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Ivernia Inc. acquired the 49 per cent joint venture interest in the Magellan lead mine in Western Australia that it did not already own from its joint venture partner, Sentient Global Resources Fund I, LP.  The acquisition price was paid through a combination of $35 million in cash, a secured promissory note in the amount of $20 million, and 23.5 million common shares of Ivernia, which resulted in Sentient and its affiliates owning 19.3 per cent of Ivernia's common shares upon completion.

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2005