Correction – Shuttle was able to do a BIOS update for compatibility with the Ivy Bridge processors on the XH61 model.
New BIOS version is XH61X000.200 which you can download for here.
The current model Shuttle XH61 will not support the Ivy Bridge processors, Shuttle states the motherboard will not support the Ivy processor even with a BIOS update. The good news is, they will have a new model the XH61V which will support the Ivy Bridge low TDP processors in the next couple of months.
CinlorTech's Blog 
From the Shuttle website. The XH61 now (March 11,2013) has support for IVY Bridge CPU’s
XH61X000.200 Version RELEASE Date 2013-03-22 Size 9 M
Description Release Date : 2013/03/11 Checksum : 3C0Fh
1. Support Ivy Bridge CPU.
GaryG – Thanks for the update. It’s nice to have readers that can help me out with this kind of stuff.