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 JANUARY , 2003 .
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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): _______
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
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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.
(Registrant)
Date January 2, 2003 By /s/ William Lee
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(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 - January 2, 2003
NEW GOLD PROPERTIES ACQUIRED IN PATAGONIA, ARGENTINA
IMA Exploration Inc. is pleased to announce the acquisition of two new
properties and a substantial addition to a third property, in the Patagonia
region of southern Argentina. The new projects, Penascudo and Gan Gan, and the
significant addition to the Costa project, total over 24,000 hectares bringing
IMA's property position in Patagonia to 102,074 hectares (1,021 square
kilometers), all of which are 100% owned by the Company.
These holdings were acquired by staking and are the result of IMA's ongoing
grassroots exploration program and continuing commitment to low-cost discovery
in the Patagonia region. These properties cover highly prospective
low-sulphidation gold bearing vein systems, similar to the geological model of
the nearby Esquel gold discovery (Esquel was bought by Meridian Gold for USD
$230M in July 2002). Details of IMA's new projects are outlined below.
Penascudo Project
The 7,700 hectare Penascudo Project surrounds a previously discovered
low-sulphidation quartz veining and replacement system with abundant visible
gold, known as the "Gold Zone". Preliminary exploration by IMA's geologists Dr.
Paul Lhotka, P.Geo., and Keith Patterson, M.Sc., confirmed the presence of
visible gold; grab samples returned up to 441.0 grams per tonne (g/t) gold (12.9
ounces per ton) and 608.0 g/t silver. Within the Gold Zone bonanza grade gold
values have been obtained from two zones with a combined strike length of
approximately 10 metres, both contained within a structure that has been traced
over a strike length of 650 metres. IMA's geologists believe that this
structure, or nearby parallel structures, have excellent potential to host
additional bonanza grade gold mineralization with potentially economic size.
250 metres to the west of the Gold Zone, IMA's Geologists discovered a
previously unknown quartz vein that also contains visible gold. This new vein
returned grab samples up to 15.5 g/t gold and is hosted by a second structure
that is parallel to the Gold Zone structure. Although this new vein is narrow,
it highlights the potential of this large property to host additional targets
with similar grades to the Gold Zone, but with a greater size potential.
IMA is now compiling data from previous work on the property and plans further
exploration early in the new year to evaluate the potential of the Penascudo
project. Southern Rio, Aur Resources and Homestake Mining have previously done
surface work on the Penascudo project, but the project has never been drilled.
IMA has purchased Southern Rio's data on the project in return for a 0.5% NSR
capped at US $250,000.
Gan Gan Project
This project, which covers 10,000 hectares, is located in north central Chubut
province, and was staked based on the presence of favorable Jurassic volcanic
rocks, and it's proximity to regional scale structures. Preliminary surface
exploration has been completed and results are expected shortly.
Costa Project
An additional 6,587 hectares were staked contiguous to IMA's Costa project
increasing the total size of the property to 14,412 hectares. Reconnaissance
prospecting has discovered several veins and disseminated zones of
mineralization over a one square kilometer area. Grab and chip samples have
returned values of up to 6.9 g/t gold and 3.6 g/t silver.
All assays were carried out by ALS Chemex at facilities in Mendoza, Argentina,
and Santiago Chile. All of the above mentioned work has been completed under the
supervision of Dr. Paul Lhotka, P.Geo., IMA's Qualified Person in Chubut
Province, Southern Argentina.
IMA is a pioneer and veteran of Argentina's mining exploration industry and is
well positioned to take advantage of highly prospective gold projects as they
become available. The Company's network of contacts has been developed over the
past 10 years, enabling IMA to quickly identify new opportunities and negotiate
advantageous terms, especially since the recent devaluation of the Argentine
peso.
ON BEHALF OF THE BOARD
"Gerald G. Carlson"
Dr. Gerald G. Carlson, P.Geo., Chairman
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 1