Ivernia Enters Into Management Services Agreements With Enirgi Group Corporation

All Dollar Amounts are in U.S. Dollars ("US$") Unless Otherwise Indicated

Ivernia Inc. ("Ivernia" or the "Company") (TSX:IVW) today announced that
following review and recommendation by a committee of its independent directors
and approval by the board of directors, it has entered into the management
services agreement (the "Enirgi Agreement") with Enirgi Group Corporation
("Enirgi Group") referred to in its October 11, 2012 press release. Under the
Enirgi Agreement, it is proposed that Ivernia's officers will be employed by
Enirgi Group, and will, as employees of Enirgi Group, manage the business and
affairs of Ivernia. As well, day to day management for the operation of
Ivernia's, 100% owned, lead mining operations located in Western Australia will
be provided by Enirgi Metal Group Pty Ltd. ("EMG") under a management services
agreement between EMG and Ivernia's wholly-owned subsidiary Rosslyn Hill Mining
Pty Ltd. ("RHM", the "EMG Agreement", and together with the Enirgi Agreement,
the "Agreements"). EMG is a wholly owned subsidiary of the Company's majority
shareholder, Enirgi Group.


Under the Agreements, Ivernia retains full ownership of the mine. The entering
into of the Agreements will have no impact on Ivernia's status as a reporting
issuer, or its TSX listing. The boards of directors of each of Ivernia and RHM
will be responsible for the direction and supervision of the duties of Enirgi
Group and EMG, respectively, under the Agreements.


The Agreements provide for payments in respect of the services provided on a
cost-recovery only basis, with no mark-up, and are terminable by either party on
90 days' notice.


Pursuant to the Enirgi Agreement, Enirgi Group will be responsible for providing
the necessary officers responsible for (among other things) general management
and executive services for Ivernia, including strategic and business planning
functions, accounting, treasury and other day-to-day matters. Enirgi Group will
report and be accountable to Ivernia's board of directors.


Under the EMG Agreement, EMG will take the leading role in managing the restart
of operations at the mine, including the design of the organizational structure,
with a restart of operations planned in stages during the second quarter of 2013
with full production levels targeted by the end of 2013. Certain RHM employees
may either transfer or be seconded to EMG in order to perform similar services
for EMG. EMG will report and be accountable to RHM's board of directors, which
is directly accountable to Ivernia's board of directors.


EMG, led by Managing Director, Todd Vains, is the largest secondary lead
smelting group in Australia with its two secondary lead smelters and used lead
acid battery collection business in Eastern Australia and has a wealth of
knowledge and experience in the lead industry. Under the EMG Agreement, EMG
expects to deliver increased technical and operating experience, executive
management and economies of scale from being part of a larger group.


The restructuring of operations under the Agreements is expected to deliver
significant cost savings to Ivernia and RHM. Management estimates that this
restructuring, once fully implemented will lead to direct cost savings in the
range of approximately $3 million to $4 million per annum.


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 direct and indirect cost savings from the service agreement with Enirgi
Group, the decision to restart and timing of the restart of operations, the
financing requirements to restart the Paroo Station mine (the "Mine"), 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 period of care and maintenance commenced in April 2011, the
timing, need and ability to raise 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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Ivernia Inc.
Brent Omland
Vice President, Finance & Chief Financial Officer
[phone]
[e-mail]
www.ivernia.com