Facility, the Company had approximately $2.2 million in cash. The Facility provides the Company with additional financing expected to be sufficient to underwrite the restart of the Mine, in excess of the expected proceeds from the future shipment of the approximate 10,100 dry metric tonne lead carbonate concentrate stockpiles at the Mine. Ivernia has previously disclosed the need to undertake a number of activities at the Mine, including recruiting and training a significant new workforce and mobilization of contractors, before a restart of operations can occur.

The management team is confident that the operation remains on track to commence the sale and shipment of the lead carbonate concentrate stockpiles currently held at the Mine and restart operations in the second quarter of 2013 with full production levels targeted by year end.

About Ivernia

Ivernia is an international base metal mining company and the owner of the Paroo Station Mine, located in Western Australia.

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 news release constitute forward-looking information within the meaning of securities laws. All statements included herein (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 decision to restart and timing of the restart of operations and transportation, any additional financing requirements to restart the Mine, the timing and ability to receive the subsequent advance under the Facility, the cost and timing for completion of capital projects prior to restart, the timing of any steps required under the Operating Conditions before the end of the suspension of the Company's transportation of lead carbonate from the Mine, the Company's ability to comply with the new Operating Conditions, the duration of the period of care and maintenance commenced in April 2011 and the commencement of transportation of lead carbonate concentrate from the Mine, future targets and estimates for production, capital expenditures, operating costs, cash costs, mineral resources, mineral reserves, life of mine, recovery rates, grades and prices, business strategies and measures to implement such strategies, competitive strengths, estimated goals and plans for Ivernia's future business operations, lead market outlook 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 reasonable 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.

However, whether actual results and developments will conform with management's expectations is subject to a number of risks and uncertainties, including factors underlying management's assumptions, such as, the duration of the suspension of the Company's transportation of lead carbonate from the Mine, the duration of the required period of care and maintenance commenced in April 2011, the timing, need and ability to raise any additional financing, risks relating to the operations being placed on care and maintenance, matters relating the restart of mining and milling operations, matters relating to ramping up mining and milling throughput and operations, regulatory compliance and approvals, metal price volatility, lead carbonate concentrate treatment charges, exchange rates, regulatory proceedings and litigation, the fact that the Company has a single mineral property, resources and reserves, health and safety, environmental factors, mining risks, metallurgy, labour and employment regulations, government regulations, insurance, dependence on key personnel, constraints on cash flow, the nature of mineral exploration and development, matters relating generally to the transportation of lead carbonate, presence of a majority shareholder, matters related to public opinion, matters related to the Esperance settlement and shipments through the Port of Fremantle, and common share price volatility and the dilution of the Company's common shares. Additional factors and considerations are discussed in the Company's 2011 AIF under "Description of the Business of the Company - Risk Factors" and elsewhere in this news release and in other documents filed from time to time by Ivernia with Canadian securities regulatory authorities. While Ivernia considers these assumptions to be reasonable based on information currently available to it, 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. Undue importance should not be placed on forward-looking information nor should reliance be placed upon this information as of any other date. Except as required by law, while it may elect to, Ivernia is under no obligation and does not undertake to update this information at any particular time.

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