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 APRIL, 2008.
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: April 11, 2008 /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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JOINT NEWS RELEASE - MAY 12, 2008
IMA OPTIONS HUSHAMU
COPPER-MOLYBDENUM-GOLD PROPERTY FROM
WESTERN COPPER CORPORATION
IMA Exploration Inc. (IMR-AMEX, IMR-TSX.V) and Western Copper Corporation
(WRN-TSX) are pleased to announce they have entered into a binding Letter of
Intent and are preparing an Option Agreement to further explore and develop the
Hushamu Property and in which IMA has the right to acquire up to a 70% interest.
The Hushamu porphyry style copper-molybdenum-gold deposit is located on northern
Vancouver Island, B.C. in an established mining area, approximately 25
kilometers to the southwest of Port Hardy.
The Hushamu deposit hosts a NI 43-101 compliant measured and indicated resource
of 230.9 million tonnes grading 0.28% Cu and 0.31 g/t Au, containing 2 million
ounces of gold and 1.4 billion pounds of copper, as well as an inferred resource
of 52.8 million tonnes grading 0.28% Cu, 0.38 g/t Au, containing 327 million
pounds of copper and 0.6 million ounces of gold. The deposit also contains
unclassified molybdenum mineralization.
Table 1 summarizes the April 2005 mineral resource estimate at 0.10%, 0.20% and
0.30% Cu cut-offs. Additional infill and step out drilling is required to define
the molybdenum, silver, and rhenium content and define the extent of
mineralization.
TABLE 1: SUMMARY OF RESOURCE ESTIMATION FOR THE HUSHAMU COPPER-GOLD DEPOSIT
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TONNAGE ABOVE
CLASS CU CUT-OFF CUT-OFF GRADE CU GRADE AU
(%) MILLION TONNES (%) (G/T)
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Measured 0.10 87.7 0.21 0.206
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Indicated 0.10 495.8 0.20 0.240
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Measured + Indicated 0.10 583.5 0.20 0.240
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Inferred 0.10 151.9 0.19 0.274
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Measured 0.20 39.2 0.29 0.309
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Indicated 0.20 191.7 0.27 0.309
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Measured + Indicated 0.20 230.9 0.28 0.309
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Inferred 0.20 52.8 0.28 0.377
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JOINT NEWS RELEASE MAY 12, 2008
IMA EXPLORATION INC. & WESTERN COPPER CORPORATION PAGE 2
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TONNAGE ABOVE
CLASS CU CUT-OFF CUT-OFF GRADE CU GRADE AU
(%) MILLION TONNES (%) (G/T)
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Measured 0.30 14.0 0.37 0.411
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Indicated 0.30 49.7 0.37 0.411
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Measured + Indicated 0.30 63.7 0.37 0.411
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Inferred 0.30 18.2 0.35 0.480
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At least 5 additional copper-molybdenum-gold porphyry targets and more than 15
poly-metallic volcanic and sediment hosted targets occur within the property and
IMA considers the overall property to host an extensive exploration upside.
IMA's technical team will be focused on infill drilling to upgrade the deposit
as well as implementing an aggressive exploration strategy to test the numerous
exploration targets in and around the known deposit. Drill permitting and
surface exploration programs will commence shortly.
In 2005 Lumina Resources, later acquired by Western Copper, conducted the first
major exploration in the area since 1994 that comprised historic data
compilation, airborne geophysics (2,687 line kilometers), diamond drilling
(3,155 m in 18 holes), geological mapping, prospecting, geochemical surveys
(3,842 soil samples), and alteration studies. Lumina discovered porphyry style
copper-gold molybdenum mineralization in the NW Expo zone (hole EC-228
intersected 1.0 g/t Au and 0.17% Cu over 95 m). In 2007 Western Copper further
tested the NW Expo target with 2 drillholes and intersected two mineralized
horizons. The drillholes cut an upper zone of mineralization containing 82.6
meters of 0.033% molybdenum and 0.14 grams per tonne gold and a deeper
mineralized interval of 182.5 meters grading 0.58 grams per tonne gold and
0.013% molybdenum. The second drillhole intersected the upper zone over an
interval of 27.4 meters containing 0.022% molybdenum and 0.13 grams per tonne
gold and the deeper zone intersected 204.2 meters grading 0.74 grams per tonne
gold and 0.012% molybdenum (refer to Western Copper press release April 2007).
The Hushamu property, owned 100% by Western Copper Corporation, consists of 216
mineral claims (approximately 42,669 hectares) located in a known
copper-porphyry mining camp and surrounds the formerly producing Island Copper
Mine of BHP-Utah. During Island Copper's operation from 1971 to 1995, the mine
produced 345 million tonnes of ore with average metal grades of 0.41% Cu, 0.017%
Mo and 0.19 g/t Au. The rhenium content of the molybdenum concentrate was an
important by-product. The demand for rhenium has driven prices to $10,550 per
kilogram.
As per the terms of the option agreement, IMA has agreed to expend a minimum of
$1.9 million in the first year of a three year option period. Over years two and
three IMA will spend an additional $13.1 million on drilling, metallurgical, and
engineering studies in the completion of a pre-feasibility report on the Hushamu
deposit. This expenditure, a total of $15 million, and the completion of a
pre-feasibility report will earn IMA a 49% interest in the project (Option 1).
IMA can earn an additional 16% by funding a subsequent feasibility study by the
fourth year (Option 2) an additional 5% can be earned upon completion of mine
permitting (Option 3) for a total interest of 70% with Western Copper retaining
a 30% participating interest in the joint venture.
IMA is a Vancouver based exploration company with over $25M in its treasury.
This transaction is Phase I of IMA's business strategy and is compatible with
the Company's objective of acquisition of projects that contain established
resources and offer significant opportunities to expand these values through
continued exploration. The Hushamu project fits this criteria and is located
within a region that has traditionally seen successful mine development and
award winning environmentally sound mine decommissioning practices. In addition,
there are small-scale industrial mineral mining operations currently underway
within the Hushamu project area. A PowerPoint presentation on the Hushamu
project is available on the Company's web site (www.imaexploration.com).
JOINT NEWS RELEASE MAY 12, 2008
IMA EXPLORATION INC. & WESTERN COPPER CORPORATION PAGE 3
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Dr. Greg Myers, P.Geo., a Qualified Person under the meaning of Canadian
National Instrument 43-101 and IMA Exploration's Consulting Geologist, is
responsible for the technical content of this news release.
ON BEHALF OF THE BOARD
/s/ JOSEPH GROSSO /s/ DALE CORMAN
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Mr. Joseph Grosso, President & CEO F. Dale Corman, President & CEO
IMA Exploration Inc. Western Copper Corporation
For further information please contact:
Joseph Grosso, President & CEO Dale Corman, President & CEO
Sean Hurd, Investor Relations Chiara Orrigoni, Investor Relations
1-800-901-0058 or 604-687-1828 1-888-966-9995 or 604-684-9497
fax 604-687-1858 fax 604-669-2926
email info@imaexploration.com, email info@westerncoppercorp.com
http://www.imaexploration.com www.westerncoppercorp.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.
2008 NUMBER 3