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DJ Ivernia: Magellan Lead Mine To Reach Full Capacity In 3Q 2010

Posted on: Thu, 13 Aug 2009 19:48:00 EDT

Symbols: IVWFF

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SYDNEY, Aug 13, 2009 (Dow Jones Commodities News via Comtex) --
IVWFF | Quote | Chart | News | PowerRating -- Canadian mining company Ivernia Inc. (IVW.T) Friday said it expects to achieve full production levels at its Magellan lead mine in Western Australia during the third quarter next year.

The mine has been on care and maintenance since early 2007, after the WA government revoked Ivernia's export license following cases of lead poisoning at the port of Esperance.

The company has recently received approval to ship through the port of Fremantle, but was hesitant to commit to a mine restart due to lead's uncertain price outlook.

"Management currently expects a mine restart in early 2010 and it is anticipated that there will be a four- to six-month ramp-up period before target full production levels are achieved during the third quarter of 2010," Ivernia said in a statement.

-By Elisabeth Behrmann, Dow Jones Newswires;

61-2-8272-4689 elisabeth.behrmann@dowjones.com

(END) Dow Jones Newswires

08-13-09 1948ET

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