SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of NOVEMBER , 2003.
---------- ----
IMA EXPLORATION INC.
-------------------------------------------
(Translation of registrant's name into English)
#709 - 837 West Hastings Street, Vancouver, British Columbia, V6C 3N6, Canada
--------------------------------------------------------------------------------
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports
under cover of Form 20-F or Form 40-F:
Form 20-F X Form 40-F
--------- ---------
Indicate by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(1): _______
Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a
Form 6-K if submitted solely to provide an attached annual report to security
holders.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(7): _______
Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a
Form 6-K if submitted to furnish a report or other document that the registrant
foreign private issuer must furnish and make public under the laws of the
jurisdiction in which the registrant is incorporated, domiciled or legally
organized (the registrant's "home country"), or under the rules of the home
country exchange on which the registrant's securities are traded, as long as the
report or other document is not a press release, is not required to be and has
not been distributed to the registrant's security holders, and, if discussing a
material event, has already been the subject of a Form 6-K submission or other
Commission filing on EDGAR.
Indicate by check mark whether by furnishing the information contained in this
Form, the registrant is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes No X
--------- ----------
If "Yes" is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3- 2(b): 82-_____________
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf of the
undersigned, thereunto duly authorized.
IMA Exploration Inc.
(Registrant)
Date November 26, 2003 By /s/ William Lee
------------------------------ -------------------------------------
(Signature)
William Lee, Director and Chief Financial Officer
---------------------------------------------------------------------
1 Print the name and title of the signing officer under his signature.
IMA EXPLORATION INC.
Suite 709 - 837 West Hastings Street,
Terminal City Club Tower,
Vancouver, B.C. V6C 3N6
Tel: 604-687-1828 Fax: 604-687-1858 Toll Free: 800-901-0058
Internet: www.imaexploration.com E-mail: info@imaexploration.com
TSX Venture Exchange: IMR OTC Bulletin Board: IMXPF
Frankfurt & Berlin Exchanges: IMT (WKN 884971)
--------------------------------------------------------------------------------
NEWS RELEASE November 26, 2003
DRILLING AT IMA'S NAVIDAD DISCOVERY
NOW UNDERWAY
IMA Exploration Inc. (IMR:TSX-V) is pleased to announce the Phase I core
drilling program has commenced on its 100% owned Navidad Project in Patagonia,
Argentina. The first drill hole is now underway at Navidad Hill targeting the
bonanza grade silver-copper-lead mineralization.
The drilling will range in depth from approximately 100 to 250 metres and the
initial targets will include Navidad Hill and the galena matrix breccia and
carapace breccia on Galena Hill. Portions of the large chargeability anomaly,
which correlates with mapped galena matrix breccia at Galena Hill, will also be
tested. Assay results from the 3,500 metre, Phase I drill program will be
released in batches of several drill holes each and a follow-up Phase II drill
program will be planned based on the results of Phase I.
NAVIDAD HILL TARGET - SURFACE RESULTS (previously announced)
Bonanza Grade Structures: 162 oz/t silver (5,546 g/t), 3.8% copper and 9.8%
lead over a cumulative strike length of 636 metres (m).
Carapace Breccia: 110.5 oz/t silver (3,785 g/t), 3.7% copper in three areas
measuring 150 x 50m, 25 x 20m and 20 x 18m.
GALENA HILL TARGET - SURFACE RESULTS (previously announced)
Carapace Breccia: 64.9 oz/t silver (2,222 g/t), 0.84% copper, and 2.9% lead
in two areas measuring 118 x 46m and 55 x 16m.
Galena Matrix Breccia: 4.3 oz/t silver (147 g/t) and 7.69% lead in an area
measuring 475 x 90m. The excellent correlation of the geological and
geophysical data at Galena Hill highlights the potential for a large
bulk-tonnage silver-lead+/-copper deposit.
Drill core samples will be analyzed for silver and gold by fire assay and
copper, lead, and additional elements by ICP-ORE at Alex Stewart (Assayers)
Argentina, S.A. Alex Stewart is part of a large international organization
serving the mineral industry in exploration, environmental, and production
analytical work. Dr. Barry Smee, P.Geo. has audited Alex Stewart's facilities in
Mendoza, Argentina on behalf of the Company and found that the laboratory
complies with NI 43-101 requirements. All sampling and sample security will be
overseen by Dr. Paul Lhotka, P.Geo., IMA's Independent Qualified Person for the
Navidad Project. Quality assurance and quality control procedures to be used by
the Company include approximately 13.5% duplicate, blank, and standard samples.
In addition, approximately 5% of samples will be reanalyzed by ALS Chemex,
providing a further check on the quality of sample data. For additional
information on the Company's QA/QC procedures, please review the material posted
at www.imaexploration.com in the Navidad property section.
IMA Exploration Inc. has over $4,000,000 in its treasury to fund its exploration
objectives. The Company focuses on quality exploration work designed to define
economic gold and silver deposits in Argentina and Peru. IMA has put together an
enviable property portfolio including over 37 well-located, high-potential
projects and is continuing to add to this package through grass-roots
exploration and staking.
ON BEHALF OF THE BOARD
/s/ Joseph Grosso
----------------------------------
Mr. Joseph Grosso, President & CEO
For further information please contact Joseph Grosso, President & CEO, or Sean
Hurd, Investor Relations Manager, at 1-800-901-0058 or 604-687-1828, or fax
604-687-1858, or by email info@imaexploration.com, or visit the Company's web
site at http://www.imaexploration.com.
The TSX Venture Exchange has not reviewed and does not accept responsibility for
the adequacy or the accuracy of this release. Cautionary Note to US Investors:
This news release may contain information about adjacent properties on which we
have no right to explore or mine. We advise U.S. investors that the SEC's mining
guidelines strictly prohibit information of this type in documents filed with
the SEC. U.S. investors are cautioned that mineral deposits on adjacent
properties are not indicative of mineral deposits on our properties. This news
release may contain forward-looking statements including but not limited to
comments regarding the timing and content of upcoming work programs, geological
interpretations, receipt of property titles, potential mineral recovery
processes, etc. Forward-looking statements address future events and conditions
and therefore involve inherent risks and uncertainties. Actual results may
differ materially from those currently anticipated in such statements.
2003 Number 31