SENTIENT ANNOUNCES INTERNAL REORGANIZATION OF IVERNIA INC. HOLDINGS

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES AND NOT FOR DISSEMINATION IN THE UNITED STATES

MONTREAL AND TORONTO, Dec. 10 /CNW Telbec/ - Sentient Executive GP I, Limited (for the general partner of Sentient Global Resources Fund I, L.P.) (collectively, "Sentient I"), Sentient Executive GP II, Limited (for the general partner of Sentient Global Resources Fund II, L.P. and as custodian of Sentient Global Resources Trust II) (collectively, "Sentient II") and Sentient Executive GP III, Limited (for the general partner of Sentient Global Resources Fund III, L.P. and for the general partner of SGRF III, Parallel I, L.P.) (collectively, "Sentient III" and, together with Sentient I and Sentient II, collectively "Sentient") announce that, in connection with an internal reorganization, they have transferred 220,681,254 common shares of Ivernia Inc. ("Ivernia") on December 10, 2010 to Green SEA Resources Inc. ("GSR"), a wholly-owned subsidiary of Sentient Trustees PTC Limited.  The internal reorganization was effected pursuant to an exempt take-over bid as the purchases were made from not more than five persons.

As part of the internal reorganization described above: (i) Sentient I transferred 19,957,283 common shares of Ivernia to GSR; (ii) Sentient II transferred 10,723,970 common shares of Ivernia to GSR and converted US$16.9 million principal amount of Senior Secured Promissory Notes issued by Ivernia in accordance with their terms into 153,636,364 common shares of Ivernia and subsequently transferred the shares it received to GSR; and (iii) Sentient III converted US$4 million principal amount of Senior Secured Promissory Notes issued by Ivernia in accordance with their terms into 36,363,637 common shares of Ivernia and subsequently transferred the shares it received to GSR.  Sentient received common shares of GSR in consideration of the Ivernia common shares it transferred to GSR.

As a result, Sentient I, Sentient II and Sentient III have each ceased to have control or direction over any securities of Ivernia.  GSR has acquired ownership of 220,681,254 common shares of Ivernia (representing approximately 41.69% of the outstanding common shares of Ivernia).

Under relevant securities laws, Sentient (Aust) Pty Limited (as trustee for Sentient Global Resources Trust I) ("Sentient Pty"), a related entity of Sentient, may be considered as acting jointly or in concert with Sentient.  Sentient Pty has control or direction over 4,366,674 common shares of Ivernia (representing approximately 0.83% of the outstanding common shares of Ivernia).

GSR acquired the 220,681,254 common shares of Ivernia for investment purposes only and not with a view to materially affecting control of Ivernia.  GSR has no present intention of acquiring beneficial ownership or control over additional securities of Ivernia, except in connection with further internal reorganizations.

For further information:

Please contact Sue Bjuro at [phone] for inquiries related to Sentient and Alan You Lee at (+61) (2) 8243 2913 for inquiries related to GSR.