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
----- -----
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 29, 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 29, 2002
3. Press Release
A press release dated October 29, 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
------------------------------------
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: 1-800-901-0058
internet: http://www.imaexploration.com . e-mail: info@imaexploration.com
TSX-V Symbol: IMR
OTCBB Symbol: IMXPF
Frankfurt & Berlin Symbol: IMT (WKN 884971)
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NEWS RELEASE October 29, 2002
IMA DISCOVERS HIGH GRADE GOLD ON LAS BAYAS
PROPERTY, ARGENTINA
IMA Exploration Inc. is pleased to announce additional Phase I results and
provide an update of exploration activities on its 100% owned Las Bayas property
in the Esquel region of Patagonia, southern Argentina. The Company's Exploration
Manager, Keith Patterson, M.Sc., is now enroute to join IMA's exploration team
on the Las Bayas project to evaluate drill targets and arrange the logistics for
an upcoming drill program on this high priority project.
The results listed below are from the "Bola Vein", which is located within a 4.5
x 1.5 kilometre zone of intense quartz veining at the southern end of the 10
kilometre long Las Bayas Mineralized Corridor (see attached map).
Gold Equivalent
(Au+Ag/70) g/t Gold g/t Silver Width (metres) Sample #
--------------- -------- ---------- -------------- ---------
27.13 g/t 15.33 826.3 0.2 M554
14.71 g/t 7.75 487.5 1.7 2441-2442
6.21 g/t 3.92 160.0 0.25 2442
16.18 g/t 8.41 544.0 1.45 2441
6.22 g/t 5.64 40.7 1.6 2437
26.27 g/t 25.8 32.7 float M15
The selected highlights in the above table from the Las Bayas "Bola Vein" have
been confirmed by check assays. Samples were taken at semi-regular intervals
along a 350 metre strike length, and grades are in grams per tonne (g/t).
The results from the completed Las Bayas exploration program confirm that the
setting is very similar to the geological model for the upper portions of a
high-grade, low-sulphidation epithermal gold system, such as the Esquel
discovery in Patagonia (3.8 million ounces of gold, 6.9 million ounces of
silver).
IMA's exploration team is very encouraged with the results to date, including
elevated pathfinder element values that have proven to be regionally important,
and feel that the Bola Vein may represent the upper margins of the predicted
gold zone, thus demonstrating a significant potential for the Las Bayas system
to host an economic gold deposit. The Bola Vein is exposed on surface over a 350
metre strike length and has widths of 1.5 to 4.0 metres. At its north end the
Bola vein intersects a zone of quartz breccia that has returned elevated gold
values and highly anomalous mercury.
- 2 -
The Las Bayas Mineralized Corridor extends over 10 kilometres in length and is
defined by the Bayas Core Area (4.5 x 1.5 km) and the South Window. The 5
kilometre distance between the Core Area and South Window is covered by a thin
layer of younger sandstone which the Company believes to be concealing
additional mineralization. Quartz veins at the South Window are similar in
character to those at the Core Area and have returned values of up to 1.2 g/t
gold.
As reported previously, high arsenic and mercury values combined with mapped and
petrographically defined vein textures indicate that the present level of
erosion at Las Bayas is above the predicted 'boiling' or bonanza-grade gold
zone. All available data collected from surface point to the classic Buchanan
(1981) model for low-sulphidation epithermal veins and predicts the gold zone to
be 50 to 100 metres below the present surface. Assays for the Patagonia Phase I
program where performed by ALS Chemex, and check assays were carried out by an
independent lab, Alex Stewart Assayers. IMA's geological team conducting the
exploration program in the region is 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 PLC's geological
team that was credited with the Esquel discovery; and Daniel Bussandri, B.Sc., a
local Argentine geologist with substantial experience in the Patagonia region.
The Company's property scout in Patagonia, Claudio Peres Posio, B.Sc., has
played an important part in the acquisition of 75,000 ha of property for IMA
over the last 2 1/2 years and also worked with Brancote PLC during the early
stages of the Esquel discovery.
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. The Company is a well-positioned junior mining Company that
is focused on growth through exploration. For more information please visit
IMA's web site at http://www.imaexploration.com/.
ON BEHALF OF THE BOARD
/s/ Dr. Gerald G. Carlson
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Dr. Gerald G. Carlson, 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 e-mail info@imaexploration.com, or visit the Company's web site
at www.imaexplorations.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. 2002 Number 20