Ivernia Awaits Approval

Article Excerpt

IVERNIA INC. $0.12 (Toronto symbol IVW; SI Rating: Speculative)(416-867-9298; www.ivernia.com; Shares outstanding: 180.2 million; Market cap: $19.8 million) is still not able to sell ore from its Magellan lead mine in Western Australia. Ivernia was ordered to suspend production at the mine in April 2007, after the Port of Esperance blocked shipments due to bird fatalities from lead poisoning. Ivernia believes it has met all of the conditions required to allow the export of bagged and containerized lead concentrate through the Port of Freemantle. However, although regulatory agencies have approved the project, Ivernia is still waiting for the State of Western Australia’s Minister of Environment to make a final decision. The company holds $15.8 million or $0.09 a share in cash. Ivernia is still a hold, but only for aggressive Investors Investors…