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 July, 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: July 24, 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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NEWS RELEASE - JULY 24, 2008
IMA'S ISLAND COPPER PROJECT MOVING FORWARD
IMA EXPLORATION INC. (IMR-AMEX, IMR-TSX.V) ("IMA" or the "Company") is pleased
to provide an update to shareholders on its upcoming drill program on IMA's
Island Copper Project in British Columbia, Canada. The Company is submitting a
notice of work with a planned startup in September / October 2008. The proposed
program will contract two diamond core drill rigs, and will focus on infill
drilling at the Hushamu resource area and exploration drilling in the NW Expo
area.
Island Copper Project
The magnitude of the opportunity that exists in the Port Hardy mining region on
Northern Vancouver Island has been recognized by the British Columbia Geological
Survey, as the region is included in the highest mineral potential category for
the province. Management is preparing for a large-scale review to evaluate known
prospects and identify new targets along the Island Copper Project's 60km
geological trend. Most importantly the Company is putting in place the required
team and logistics support required to begin exploration activity on the project
and advance it to the scoping and eventually feasibility study stage.
IMA has taken the first step to introduce the Company and its plan of work to
the First Nations communities in the area and has found a favorable climate in
which to operate. The Company will continue to follow the footsteps of previous
operators of the project who left as good corporate citizens. IMA will initially
work in close cooperation with Western Copper's management team in order
maintain the positive and cohesive relationship that exists with the community
in Port Hardy.
The Company has been fortunate to secure Mr. Jacques Houle, P.Eng., a resident
of Vancouver Island, as Project Manager for the Hushamu Project. He will work
closely with Dr. David Terry, Vice President Exploration and Dr. Greg Myers, a
consultant to IMA, during the initial drilling campaign. The project is
estimated to require 52,000 metres of diamond drilling starting with a drill
program of 5,000 meters in the initial stage of an option agreement that allows
IMA to earn up to a 70% interest in the 46,000 hectare Island Copper Project
(see May 12, 2008 News Release).
IMA's Island Copper Project hosts at least 6 copper-gold-molybdenum porphyry
related systems, all with similar characteristics to BHP's formerly producing
Island Copper Mine. Hushamu is the most advanced of these 6 systems on the
project and 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 2.29 million ounces
of gold and 1.425 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 326 million pounds
of copper and 0.64 million ounces of gold. Hushamu also contains undefined
molybdenum mineralization.
NEWS RELEASE JULY 24, 2008
IMA EXPLORATION INC. PAGE 2
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IMA is a Vancouver based exploration company with $24M in its treasury. The
acquisition of the Island Copper Project is Phase I of IMA's business strategy
and aligns with the Company's objective to acquire projects that contain
established resources and offer significant opportunities for expansion through
continued exploration. A PowerPoint presentation on the project is available on
the Company's web site (www.imaexploration.com).
Dr. David Terry, P.Geo., a Qualified Person, as defined by National Instrument
43-101, has reviewed the technical contents of this news release
Corporate Update
IMA is pleased to announce the appointment of Mr. Keir Reynolds in the role of
Manager Corporate Communication for IMA Exploration Inc. Mr. Reynolds brings
more than eight years of experience in sales and sales management. He has
consulted on a range of subjects from corporate brand recognition to employee
financial planning and has worked with a tier 1 firm as a licensed advisor. His
most recent success was as an Account Executive and Corporate Finance Sales
Executive with the Ascenta group of companies, where he played a vital role in
growing shareholder value and implementing efficient and effective corporate
finance solutions.
Additionally, the Company has agreed, subject to regulatory approval, to hire
Michael Baybak and Company to provide assistance in the ongoing development of
shareholder communication, with particular focus in the United States where the
Company is listed on the America Stock Exchange under the symbol "IMR". The
program will focus on corporate development and financial advisory media through
programmed media development activities. They will work closely with the Company
to further develop and broaden the investor audience. Michal Baybak and Company
will be paid a monthly retainer of $4,000 per month starting from June 1, 2008
until October 1, 2008, and subject to satisfaction by both parties, will
increase to US $5,000 per month from October 1 to June 1, 2009. 250,000 options
will be granted at $0.54 and will be subject to a four-month hold period,
exercisable over one year and vesting at the rate of 62,500 options per quarter.
The options will expire on two years from the vesting date. The agreement can be
terminated by either party with a 30-day notice.
ON BEHALF OF THE BOARD
/s/ Joseph Grosso
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Mr. Joseph Grosso, President & CEO
For further information please contact Keir Reynolds, Manager Corporate
Communications, 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.
2008 NUMBER 5