Ivernia Inc. ("Ivernia" or the "Company") (TSX: IVW), an international base metals company, today announced that in response to the unprecedented turmoil in global financial and commodities markets, the Company has taken measures to conserve cash by reducing costs.

TORONTO, ONTARIO--(Marketwire - Oct. 8, 2008) - Ivernia Inc. (TSX:IVW), an international base metals company, today announced that John Pitcher has joined the Company as General Counsel and Corporate Secretary, effective immediately. Mr.

Ivernia Inc. (TSX: IVW), an international base metals company, today announced the Company has named Robert B. Wickham to the newly created position of Executive Vice President Finance and Corporate Development effective immediately.

All Dollar Amounts are in U.S. Dollars Unless Otherwise Indicated Ivernia Inc. ("Ivernia" or the "Company") (TSX: IVW) today reported an operating loss(1) of $2.5 million and a net loss of $5.1 million, or $(0.03) per common share for the second quarter of 2008.

Ivernia Inc. ("Ivernia" or the "Company") (TSX: IVW) and China-based Yunnan Metallurgical Group ("YMG") are pleased to announce the successful closure of the private placement investment in Ivernia, by YMG's Australian subsidiary (Chihong International Mining Ltd.).