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 MARCH , 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): _______
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 March 3, 2004 By /s/ William Lee
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(Signature)
William Lee, Director and Chief Financial Officer
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1 Print the name and title of the signing officer under his signature.
BC FORM 53-901F
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
March 3, 2004
3. PRESS RELEASE
A press release dated March 3, 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 3rd day of March, 2004.
/s/ William Lee
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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)
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NEWS RELEASE - MARCH 3, 2004
DRILLING AT NAVIDAD HITS 20 METRES GRADING
703 G/T (20.5 OZ/T) SILVER
IMA Exploration Inc (IMR-TSX.V, IMXPF-OTC.BB) is pleased to announce results
from drill holes 21 to 30 at its 100% owned Navidad Project, located in
Patagonia, Argentina. Highlights of these results include 63.0m of 418.4 g/t
(12.2 oz/t) silver, including 20.6m of 703.0 g/t (20.5 oz/t) silver, in hole 22,
83.6m of 321.7 g/t (9.4 oz/t) silver in hole 21, and 8.0m of 303.4 g/t (8.9
oz/t) silver in hole 25. Hole 25 is significant in that it is the first drill
hole to target a northwest-trending, 5 to 6 km long geophysical anomaly located
approximately 800-1,000m to the southwest of Navidad and Galena Hills.
In addition to ongoing drilling, IMA geologists are currently selecting
composite samples that will be used for metallurgical testing of silver-lead
mineralization at Galena Hill. Also, IMA has entered into discussions with
various engineering groups regarding the preparation of a preliminary resource
estimate at Galena Hill. It is expected that the results of these studies will
be available over the next few months.
Ongoing drill results will continue to be released as they are received. Updated
summaries of drill hole locations and results to date are 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.
The Company will be attending the PDAC conference from March 7 - 10, 2004,
located in the Metro Toronto Convention Centre, North Building. Shareholders and
interested parties are invited to visit IMA's management and geologists at booth
#3001 in room 206 on the street level where drill core from the Navidad project
will be on display.
TECHNICAL SUMMARY
Drill holes NV04-21 and 22 were collared on section 51,000E and extend
mineralization defined by hole NV04-14 (115.1 m of 453.6 g/t Ag) approximately
150m to the northeast. Hole 21 returned 83.6m of 321.7 g/t silver and 0.47% lead
including 20.6m of 703.0 g/t silver and 0.54% lead. Hole 22 returned 63.0m of
418.4 g/t silver and 1.82% lead including 13.1m of 923.3 g/t silver and 1.7%
lead. These holes are in the area of an interpreted feeder structure that runs
along the northeast side of Galena, Navidad, and Barite Hills. In addition to
generally higher silver grades closer to this interpreted structure, silver to
lead ratios and copper values are generally higher indicating a more proximal
position in the overall hydrothermal system. Lead grades and sulphide abundances
are generally lower, therefore this style of mineralization is not expected to
produce a strong geophysical chargeability response. Ongoing drilling at Galena
Hill will target the extension of this interpreted feeder structure.
Hole NV04-25 was collared approximately 800 m to the southwest of Galena Hill
and was drilled towards a linear multi-parameter geophysical anomaly that
includes a chargeability high, resistivity high, magnetic high and gravity high
in a largely covered area. The hole intersected a zone of calcite and barite
veinlets and stockwork with minor amounts of sulfide that cuts volcanic rocks of
intermediate composition at 162.7 to 170.7m and grades 303.4 g/t silver and
0.31% lead. The orientation and geological significance of the zone are unclear
but the high silver to base metal ratio is very favourable. The geophysical
anomaly shows good continuity along strike for
News Release March 3, 2004
IMA Exploration Inc. Page 2
approximately 5 to 6 kilometres. Further drilling along this anomaly will follow
up this very encouraging new discovery.
Drill hole NV04-28 was drilled on section 51,160E between previous holes NV03-05
and NV04-15. It intersected 67.0m of 152.5 g/t silver and 2.13% lead and
confirmed the continuity of stratigraphy and mineralization in that portion of
Galena Hill.
Ongoing drilling is designed to rapidly drill off the most promising portions of
Galena Hill at approximately 100 m centers. Once this is complete within the
next few weeks, efforts will shift to continued drill testing of Navidad Hill
and other promising targets including: Barite Hill (67 measured chip samples
returned 109 g/t silver and 4.73% lead), Calcite Hill (large unexplained silver
and lead in soils anomaly), and the linear multi-parameter geophysical anomaly
tested by hole NV04-25. IMA's geologists and management are excited that these
additional targets may substantially add to the mineralization defined to date
at Galena Hill.
Table 1: Assay results from drill holes NV04-21 to 30
Drillhole Total From To Composite g/t Silver % Copper % Lead
Length Length (LWA) (LWA) (LWA)
(metres) (metres) (metres) (metres)
NV04-21 198.1 42.45 126.00 83.55 321.7 0.23 0.47
including 49.95 70.50 20.55 703.0 0.47 0.54
NV04-22 193.8 38.65 101.65 63.00 418.4 0.15 1.82
including 42.50 55.60 13.10 923.3 0.26 1.70
NV04-23 191.1 48.40 71.20 22.80 26.3 0.00 0.47
NV04-24 145.6 3.00 5.65 2.65 917.9 0.28 1.13
NV04-25 199.8 162.70 170.65 7.95 303.4 0.03 0.31
NV04-26 134.0 no significant results
NV04-27 181.5 7.00 7.73 0.73 61.5 0.01 0.56
and 66.90 68.10 1.20 377.2 0.01 0.10
NV04-28 158.0 45.70 134.75 89.05 120.4 0.01 1.76*
including 67.75 134.75 67.00 152.5 0.01 2.13*
including 68.10 71.55 3.45 760.9 0.05 10.96
NV04-29 158.0 28.50 38.65 10.15 71.8 0.00 1.84
NV04-30 209.0 44.80 52.70 7.90 47.8 0.00 1.11
Notes: 1. All length weighted averages (LWA) are "uncut".
2. * indicates that one sample within this composite returned a value
of greater than 30% lead. This value has been cut to 30% for the
purposes of the LWA calculation. 3. A complete list of all results and
collar locations to date is available on IMA's website
(www.imaexploration.com).
ON BEHALF OF THE BOARD
/s/ Joseph Grosso
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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 9