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 DECEMBER, 2004.
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: DECEMBER 01, 2004 /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
December 01, 2004
3. PRESS RELEASE
The press release was released on December 01, 2004 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
December 01, 2004.
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 December 01, 2004
NAVIDAD PROJECT INDICATED RESOURCE INCREASES BY
61 MILLION OUNCES CONTAINED SILVER
IMA EXPLORATION INC. (IMR - TSX.V, IMXPF - OTC.BB) is pleased to announce the
results of the Phase II resource estimate at it's 100% owned Navidad project in
Patagonia, Argentina. The resource estimate was completed by Snowden Mining
Industry Consultants Inc. using results from IMA's recently completed Phase II
drill program that tested the Navidad Hill and Connector Zones. Both the
Indicated and Inferred Resources at the Navidad project have been significantly
increased; the new total resources are currently estimated at:
INDICATED RESOURCE (GALENA HILL, NAVIDAD HILL AND CONNECTOR ZONES)
- 268 MILLION OUNCES OF CONTAINED SILVER AND 1,175,600 TONNES LEAD.
- 80.8 MILLION TONNES AT 103 G/T SILVER AND 1.45% LEAD
* Estimated using a 50 g/t silver equivalent1 cut-off grade.
INFERRED RESOURCE (GALENA HILL, NAVIDAD HILL AND CONNECTOR ZONES)
- 39.3 MILLION OUNCES OF CONTAINED SILVER AND 70,500 TONNES LEAD.
- 15.7 MILLION TONNES AT 78 G/T SILVER AND 0.45% LEAD
* Estimated using a 50 g/t silver equivalent1 cut-off grade.
Detailed review of the geological interpretation and block model shows that the
Navidad Hill Deposit remains open and is insufficiently drill tested in several
areas. The Phase III drill program currently underway will more fully test the
boundaries of the Navidad Hill zone, with the intent to increase the Navidad
Hill Indicated Resource.
Recent discoveries of new zones of silver mineralization on surface (Loma de la
Plata and Sector Zeta) and the large scale potential at Calcite Hill as shown by
hole 88 (72.3m of 202 g/t silver) clearly demonstrate the potential for
continued significant resource growth at the Navidad Project. The Company is
very encouraged by the results of this resource estimate and is committed to
steadily increasing the total silver resource at the Navidad Project.
The Phase II resource estimate was performed by Snowden Mining Industry
Consultants Inc (Neil Burns, M.Sc., P.Geo., Independent Qualified Person, as
defined by National Instrument 43-101). Snowden created a block model (block
size 12.5 x 12.5 x 10m) of the Navidad Hill and Connector Zones, coded this
model into multiple domains based on geologic interpretation, and then estimated
grade using Multiple Indicator Kriging techniques. The new resource estimate at
the Connector Zone replaces portions of the previously reported Galena Hill
Inferred Resource, however, the Galena Hill Indicated Resource (see May 25, 2004
release) remains unchanged.
A table showing the breakdown of Indicated and Inferred Resources at Navidad
Hill, the Connector Zone, and Galena Hill at cut-off grades of 50 and 100 g/t
silver equivalent1 are presented below.
News Release December 1, 2004
IMA Exploration Inc. Page 2
Navidad Project Indicated and Inferred Resources at 50 g/t AgEq(1) cut-off:
CONTAINED CONTAINED
TONNES SILVER LEAD COPPER ZINC SILVER LEAD
(millions) (g/t) (%) (%) (%) (million ozs) (1,000 tonnes)
NAVIDAD HILL
Indicated 15.17 115 0.35 0.12 0.09 56.3 52.4
Inferred 3.37 97 0.74 0.09 0.16 10.5 25.0
CONNECTOR ZONE
Indicated 2.05 74 0.27 0.03 0.09 4.9 5.6
Inferred 6.50 100 0.20 0.04 0.10 20.9 12.9
GALENA HILL
Indicated(2) 63.57 101 1.76 0.03 0.24 207.3 1117.5
Inferred 5.79 43 0.56 0.01 0.08 7.9 32.6
NAVIDAD PROJECT TOTAL RESOURCES - AT 50 G/T AGEQ1 CUT-OFF
Indicated 80.80 103 1.45 0.05 0.21 268.5 1175.6
Inferred 15.66 78 0.45 0.04 0.11 39.3 70.5
The Navidad Hill resource estimation was performed using data from 41 diamond
drill holes drilled within an area of approximately 400m x 350m. The majority of
the 15.2 million tonne resource is located within less than 100m from the
surface and Snowden has classified the majority of it as Indicated.
At the Connector Zone estimated resources are primarily classified as Inferred
(see table above) as much of the zone has been drilled with relatively few,
wide-spaced holes (18 drill holes covering a strike length of 600m). As at
Navidad Hill, the Connector Zone remains open in several directions and will be
more fully tested during the Phase III drill campaign. It is anticipated that
ongoing drilling will significantly increase the current Indicated Resource at
the Connector Zone by converting Inferred to Indicated Resources and perhaps
also extending the mineralized zone.
News Release December 1, 2004
IMA Exploration Inc. Page 3
Navidad Project Indicated and Inferred Resources at 100 g/t AgEq(1) cut-off:
CONTAINED CONTAINED
TONNES SILVER LEAD COPPER ZINC SILVER LEAD
(millions) (g/t) (%) (%) (%) (million ozs) (1,000 tonnes)
NAVIDAD HILL
Indicated 7.70 176 0.56 0.16 0.09 43.6 43.3
Inferred 1.90 136 1.13 0.12 0.15 8.3 21.5
CONNECTOR ZONE
Indicated 0.68 122 0.29 0.04 0.10 2.7 1.9
Inferred 3.36 145 0.21 0.06 0.09 15.7 7.2
GALENA HILL
Indicated(2) 38.80 149 2.40 0.04 0.22 186.4 932.4
Inferred 0.59 56 1.95 0.01 0.19 1.0 11.4
NAVIDAD PROJECT TOTAL RESOURCES - AT 100 G/T AGEQ1 CUT-OFF
Indicated 47.19 153 2.07 0.06 0.20 232.6 977.7
Inferred 5.85 133 0.69 0.07 0.12 25.1 40.1
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 Indicated Resource remains unchanged from the Phase I
resource estimation released on May 25, 2004.
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.
News Release December 1, 2004
IMA Exploration Inc. Page 4
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 32