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 September, 2008.
Commission File Number: 001-32558
IMA EXPLORATION INC.
--------------------------------------------------------------------------------
(Translation of registrant's name into English)
#709 - 837 West Hastings Street, Vancouver, British Columbia, V6C 3N6, Canada
--------------------------------------------------------------------------------
(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.
-------------------------------------
Date: September 22, 2008 /s/ Joseph Grosso
------------------------------ -------------------------------------
Joseph Grosso,
President & CEO
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: 800-901-0058
Internet: www.imaexploration.com E-mail: info@imaexploration.com
TSX Venture Exchange: IMR American Stock Exchange: IMR
Frankfurt Stock Exchanges: IMT (WKN884971)
--------------------------------------------------------------------------------
NEWS RELEASE - SEPTEMBER 22, 2008
IMA SIGNS DRILL CONTRACT FOR THE ISLAND COPPER PROJECT
IMA EXPLORATION INC. (IMR-AMEX, IMR-TSX.V) ("IMA" or the "Company") has signed a
drilling contract with Matrix Diamond Drilling Inc. of British Columbia to
complete a minimum 5000m Phase I drill program on the Island Copper project in
Port Hardy, BC. Drilling is planned to begin by early October. Phase I drilling
will include a minimum of 2500m of drilling on the NW Expo gold and moly zone
discovered by Lumina Copper in 2005. This recent discovery has seen limited
follow-up and has significant potential as it is open to the north and west.
Infill and step-out drilling will also be carried out on the Hushamu NI 43-101
compliant resource to confirm continuity of mineralization and to obtain
additional data on the molybdenum grade distribution (molybdenum is not included
in the current NI 43-101 resource estimate). Two diamond drill rigs will be used
to accelerate the drilling and allow for testing the two targets simultaneously.
The NW Expo drilling will follow up on the considerable gold and molybdenum
drill intersections (204m averaging 0.74 g/t gold, 120m of 1.25 g/t gold and
180m of 0.03% Mo**) encountered in 2005 and 2007 drill programs. Drilling on the
Hushamu resource area is focused on increasing the copper equivalent grade of
the resource as well as, increasing tonnage. At a 0.2% copper cut-off Hushamu is
estimated to contain 230.9 million tonnes grading 0.28% Cu and 0.31 g/t Au in
the Indicated and Measured categories, 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. Using long term metal price projections*
the current copper equivalent grade of the indicated and measured resource is
0.46%; quantifying the molybdenum mineralization known to be present in the
resource area could increase the copper equivalent grade significantly.
The phase I drill program is part of the first-year, stage-1, $1.9 million CDN
commitment to Western Copper as part of IMA's 3-stage, 4-year option to earn up
to a 70% interest in the Island Copper project. Work can take place year-round
at the site and the Company plans to advance stage-1 quickly. Drill permit
approval is expected shortly allowing drilling to start in early October.
NEWS RELEASE SEPTEMBER 22, 2008
IMA EXPLORATION INC. PAGE 2
--------------------------------------------------------------------------------
"We are pleased to have secured two drill rigs to begin the highly anticipated
first stage of our option with Western Copper," stated Joseph Grosso, president
and chief executive officer of IMA. "With only being committed to $1.9M, we get
a very inexpensive look at this large project to first determine its quality and
potential economics for IMA shareholder's before committing further monies from
our large treasury."
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 leading to near-term production decisions. A PowerPoint
presentation on the project is available on the Company's web site
(www.imaexploration.com).
ON BEHALF OF THE BOARD
/s/ Joseph Grosso
__________________________________
Mr. Joseph Grosso, President & CEO
* 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%
** 2007 Diamond Drilling Report on the Hushamu Property prepared for Western
Copper Corporation
For further information please contact Joseph Grosso, President & CEO, or 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 7