That motherboard is better with i5-2500K but will work with ivy i had that motherboard but i gave it to my cousin one thing i didn't like about it is Thinner than standard ATX – lacks case mounting down far side but other than that it's a rock solid motherboard + Overclocking is easy and effective+ Brilliant value for money
I have this motherboard and although I cannot provide any help with the OP's question I agree with bigcyco1. It does state to be compatible with Ivy Bridge CPU, how compatible I don't know. I heard that at most Ivy Bridge will be 15% more energy/heat efficient without very much difference in processing power... though I could be wrong.
Just to be more clear, i never try the board with ivy i was told it would work fine with it i used i5-2500K and my cousin is using i7-2600K we had no issues other then what i mentioned basically the only negative thing i have to say about motherboard is that it slips outside of typical ATX specifications. It’s 3cm thinner than a standard ATX motherboard and as a result may lack secure mounting on the far side since this isn’t a common size, but other than that it's a solid board and very good.