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 OCTOBER, 2006.
Commission File Number: 001-32558
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: October 19, 2006 /s/ Joseph Grosso
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Joseph Grosso,
President & CEO
IMA EXPLORATION INC.
(A Grosso Group Company)
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 American Stock Exchange: IMR
Frankfurt & Berlin Exchanges: IMT (WKN 884971)
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NEWS RELEASE - OCTOBER 19, 2006
IMA AND AQUILINE AGREE ON TERMS FOR THE TRANSFER OF
NAVIDAD PENDING THE APPEALS PROCESS
IMA EXPLORATION INC. (IMR-AMEX , IMR-TSX.V) ("IMA") and Aquiline Resources Inc.
("Aquiline") have reached a definitive agreement for the orderly conduct of the
Navidad Project pending the determination of the appeal by IMA against the
judgment of the trial court. The principal terms and conditions of the agreement
(a copy of which has been filed on www.sedar.com) include:
o control of the Navidad project will be transferred to Aquiline in trust for
the ultimately successful party in the appeal;
o IMA and Aquiline have agreed to the costs spent to date developing the
Navidad Project in the amount of $18,500,000. Aquiline will pay $7,500,000
of the costs into trust and the balance will be expended by Aquiline in
developing the Navidad Project and secured under the terms of the trust
conditions;
o in the event that IMA is unsuccessful on appeal, IMA will be paid such
$18,500,000 amount,
o in the event that IMA's appeal is successful, it will pay Aquiline's
qualifying costs expended on developing the Navidad Project during the
period of the appeal and control of the Navidad Project will then revert to
IMA; and
o pending the finalization of the appeal process, neither party will attempt
a hostile takeover of the other.
IMA will maintain its excellent relations with Navidad stakeholders and will
cooperate with Aquiline to ensure that the Navidad Project proceeds to
development. IMA is inviting company managers and staff as well as mining and
government authorities, members of the first nations and all stakeholders to
continue cooperating in order to see Navidad a successful reality for the
benefit of the Province of Chubut and the ultimately successful owner.
"We are pleased to report that this agreement has been reached as it brings
stability to IMA by complying with the order of Madam Justice Koenigsberg, while
allowing IMA to concentrate on the appeal of that decision and to protect its
position and while allowing the Project to resume the process of development
that has been temporarily halted due to the uncertainties that were created by
the decision on July 14, 2006. We would like to reassure our shareholders that
we continue to fight to regain our ownership of Navidad. This will be the
Company's sole focus," said Joseph Grosso, CEO and president.
ON BEHALF OF THE BOARD
/s/ Joseph Grosso
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Mr. Joseph Grosso, President & CEO
News Release October 19, 2006
IMA Exploration Inc. Page 2
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For further information please contact Joseph Grosso, President & CEO, or Sean
Hurd, Vice President, Investor Relations, 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.
2006 NUMBER 18