Ivernia Announces Proposed Changes to the Board of Directors

TORONTO, ONTARIO -- (Marketwire) -- 05/16/12 -- Ivernia Inc. (TSX: IVW) ("Ivernia" or the "Company") is pleased to announce that three new directors have been nominated to the board of directors (the "Board") for election at the June 13, 2012 annual meeting of shareholders ("2012 AGM"). Messrs. Michael Agnew, David Ming Qi and Peter Robson are three new non-executive nominees being proposed for election to the Board at the 2012 AGM, being independent directors within the meaning of National Instrument 58- 101 of the Canadian Securities Administrators. Messrs. Peter Cassidy, Kenneth Sangster, Gerald Shefsky and Chen Zhi are current directors that will not seek re-election to the Board at the 2012 AGM and, as a result, the Board will decrease from nine to eight members.

Michael Agnew has over 30 years of metallurgical operating experience as an executive, corporate director, consultant and lecturer. Since 2006, Mr. Agnew has been the principal of Michael Agnew Inc., a process metallurgy consulting company focused on providing technology evaluation and selection, the implementation and integration of innovative technologies and the marginal improvement of existing technologies. From 2003 to 2006, Mr. Agnew was the Senior Vice President, Technology for Noranda Inc. (later Falconbridge Limited). Prior to that, he held managerial positions with Magnola Metallurgy Inc. from 2001 to 2003 and various operational and managerial positions with Canadian Electrolytic Zinc from 1975 to 2001. Mr. Agnew was awarded Fellow of the Canadian Institute of Mining, Metallurgy and Petroleum in 2009 for a life-time contribution to mining and metallurgy. He is also a member of the Order of Engineers of Quebec, and is a member of The Minerals, Metals and Materials Society, a member society of The American Institute of Mining, Metallurgy and Petroleum Engineers. Mr. Agnew sits on the Board of Directors of Enirgi Group Corporation ("Enirgi Group"), the Company's majority shareholder. Mr. Agnew has been an adjunct lecturer at Queen's University in Kingston, Ontario since 2008. Mr. Agnew received a Bachelor of Applied Science in Chemical Engineering from the University of Waterloo in 1975.

David Ming Qi has been Deputy General Manager at China Yunnan Metallurgical Group Co. Ltd. ("CYMCO") since 2008 - responsible for CYMCO's overseas projects and M&A activities. From 2005 to 2008 Mr. Qi held the position of General Manager and Managing Director at Pan-Horizon Building Materials (Beijing), Inc. in Beijing, China. Mr. Qi serves on several boards including as Chairman of the Board of Selwyn Chihong Mining Ltd. in Canada, Chairman of the Board of Chihong Luxembourg in Luxembourg, Chairman of the Board of Yunnan Metallurgical Imp. & Exp. and Logistics Co. Ltd. in China, director of Chihong International Mining Co. Ltd. in Australia and as a director of Yunnan Aluminum Co. International Co. Ltd. in Hong Kong. Mr. Qi is an experienced executive having a broad range of experience in both China and internationally. He has lived and worked for over 18 years in the United States and has extensive work experience in industries from IT to building materials with several US companies including Armstrong World Industries (China) Ltd. in Hong Kong and Shanghai, GIS Services Inc. in Alexandra, Virginia, Thomas Bros. Maps/Rand McNally in Irvine, California, and Environmental Systems Research Institute, Inc. (ESRI) in Redlands, California. Mr. Qi is a Certified Photogrammetrist granted by the US Society of Photogrammetry, Remote Sensing and GIS. Under an agreement between the Company and Yunnan Metallurgical Group ("YMG") dated November 30, 2007, the Company agreed to nominate one individual designated by YMG for election to the Board. Mr. David Ming Qi is that nominee.

Peter Robson is an experienced company director with a professional background as a senior engineer with both Australian and Asian manufacturing firms. Mr. Robson has worked over many years at both operational and senior executive levels and has a deep understanding of Australia's manufacturing and engineering industries. Mr. Robson's career has established him with a unique network throughout Australian industry and government. After nearly 25 years in engineering and managerial roles in the manufacturing industry, Mr. Robson held various executive positions with Australian trade unions, culminating in his role from 1993 to 1995 as the National Secretary for the Community and Public Sector Union, Australia's then largest union. From 1996 to 2002, Mr. Robson acted as a Senior Advisor to PricewaterhouseCoopers on commercializing various technologies arising from its minerals and mining division. Mr. Robson is currently the Chairman of Renewed Metals Technology Pty Ltd. ("RMT"). RMT is managed by, and an affiliate of, Enirgi Group and operates a lead acid battery recycling plant in New South Wales, Australia. Mr. Robson is also currently the Deputy Chairman of CEA Technologies Pty. Ltd., a radar and defense electronics company, Chairman of the Illawarra Technology Corporation, an educational services company, and Chairman of Consolidated Manufacturing Enterprises, an aqua feed manufacturer. Mr. Robson is also a director of the Ross Hill Vineyard and Wallace Lane Wine Company in Australia. Mr. Robson holds a Master of Commerce (Honours) and a Bachelor of Chemical Engineering from the University of New South Wales, Australia.

The Honourable J. Trevor Eyton, Chairman of the Board of Directors of Ivernia, commented: "Ivernia is honoured and delighted to have three high caliber individuals such as Mike Agnew, David Ming Qi and Peter Robson as nominees to Ivernia's Board of Directors. We are pleased to invite Peter to the Board with his wealth of experience in business and working with governments in Australia. David and Michael each have a strong understanding of Magellan Metals' business from their current roles and will add to the board's financial and technical depth. We extend our thanks to Peter Cassidy, Kenneth Sangster, Gerald Shefsky and Chen Zhi for their contributions to the Board - with a special thanks to Peter Cassidy for his extended service and support of Ivernia over these past seven years as a director".

The management information circular and other proxy materials for the 2012 AGM will be mailed to shareholders and will be available on the SEDAR website, www.sedar.com, this week.

About Ivernia:

Ivernia is an international base metal mining company and the owner of the Magellan Mine, located in Western Australia.

Ivernia trades under the symbol "IVW" on the TSX. Additional information on Ivernia is available on the Company's website at www.ivernia.com and at SEDAR at www.sedar.com.

Contacts:

Ivernia Inc.

Brent Omland

Vice President, Finance and Chief Financial Officer

(416) 867-9298
investor@ivernia.ca