Ivernia resumes shipments

Article Excerpt

IVERNIA INC. $0.14 (Toronto symbol IVW; SI Rating: Speculative)(416-867-9298; www.ivernia.com; Shares outstanding: 180.2 million; Market cap: $25.2 million) now has government approval to resume shipments of lead ore from its Magellan mine in western Australia. Ivernia stopped shipping ore in March 2007 after it appeared that loading the ore onto its ships in the port of Esperance caused local birds to die of lead poisoning. Ivernia will ship the lead ore in sealed double bags inside shipping containers. Shipping of stockpiled ore will continue through the rest of this year. Meanwhile, Ivernia will work on a plan to restart the Magellan mine. But the company will only restart the mine if it can operate at a profit. Magellan will probably stay closed until lead prices rise. Ivernia is still a hold, but only for aggressive investors. investors…