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[Australia]
Posted on : Oct 02, 2005

International base-metals,
mining and exploration firm Ivernia has announced that Western Australia's
Minister of State Development and Energy Alan Carpenter, has officially opened
the Magellan lead mine in a plaque unveiling ceremony at the minesite, 750 km
northeast of Perth.

"While world demand for lead has increased steadily over the past 20 years,
supply has not kept pace due to significant underinvestment. Ivernia has
reversed this trend with a multi-million dollar investment in what will become
the world's fifth largest lead producer."

The mine is now being commissioned and the first bulk shipments of concentrate
were made in July and August 2005.

Magellan is expected to reach full production levels in the fourth quarter.

By 2006, it should be one of the top five lead-producing mines in the world,
producing about 100 000 t 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.
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