FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of OCTOBER , 2002
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IMA Exploration Inc.
(Translation of registrant's name into English)
0-30464
(SEC File Number)
#709 - 837 West Hastings Street, Vancouver, British Columbia, V6C 3N6
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports
under cover Form 20-F or Form 40-F.
Form 20-F X Form 40-F
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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
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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 by the
undersigned, thereunto duly authorized.
IMA Exploration Inc.
(Registrant)
Date October 25, 2002 By /s/ William Lee
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(Signature)*
Name: William Lee
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Title: Director
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*Print the name and title of the signing officer under his signature.
BC FORM 53-901F
(FORM 27)
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
October 25, 2002
3. Press Release
A press release dated October 25, 2002, 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 25th day of October, 2002.
/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 o fax: 604-687-1858 o toll free: 800-901-0058
Internet: www.imaexploration.com, e-mail: [email protected]
Frankfurt & Berlin Exchanges: IMT (WKN 884971)
OTC Bulletin Board: IMXPF
TSX Venture Exchange: IMR
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NEWS RELEASE October 25, 2002
IMA's Las Bayas Program Completed
Patagonia, Argentina
IMA Exploration Inc. is pleased to announce that Phase I exploration has been
completed on its Las Bayas gold project. The work program on Las Bayas focused
on a 4.5 x 1.5 kilometer area of intense quartz veining within a gold
mineralized corridor that extends over 10 kilometers in length. The mineralized
area identified fits the well defined Esquel geological model for the upper
levels of a high-grade low-sulphidation epithermal gold vein system. The Esquel
gold deposit in Patagonia is 3.8 million ounces of gold and 6.9 million ounces
of silver, and was purchased in July 2002 for US$230M by Meridian Gold.
The exploration program consisted of detailed geological mapping of the
epithermal system, rock chip sampling of outcropping veins, and an extensive
soil grid over the entire 4.5 x 1.5 km area. More than 30 individual veins, with
varying widths up to 22 metres, have been located to date, and all of these have
potential to host significant gold concentrations at depth. The surface
geological environment that has been identified on Las Bayas, is typical of
regional high-grade low-sulphidation epithermal gold vein systems, as evidenced
by values of gold, silver, and pathfinder elements.
At Las Bayas high pathfinder element values (As up to 1,146 ppm, Hg up to 23,700
ppb), combined with vein textures mapped and defined petrographically, indicate
a present erosional surface above the predicted gold zone within the epithermal
system. The Company's geologists believe that the boiling level and associated
`Bonanza-style' precious metal mineralization can be intersected 50 to 100
metres below the present surface. Geologically, the veins at Las Bayas show
strong similarities to many surface exposures at the Esquel deposit where much
of its resource has been defined at depths of 50 to 150 metres.
Samples from a high priority target within Las Bayas, the "Bola Vein", have been
submitted for re-assay, and these results will be released as soon as they
become available. Highlights from Las Bayas rock sampling (excluding the Bola
Vein) are outlined below:
Sample Width (m) Gold (g/t) Silver (g/t) Gold Equivalent
(Au+Ag/70)
2487 1.65 1.56 16.4 1.79
2493 1.25 4.20 7.6 4.31
2497 1.05 2.83 6.6 2.92
2500 2.0 1.33 13.8 1.53
M96 grab 3.79 71.9 4.82
M521 3.75 2.96 10.4 3.11
M524 grab 1.73 12.7 1.91
The Company's geological team conducting the exploration program in the region
are highly experienced, and have an intimate knowledge of the local geology. The
exploration team includes: Paul Lhotka, Ph.D., P.Geo., who has extensive
experience in low sulphidation epithermal gold vein systems; Sergio Kain, B.Sc.,
who was a member of Brancote Holdings PLC's geological team that made the Esquel
discovery; and Daniel Bussandri, B.Sc., a local Argentine geologist with
substantial experience in the Patagonia region.
The Esquel and Cerro Vanguardia gold deposits in Patagonia, both of which are
large low sulphidation epithermal gold vein systems, have highlighted the
potential for discoveries of similar styles of mineralization within this
largely unexplored region. IMA has been evaluating exploration prospects in
Patagonia since July 2000, and now holds a 100% interest with no underlying
royalties in 750 square kilometres of highly prospective gold projects in
Patagonia.
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.
ON BEHALF OF THE BOARD
"Dr. Gerald Carlson"
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Dr. Gerald G. Carlson
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 [email protected], 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.