SENTIENT TRANSFERS SHARES OF IVERNIA INC.

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

MONTREAL and TORONTO, Feb. 25 /CNW Telbec/ - 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") announces that, as a follow-up to the internal reorganization announced on December 10, 2010, it has transferred 52,900,000 common shares of Ivernia Inc. ("Ivernia") on February 25, 2011 to Green SEA Resources Inc. ("GSR"), a related entity of Sentient III.  The internal reorganization was effected pursuant to an exempt take-over bid as the purchase was made from not more than five persons none of whom are resident in Canada.

As a result, Sentient III has ceased to have control or direction over any securities of Ivernia.  GSR has acquired ownership of 52,900,000 common shares of Ivernia (representing approximately 9.09% of the outstanding common shares of Ivernia) and as a result, currently owns 277,947,928 common shares of Ivernia (representing approximately 47.74 % of the outstanding common shares of Ivernia).

GSR acquired the 52,900,000 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.

SOURCE SENTIENT EXECUTIVE GP III LIMITED

For further information:

please contact Sue Bjuro at (345) 946-0933 for inquiries related to Sentient and Fiona Childe, Vice President, Communications, Green SEA Resources Inc. at (416) 365-2783 for inquiries related to GSR.

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SENTIENT EXECUTIVE GP III LIMITED

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GREEN SEA RESOURCES INC.

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