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 May, 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: May 21, 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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May 21, 2008
Dear Shareholders and Investors:
IMA has organized a conference call for THURSDAY, MAY 22 AT 10:00 A.M. (PACIFIC
TIME; SEE CALL-IN DETAILS AT THE END OF THIS LETTER) giving you the opportunity
to listen to a presentation on the Hushamu project followed by a question and
answer session. As a preamble to the conference call, below is a brief summary
of the Hushamu asset with a comparative table comparing Hushamu to high profile
and economic projects located in British Colombia.
HUSHAMU ASSET:
230.9 MILLION TONNES OF MEASURED AND INDICATED RESOURCE CONTAINING:
2.08 MILLION OUNCES OF GOLD
1.39 BILLION POUNDS OF COPPER
UNDEFINED MOLYBDENUM, RHENIUM, AND SILVER CREDITS
AND
53 MILLION TONNES OF INFERRED RESOURCE
0.6 MILLION OUNCES OF GOLD
0.33 BILLION POUNDS OF COPPER
UNDEFINED MOLYBDENUM, RHENIUM, AND SILVER CREDITS
|X| IMA HAS AN OPTION TO EARN UP TO 70% FOR A WORK INVESTMENT OF $19
MILLION OVER 4 YEARS, OF WHICH ONLY 10% IS COMMITTED IN YEAR 1.
|X| IMA BELIEVES THE EXPLORATION POTENTIAL IS EXCELLENT
Table 1 - Hushamu asset compared to comparable projects in BC:
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COPPER
EQUIVALENT
PROPERTY TONNES GRADE* COMMENTS
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HUSHAMU 230.9 MILLION 0.62%
MEASURED AND STRONG EXPLORATION UPSIDE
INDICATED RESOURCE
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HUSHAMU 53 MILLION 0.65%
INFERRED RESOURCE STRONG EXPLORATION UPSIDE
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Kemess South 51.8 million 0.42% Producing
Proven Reserve Strong 2007 profits
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334 million Management made go
Mt Milligan Proven and Probable 0. 45% forward production
Reserve decision May 2008
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227.5 million
Copper Mountain Measured and 0.37% Beginning Feasibility
Indicated Resource
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* pricing used to calculate copper equiv is based on Canaccord-Adams long term
estimate: $1.75 Cu/lb, $30 Mo/lb, $700 Au/oz, $12.5 Ag/oz. Metallurgical
recoveries and net smelter returns are assumed to be 100%
-2-
The preceding Table 1 comparisons indicate that Hushamu has similar or superior
size and grade when compared to the above projects which are near to or are
producing mines in British Columbia.
There are 20 plus new drill targets existing within Hushamu. A very compelling
gold target called NW Expo intersected 204 metres of 0.74 g/t gold and 182
metres of 0.58 g/t gold in a separate drillhole during the 2007 drilling program
completed by Western Copper. Surface outcrops identify similar alteration in a
zone approximately 200 metres wide by 1500 metres long. This is a very
significant target adding greatly to the project upside potential especially
when combined with other untested targets. The NW Expo zone will be a focus of
the 2008 drilling program. Our technical team has high expectations for the
exploration potential of the Hushamu project.
FOUR YEAR OUTLOOK:
Gold and moly will potentially be large contributors to the project's value
during the next four years of the 70% earn in option with Western Copper. IMA's
exploration technical team (as operator) led by Dr. Greg Myers will advance
Hushamu toward feasibility study executing infill drilling and testing in excess
of 20 existing known targets.
Shareholders should be looking forward to an exciting exploration campaign thus
creating an excellent potential investment. The merger and acquisition team will
continue to search for additional projects of value in North and South America.
We thank you for the continued support I look forward to you joining us for the
conference call.
Sincerely,
/s/ Joseph Grosso
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Mr. Joseph Grosso, President & CEO
IMPORTANT NOTICE RE CONFERENCE CALL: IMA'S Management and Technical Team will be
hosting a conference call for shareholders and analysts on Thursday, May 22,
2008 at 10:00 a.m. Pacific Time, 1 pm Eastern Time, featuring a technical
overview of the Hushamu Project. To participate in the call, dial 1-866-400-3310
North American Toll-Free, or 416-850-9144 for local Toronto and international
calls. Please phone in approximately ten minutes prior to the time of the call.
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.