Vancouver, B.C., Canada (April 5, 2011) – Clearlease.com Reports Ivernia Inc. (TSX:IVW) stock plunged Tuesday after it announced the voluntary halt to operations at its flagship operation in Australia after lead-contaminated mud was found on the bottom of a shipping container from its Magellan mine.
The Toronto-based company’s stock fell five cents or nearly 13 per cent to 34 cents after it made the announcement Tuesday.
“Magellan Metals appreciates that there is considerable local interest in its operations in Western Australia and regards the discovery of Magellan lead in the mud sample as unacceptable, no matter where it originated,” Ivernia said.
“It has therefore initiated clean up of the lead-bearing mud, regardless of its origin.”
Lead is a metal with a variety of industrial purposes, including in conventional car batteries, some types of paint, and formerly in gasoline. Its use in some products has been curtailed in many economically advanced countries after lead-poisoning was linked to certain health problems.
Ivernia had been ramping up production at Magellan since February 2010 following a years-long hiatus after the Port of Esperance suspended lead shipments in 2007.
After getting permission from Australian environmental authorities, it has been using the Port of Freport for its shipments of lead carbonate concentrate.
The company said Tuesday that testing of a sample of dried mud from the bottom of a shipping container has determined there’s a “high probability” the lead is from the Magellan mine.
However, Ivernia took pains to say that there’s “no suggestion the source of the lead is from the bagged lead carbonate concentrate within the shipping container” and there is no risk to public safety.
It also suggested that the mud could have come from a rail yard at Leonaora, which is owned and operated by another company, that may have residual lead from the 2005 to 2007 era at Magellan.
The company is also undertaking an “end-to-end” review of all its activities related to the Magellan mine and has begun a preliminary investigation into the source and extent of the lead-bearing mud.
DLC Clearlease currently has the following employment opportunities available: http://clearlease.com/Career-Opportunities.html
About DLC Clearlease
Equipment Leasing Equipment Lease Financing in Vancouver Surrey Delta Richmond Langley New Westminster North Vancouver West Vancouver Calgary Edmonton Kerrisdale Coquitlam Abbotsford B.C. Also offering Automobile Lease Financing and Mortgage information. Founded by the Pidgeon brothers, DLC Clearlease is a free service that can qualify you for an automobile or equipment lease finance. You save time and effort by giving DLC Clearlease.com your information just once; DLC Clearlease has partnered with over 100 lenders to offer you the best rates and service, comparable to none. We offer a simple application process available at http://clearlease.com/How-to-Apply.html .
You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres.
Contact DLC Clearlease.com:
Dominion Lending Centres Clearlease
HEAD OFFICE, Bentall Two, Suite 900, 555 Burrard Street, Vancouver, BC, V7X 1M8, CANADA.
Mr. A. Pidgeon, Editor in Chief
Tel: (604) 696-1221 ext. 177
eMail: [email protected]
Website: http://www.clearlease.com
News: http://clearlease.com/category/equipment-lease-blog/feed/rss
Twitter: @clearlease
###
Vancouver, B.C., Canada (April 5, 2011) – Clearlease.com Reports Ivernia Inc. (TSX:IVW) stock plunged Tuesday after it announced the voluntary halt to operations at its flagship operation in Australia after lead-contaminated mud was found on the bottom of a shipping container from its Magellan mine.
The Toronto-based company’s stock fell five cents or nearly 13 per cent to 34 cents after it made the announcement Tuesday.
“Magellan Metals appreciates that there is considerable local interest in its operations in Western Australia and regards the discovery of Magellan lead in the mud sample as unacceptable, no matter where it originated,” Ivernia said.
“It has therefore initiated clean up of the lead-bearing mud, regardless of its origin.”
Lead is a metal with a variety of industrial purposes, including in conventional car batteries, some types of paint, and formerly in gasoline. Its use in some products has been curtailed in many economically advanced countries after lead-poisoning was linked to certain health problems.
Ivernia had been ramping up production at Magellan since February 2010 following a years-long hiatus after the Port of Esperance suspended lead shipments in 2007.
After getting permission from Australian environmental authorities, it has been using the Port of Freport for its shipments of lead carbonate concentrate.
The company said Tuesday that testing of a sample of dried mud from the bottom of a shipping container has determined there’s a “high probability” the lead is from the Magellan mine.
However, Ivernia took pains to say that there’s “no suggestion the source of the lead is from the bagged lead carbonate concentrate within the shipping container” and there is no risk to public safety.
It also suggested that the mud could have come from a rail yard at Leonaora, which is owned and operated by another company, that may have residual lead from the 2005 to 2007 era at Magellan.
The company is also undertaking an “end-to-end” review of all its activities related to the Magellan mine and has begun a preliminary investigation into the source and extent of the lead-bearing mud.
DLC Clearlease currently has the following employment opportunities available: http://clearlease.com/Career-Opportunities.html
About DLC Clearlease
Equipment Leasing Equipment Lease Financing in Vancouver Surrey Delta Richmond Langley New Westminster North Vancouver West Vancouver Calgary Edmonton Kerrisdale Coquitlam Abbotsford B.C. Also offering Automobile Lease Financing and Mortgage information. Founded by the Pidgeon brothers, DLC Clearlease is a free service that can qualify you for an automobile or equipment lease finance. You save time and effort by giving DLC Clearlease.com your information just once; DLC Clearlease has partnered with over 100 lenders to offer you the best rates and service, comparable to none. We offer a simple application process available at http://clearlease.com/How-to-Apply.html .
You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres.
Contact DLC Clearlease.com:
Dominion Lending Centres Clearlease
HEAD OFFICE, Bentall Two, Suite 900, 555 Burrard Street, Vancouver, BC, V7X 1M8, CANADA.
Mr. A. Pidgeon, Editor in Chief
Tel: (604) 696-1221 ext. 177
eMail: [email protected]
Website: http://www.clearlease.com
News: http://clearlease.com/category/equipment-lease-blog/feed/rss
Twitter: @clearlease
###
Vancouver, B.C., Canada (April 5, 2011) – Clearlease.com Reports Ivernia Inc. (TSX:IVW) stock plunged Tuesday after it announced the voluntary halt to operations at its flagship operation in Australia after lead-contaminated mud was found on the bottom of a shipping container from its Magellan mine.
The Toronto-based company’s stock fell five cents or nearly 13 per cent to 34 cents after it made the announcement Tuesday.
“Magellan Metals appreciates that there is considerable local interest in its operations in Western Australia and regards the discovery of Magellan lead in the mud sample as unacceptable, no matter where it originated,” Ivernia said.
“It has therefore initiated clean up of the lead-bearing mud, regardless of its origin.”
Lead is a metal with a variety of industrial purposes, including in conventional car batteries, some types of paint, and formerly in gasoline. Its use in some products has been curtailed in many economically advanced countries after lead-poisoning was linked to certain health problems.
Ivernia had been ramping up production at Magellan since February 2010 following a years-long hiatus after the Port of Esperance suspended lead shipments in 2007.
After getting permission from Australian environmental authorities, it has been using the Port of Freport for its shipments of lead carbonate concentrate.
The company said Tuesday that testing of a sample of dried mud from the bottom of a shipping container has determined there’s a “high probability” the lead is from the Magellan mine.
However, Ivernia took pains to say that there’s “no suggestion the source of the lead is from the bagged lead carbonate concentrate within the shipping container” and there is no risk to public safety.
It also suggested that the mud could have come from a rail yard at Leonaora, which is owned and operated by another company, that may have residual lead from the 2005 to 2007 era at Magellan.
The company is also undertaking an “end-to-end” review of all its activities related to the Magellan mine and has begun a preliminary investigation into the source and extent of the lead-bearing mud.
DLC Clearlease currently has the following employment opportunities available: http://clearlease.com/Career-Opportunities.html
About DLC Clearlease
Equipment Leasing Equipment Lease Financing in Vancouver Surrey Delta Richmond Langley New Westminster North Vancouver West Vancouver Calgary Edmonton Kerrisdale Coquitlam Abbotsford B.C. Also offering Automobile Lease Financing and Mortgage information. Founded by the Pidgeon brothers, DLC Clearlease is a free service that can qualify you for an automobile or equipment lease finance. You save time and effort by giving DLC Clearlease.com your information just once; DLC Clearlease has partnered with over 100 lenders to offer you the best rates and service, comparable to none. We offer a simple application process available at http://clearlease.com/How-to-Apply.html .
You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres.
Contact DLC Clearlease.com:
Dominion Lending Centres Clearlease
HEAD OFFICE, Bentall Two, Suite 900, 555 Burrard Street, Vancouver, BC, V7X 1M8, CANADA.
Mr. A. Pidgeon, Editor in Chief
Tel: (604) 696-1221 ext. 177
eMail: [email protected]
Website: http://www.clearlease.com
News: http://clearlease.com/category/equipment-lease-blog/feed/rss
Twitter: @clearlease
###