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 MAY , 2004.
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IMA EXPLORATION INC.
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(Translation of registrant's name into English)
#709 - 837 West Hastings Street, Vancouver, British Columbia, V6C 3N6, Canada
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(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
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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): _______
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): _______
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
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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.
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(Registrant)
Date May 25, 2004 By /s/ Joseph Grosso
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(Signature)
Joseph Grosso,
President & CEO
BC FORM 51-102F3
MATERIAL CHANGE REPORT
1. NAME AND ADDRESS OF COMPANY
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
May 25, 2004
3. NEWS RELEASE
A press release dated May 25, 2004 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 news release.
5. FULL DESCRIPTION OF MATERIAL CHANGE
Please see attached news release.
6. RELIANCE ON SUBSECTION 7.1(2) OR (3) OF NATIONAL INSTRUMENT 51-102
Not Applicable
7. OMITTED INFORMATION
Not Applicable
8. EXECUTIVE 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:
Joseph Grosso
President & CEO
Phone: (604) 687-1828
9. DATE OF REPORT
May 25, 2004.
/s/ Joseph Grosso
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Joseph Grosso, President & CEO
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)
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NEWS RELEASE MAY 25, 2004
SNOWDEN REPORTS OVER 200 MILLION OUNCES OF
CONTAINED SILVER AT IMA'S GALENA HILL
IMA EXPLORATION INC. (IMR-TSX.V, IMXPF-OTC.BB) is pleased to announce that
Snowden Mining Industry Consultants Inc. has completed a resource estimation at
Galena Hill, the first systematically drilled target on the 100% owned Navidad
Project. Highlights include:
Indicated Resource
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207 MILLION OUNCES OF SILVER AND 1.1 MILLION TONNES OF LEAD at a 50 g/t
silver equivalent1cut-off grade.
Including:
117 MILLION OUNCES OF SILVER AND 495,047 TONNES OF LEAD at a 300 g/t
silver equivalent1cut-off grade.
Inferred Resource
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36 MILLION OUNCES OF SILVER AND 56,776 TONNES OF LEAD at a 50 g/t
silver equivalent1cut-off grade.
This resource includes only the Galena Hill deposit and portions of the adjacent
Connector zone, and does not include known and interpreted mineralization at
Navidad Hill, Barite Hill, Calcite Hill, or along the Esperanza Trend. Drill
crews have now started an 8-10,000 metre Phase II drill program that will target
new zones outside the Galena Hill deposit.
Using assays from the 37 drill holes at Galena Hill (of 53 holes drilled to date
totaling 8,853 metres), Snowden Mining Industry Consultants Inc. (Neil Burns,
M.Sc., P.Geo., Independent Qualified Person, as defined by National Instrument
43-101) has reported a block model resource estimate based on a cut-off grade of
50 g/t silver equivalent (see note 1 below for details of AgEq calculation). At
this cutoff, the estimated mineral resource at Galena Hill is 63.6 M TONNES AT
101 G/T SILVER (2.95 OZ/T) AND 1.76% LEAD IN THE INDICATED CATEGORY AND 16.9 M
TONNES AT 66.5 G/T SILVER (1.94 OZ/T) AND 0.3% LEAD IN THE INFERRED CATEGORY.
In addition to the silver and lead values, subordinate copper and zinc is
present in the Galena Hill Deposit (complete details are available on IMA's
website at www.imaexploration.com). Given the large size and near-surface
distribution of mineralization, it is anticipated that this resource could be
extracted by low cost bulk mining methods.
IMA Exploration Inc.
May 25, 2004
Page 2
Indicated Resources at Galena Hill:
CONTAINED CONTAINED
CUT-OFF TONNES SILVER SILVER LEAD COPPER ZINC SILVER LEAD
(G/T AGEQ)1 (MILLIONS) (G/T) (OZ/T) (%) (%) (%) (MILLION OZS) (TONNES)
300 13.2 277 8.09 3.76 0.07 0.37 117 495,047
100 38.8 149 4.35 2.40 0.04 0.22 186 932,653
80 48.2 127 3.71 2.11 0.04 0.23 197 1,018,742
50 63.6 101 2.95 1.76 0.03 0.24 207 1,117,720
40 78.2 85 2.48 1.52 0.02 0.23 213 1,186,926
Inferred Resources at Galena Hill:
CONTAINED CONTAINED
CUT-OFF TONNES SILVER SILVER LEAD COPPER ZINC SILVER LEAD
(G/T AGEQ)1 (MILLIONS) (G/T) (OZ/T) (%) (%) (%) (MILLION OZS) (TONNES)
300 0.1 221 6.45 4.6 0.06 0.48 0.6 3,290
100 4.6 118 3.45 0.6 0.05 0.11 18 26,085
80 7.5 95 2.77 0.5 0.03 0.16 23 34,491
50 16.9 67 1.94 0.3 0.03 0.12 36 56,776
40 28.6 49 1.43 0.3 0.02 0.13 45 91,912
At a higher cutoff grade of 100 g/t silver equivalent1, the block model reports
Indicated resources of 38.8 M TONNES AT 149 G/T SILVER (4.35 OZ/T) AND 2.4% LEAD
AND 4.6 M TONNES AT 117.8 G/T SILVER (3.44 OZ/T) AND 0.6% LEAD of Inferred
resources. It is important to note that at higher cutoff grades (such as 100
g/t) the total contained silver drops only marginally (207 million ounces at 50
g/t cutoff vs. 186 million ounces at 100 g/t cutoff in the indicated category).
Also notable in the block model is the presence of a central, near-surface core
of higher grade mineralization. At a cutoff of 300 g/t silver equivalent1,
Indicated resources of 13.2 M TONNES AT 277 G/T SILVER (8.09 OZ/T) AND 3.76%
LEAD are present, predominantly in the area of drill holes 14, 21, 22, 42, and
52. It is anticipated that this higher-grade core will substantially improve the
economics of the Galena Hill Deposit.
Metallurgical test work is currently underway on four composite samples of
representative mineralization from the Galena Hill Deposit. Results of this work
will be released once IMA has received a final report from Hatch Consultants
Inc., who are overseeing all aspects of the metallurgical testing program.
The Company's exploration activity is focused on the Navidad claims and on
continuing 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 this package through grass-roots exploration and staking.
ON BEHALF OF THE BOARD
/S/ Joseph Grosso
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Mr. Joseph Grosso, President & CEO
IMA Exploration Inc.
May 25, 2004
Page 3
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 19
Notes:
1. Silver equivalent calculated using US$5.50/oz silver, $0.30/lb lead,
$1.10/lb copper, and $0.40/lb zinc. (AgEq = Ag + (%Pb*10,000/242.5) +
(%Cu*10,000/66.1) + (%Zn*10,000/181.9). Equal recoveries and smelter
payables for all elements were assumed for the purposes of this
calculation.
2. Strict quality control and quality assurance procedures have been
observed at all stages of data collection leading to this resource.
Please see IMA's website (www.imaexploration.com) for a detailed
overview of these procedures.
3. Resource categories (indicated and inferred) used here and the
preparation of this resource estimate conform to Industry Best
Practices standards as set out by National Instrument 43-101 "Standards
of disclosure for mineral projects" and those of the Canadian Institute
of Mining, Metallurgy, and Petroleum (the "CIM") "Standards on Mineral
Resources and Reserves".
4. Maps and cross sections depicting the Galena Hill deposit are available
on IMA's website (www.imaexploration.com). 5. A NI 43-101 Technical
Report documenting the Snowden Resource Estimate will be filed at
www.sedar.com as is required by
Security Commission regulations. A separate NI 43-101 report by Dr.
Paul G. Lhotka documenting the drilling program, methods and results
has also been filed on SEDAR.
6. An `Inferred Mineral Resource' is that part of a Mineral Resource for
which quantity and grade or quality can be estimated on the basis of
geological evidence and limited sampling and reasonably assumed, but
not verified, geological and grade continuity. The estimate is based on
limited information and sampling gathered through appropriate
techniques from locations such as outcrops, trenches, pits, workings
and drill holes.
7. An `Indicated Mineral Resource' is that part of a Mineral Resource for
which quantity, grade or quality, densities, shape and physical
characteristics, can be estimated with a level of confidence sufficient
to allow the appropriate application of technical and economic
parameters, to support mine planning and evaluation of the economic
viability of the deposit. The estimate is based on detailed and
reliable exploration and testing information gathered through
appropriate techniques from locations such as outcrops, trenches, pits,
workings and drill holes that are spaced closely enough for geological
and grade continuity to be reasonably assumed.