UNITED STATES
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 JUNE, 2005.
Commission File Number: 0-30464
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 [ ]
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 the registrant by furnishing the information
contained in this Form, 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.
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Date: JUNE 16, 2005 /s/ Joseph Grosso
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Joseph Grosso,
President & CEO
BC FORM 51-102F3
MATERIAL CHANGE REPORT
1. NAME AND ADDRESS OF COMPANY
IMA Exploration Inc. (the "Issuer")
#709 - 837 West Hastings Street
Vancouver, BC
V6C 3N6
Phone: (604) 687-1828
2. DATE OF MATERIAL CHANGE
June 16, 2005
3. PRESS RELEASE
The press release was released on June 16, 2005 through various
approved public media and filed with the TSX Venture Exchange and the
British Columbia, Ontario, Alberta and Quebec Securities Commissions.
4. SUMMARY OF MATERIAL CHANGE(S)
See attached press release for details.
5. FULL DESCRIPTION OF MATERIAL CHANGE
See attached press release for details.
6. RELIANCE ON SUBSECTION 7.1(2) OR (3) OF NATIONAL INSTRUMENT 51-102
Not Applicable
7. OMITTED INFORMATION
Not Applicable
8. EXECUTIVE OFFICER
Joseph Grosso
Phone: (604) 687-1828
9. DATE OF REPORT
June 16, 2005.
IMA EXPLORATION INC.
(A Grosso Group Company)
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 - JUNE 16, 2005
SILVER RESOURCES INCREASE TO OVER 300 MILLION OUNCES
AT IMA'S NAVIDAD DISCOVERY
IMA EXPLORATION INC. (IMR-TSX.V, IMXPF-OTC.BB) is pleased to report the results
of a resource estimate on the Calcite Hill deposit at it's 100% owned Navidad
Project in Patagonia, Argentina. The Indicated Resources at the Navidad Project
now totals 300.7 million ounces of silver and 1.27 million tonnes of lead (92.8
million tonnes @ 101 g/t silver and 1.36% lead). Ongoing drilling continues to
define additional mineralization in the area of the Calcite Hill deposit beyond
the resource estimate published here.
With the addition for the first time of Indicated and Inferred Resources at
Calcite Hill, IMA's Exploration Team has now defined continuous silver resources
(Indicated and Inferred) over a 2.3 kilometre strike length along the Navidad
Trend. Ongoing drilling is targeting significant extensions to this world-class
silver resource; additional surface work continues to better define additional
known mineralization at the Argenta and Esperanza Trends. In addition to
exploring for new resources, the company continues to better define and expand
resources around the margins of Galena Hill, the Connector Zone, and Navidad
Hill. It is expected that updated resource estimations will be undertaken once
this phase of drilling is complete.
NAVIDAD PROJECT INDICATED RESOURCES AT 50 G/T SILVER EQUIVALENT CUT-OFF1:
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DEPOSIT TONNES SILVER LEAD CONTAINED SILVER CONTAINED LEAD
(MILLIONS) (G/T) (%) (MILLION OZS) (THOUSAND TONNES)
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Galena Hill 63.6 101 1.76 207.3 1,117.8
Connector 2.1 74 0.27 4.9 5.6
Navidad Hill 15.2 115 0.35 56.3 52.4
Calcite Hill 12.0 83 0.75 32.2 90.5
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TOTAL INDICATED
RESOURCE 92.8 101 1.36 300.7 1,266.4
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NAVIDAD PROJECT INFERRED RESOURCES AT 50 G/T SILVER EQUIVALENT CUT-OFF1:
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DEPOSIT TONNES SILVER LEAD CONTAINED SILVER CONTAINED LEAD
(MILLIONS) (G/T) (%) (MILLION OZS) (THOUSAND TONNES)
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Galena Hill 5.8 43 0.56 7.9 32.6
Connector 6.5 100 0.20 20.9 12.9
Navidad Hill 2.9 103 0.77 9.6 22.5
Calcite Hill 0.05 28 0.66 0.05 0.35
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TOTAL INFERRED
RESOURCE 15.2 78 0.45 38.4 68.3
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NEWS RELEASE
JUNE 16, 2005
IMA EXPLORATION INC. PAGE 2
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The new resource estimate was prepared by Neil Burns, M.Sc., P.Geo. of Snowden
Mining Industry Consultants Inc., who is an Independent Qualified Person as
defined by National Instrument 43-101. The Calcite Hill estimate relied on assay
results from 35 diamond drill holes covering an area of approximately 550 x
150-250 metres. Most of the estimated resource lies at relatively shallow depths
starting at 50 to 80 metres and extending to 100 to 180 metres below the
surface. Snowden created a block model (block size 12.5 x 12.5 metres in plan by
10 metres in depth) of the Calcite Hill deposit and coded this model into four
domains based on geological interpretation. Grade was estimated using multiple
indicator kriging techniques within the higher-grade domain and ordinary kriging
with appropriate grade capping elsewhere. Densities were assigned to a block
model using a nearest neighbour estimate from composited data determined from
density measurements of entire boxes of whole core. Average densities used to
calculate the tonnage at various AgEq cut-off grades are shown in the tables
below. A small portion of the previously reported Navidad Hill Inferred Resource
has been upgraded to the Indicated category and included within the Calcite Hill
estimate. The Navidad Hill resources have been restated above to reflect these
minor changes. Please note that the Project database at the time of this
estimation comprised 174 diamond drill holes totalling 27,982 metres. Currently,
194 holes have been completed totalling over 32,200 metres.
Tables showing the breakdown of estimated resources at Calcite Hill at various
silver equivalent cut-off grades are shown below. Complete tables and
grade-tonnage curves showing the resource estimates for all the Navidad deposits
at various cut-off grades are available at the company's website
(WWW.IMAEXPLORATION.COM). The base-case 50 g/t silver equivalent (AgEq) cut-off
was chosen as it reflects a contained gross metal value that is similar to many
bulk-tonnage operations worldwide. No economic analysis has been applied to
determine this figure; resources tabulated at other cut-off grades are presented
below for comparison purposes. It is important to note that at Calcite Hill
doubling the cut-off to 100 g/t AgEq only reduces the contained ounces of silver
by 21%; applying this higher cut off to the project total resources produces
only a 14% reduction in contained silver showing the robust nature of these
deposits. Silver equivalent values were calculated using silver, lead, copper,
and zinc grades and the same metal prices as were used in the previous Galena
Hill and Navidad Hill resource estimates1. The silver equivalence formula makes
no allowances for variable metal recoveries.
CALCITE HILL INDICATED RESOURCES:
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AVERAGE THOUSAND CONTAINED
CUT-OFF DENSITY TONNES AG CU PB ZN SILVER
(g/t AgEq) (g/cm3) (g/t) (%) (%) (%) (M oz)
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100 2.57 6,943 113 0.07 1.04 0.08 25.2
80 2.56 8,741 101 0.07 0.92 0.09 28.4
70 2.55 9,831 94 0.07 0.86 0.10 29.8
60 2.54 10,964 88 0.07 0.80 0.11 31.1
50 2.54 12,048 83 0.07 0.75 0.11 32.2
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CALCITE HILL INFERRED RESOURCES:
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AVERAGE THOUSAND CONTAINED
CUT-OFF DENSITY TONNES AG CU PB ZN SILVER
(g/t AgEq) (g/cm3) (g/t) (%) (%) (%) (M oz)
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100 2.70 8 149 55 2.00 0.17 0.015
80 2.61 16 117 41 1.36 0.33 0.021
70 2.47 31 98 37 0.93 0.31 0.037
60 2.48 39 92 32 0.85 0.36 0.040
50 2.42 53 82 28 0.66 0.38 0.048
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NEWS RELEASE
JUNE 16, 2005
IMA EXPLORATION INC. PAGE 3
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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). No attempt has been made to adjust
these relative values by accounting for metallurgical recoveries as
insufficient or no information is available to do so. Metal prices have
been left unchanged from the prior estimate at Galena Hill in May 2004 in
order to simplify comparisons to the prior estimate.
2. The Galena Hill, Navidad Hill and Connector Zone Indicated Resources remain
unchanged from the Phase I and II resource estimations released on May 25,
2004 and December 1, 2004 except for restating of the Navidad Hill Resource
where a small change was made at the common border with the Calcite Hill
resource.
3. 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.
4. 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 2000 Canadian Institute of Mining, Metallurgy,
and Petroleum (the "CIM") "Standards on Mineral Resources and Reserves".
5. A National Instrument 43-101 Technical Report documenting the Snowden
Resource Estimate will be filed at www.sedar.com as is required by Security
Commission regulations.
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.
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.
2005 NUMBER 11