Lead producer Ivernia (IVW-T) set a production record at its Magellen mine in Western Australia during the first quarter of 2007, despite a two-week, low grade trial.
The company mined 330.8 tonnes of ore and produced 30,900 tonnes of lead-in-concentrate during the first quarter. Over the same period last year, Ivernia mined 253.2 tonnes and produced 22.7 tonnes of lead-in-concentrate.
The average head grade was 7.4% lead with a 74.5% recovery rate. During the same period last year the numbers were slightly higher with an 8.4% head grade and a 78.6% recovery rate.
Financial results for the first quarter will be released May 15.
The second quarter doesnt look as promising as the mine was shut down temporarily on April 3 due to a lead poisoning scare at the port facility in Esperance. The mine will be closed for at least three to four months.
Ivernia is awaiting approval to use containers certified by the International Standards Organization for future shipments.
The company appeared before the Western Australia Parliamentary committee on May 2, regarding an inquiry being conducted into the lead poisoning incident. Ivernia fully admits that lead concentrate leaked beyond the port environment but contends that it adhered to the agreement and guidelines set by port facility.
Ivernia shares rose 6% today to $1.23 on a trading volume of 961,000 shares.
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