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 FEBRUARY , 2004.
--------- ----
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 February 5, 2004 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.
- 1 -
BC FORM 53-901F
(FORM 27)
Securities Act
MATERIAL CHANGE REPORT
Section 85(1) of the Securities Act, British Columbia
(the "British Columbia Act")
Section 118(1) of the Securities Act, Alberta (the "Alberta Act")
Section 75(2) of the Securities Act, Ontario (the "Ontario Act")
1. REPORTING ISSUER
The full name of the Issuer is IMA Exploration Inc. (the "Issuer"). The
address and telephone number of the principal office in Canada of the
Issuer is as follows:
#709 - 837 West Hastings Street
Vancouver, BC
V6C 3N6
Phone: (604) 687-1828
2. DATE OF MATERIAL CHANGE
February 5, 2004
3. PRESS RELEASE
A press release dated February 05, 2004, a copy of which is attached, was
released through various approved public media and filed with the TSX
Venture Exchange and the British Columbia, Alberta and Ontario Securities
Commissions.
4. SUMMARY OF MATERIAL CHANGE(S)
Please see attached press release for details.
5. FULL DESCRIPTION OF MATERIAL CHANGE
Please see attached press release for full details.
6. RELIANCE ON SECTION 85(2) OF THE BRITISH COLUMBIA ACT, SECTION 118(2) OF
THE ALBERTA ACT AND SECTION 75(3) OF THE ONTARIO ACT
Not Applicable
- 2 -
7. OMITTED INFORMATION
Not Applicable
8. SENIOR OFFICER
The following senior officer of the Issuer is knowledgeable about the
material change and may be contacted by the Commission at the following
telephone number:
William Lee
Chief Financial Officer
Phone: (604) 687-1828
9. STATEMENT OF SENIOR OFFICER
The foregoing accurately discloses the material change referred to herein.
DATED at Vancouver, British Columbia, this 5th day of February, 2004.
/s/ William Lee
------------------------------------
William Lee, Chief Financial Officer
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 February 5, 2004
IMA'S DRILLING AT NAVIDAD INTERSECTS 115 METERS GRADING
454 G/T (13 OZ/T) SILVER AT GALENA HILL
IMA Exploration Inc. (IMR-TSX.V) is pleased to announce results from drill holes
12 through 14. Hole 14 contains the most significant drill intersection of
high-grade mineralization encountered to date at the Company's 100% owned
Navidad silver discovery. Highlights include 18.0m of 1,421.2g/t (41.5oz/t)
silver, 0.42% copper, 5.24% lead and 1.69% zinc within a much longer intercept
of 115.1m grading 453.6 g/t (13.2oz/t) silver, 0.08% copper, 5.26% lead and
0.50% zinc (see Table 1). Hole NV04-14 is located approximately 160 meters along
strike to the northwest from drill holes 3, 4, and 5 where results, including
83m grading 229g/t silver, were announced January 6, 2004.
The Company's drill program is now on hole 27 and continuing at a rapid pace,
with over 4,400m of the 8,500m expanded drill program completed to date. Drill
results will be released as they are received and an updated summary of drill
hole locations is available on IMA's website (www.imaexploration.com), as is a
summary of the Company's rigorous quality-control and quality-assurance
procedures. Dr. Paul Lhotka is IMA's "Qualified Person" at the Navidad project
and has overseen all aspects of the current program.
IMA Exploration Inc. is well financed to carry out its exploration objectives
and 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.
TECHNICAL SUMMARY
The high-grade intercept in NV04-14 spans the contacts between sulphide-rich
mudstones and underlying mineralized volcanic breccias. Locally, this Galena
Matrix Breccia contains copper sulphides and may represent the subsurface
equivalent of copper-bearing carapace breccias identified in the surface
sampling. Hole NV04-14 is interpreted as being in or near a feeder zone of
replacement mineralization within the volcanic stratigraphy; this stratigraphy
is capped by stratiform mineralization at the base of the overlying mudstone
unit. This mineralization is similar to, but higher-grade than the previously
reported hole NV03-05.
Further evidence of stratigraphically-controlled mineralization was found in
hole NV04-12 where again the contact of the mudstone-volcanic unit is
mineralized. Mudstone-hosted stratiform mineralization in NV04-12 contains the
first significant zinc values identified at Navidad, with some intervals
containing up to 4.6% zinc. The zinc mineral has not been visually identified.
The lower part of the mudstone unit in NV04-12 contains 9.0m of 41.6 g/t Ag,
8.01% lead and 2.56% zinc. The volcanic breccias immediately underlying the
mudstone host Galena Matrix Breccia and returned an intercept of 7.7 m grading
70.8 g/t Ag, 9.60% lead and 0.54% zinc. The mudstone-volcanic contact is gently
west-dipping and forms a dip slope with the mineralization present at shallow
depths below surface. Hole NV04-12 indicates a style of mineralization with
strong stratigraphic control that was predicted before drilling started by IMA
geologists. This style of mineralization is contemporaneous with the replacement
and structurally controlled mineralization previously discovered and highlights
the contemporaneous nature of volcanism, sedimentation and mineralization.
Hole NV04-13 tested a zone of mineralization that outcrops on Galena Hill and is
hosted along the margin of a felsic flow-dome. The hole intersected breccia that
- 2 -
is interpreted to be structurally controlled and is sparsely mineralized with
galena and pyrite. Assay results indicate the breccias are silver-bearing and
contain an intercept of 44.7m grading 223.4 g/t silver, 0.16% copper and 0.56%
lead. This mineralization is texturally distinct from the holes drilled at
Navidad Hill. However, like mineralization at Navidad Hill, this intersection
demonstrates the potential to find significant silver mineralization with low
sulphide concentrations that are not associated with strong chargeability
anomalies in the I.P. surveys.
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.
2004 Number 5
Table 1:
TOTAL INTER- g/t % % %
DRILLHOLE LENGTH FROM TO SECTION SILVER COPPER LEAD ZINC
(metres) (metres) (metres) (metres) (LWA) (LWA) (LWA) (LWA)
----------------------------------------------------------------------------------------------
NV04-12 220.0 18.8 27.8 9.0 41.6 - 8.01 2.56
27.8 35.5 7.7 70.8 - 9.60 0.54
within 18.8 60.6 41.8 35.5 - 4.46 0.68
NV04-13 142.7 20.0 64.7 44.7 223.4 0.16 0.50 -
NV04-14 158.0 27.7 142.8 115.1 453.6 0.08 5.26 0.50
including 32.7 50.7 18.0 1,421.2 0.42 5.24 1.69
Notes:
1. All length weighted averages (LWA) are "uncut".
2. A complete list of all results and collar locations to date is available on
IMA's website (www.imaexploration.com).