IMA Update:
Mon Jul 29, 2002
President's Letter
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Dear Shareholder,
In view of the current market activity, I feel compelled to stay in touch with our shareholders and comment on IMA's share price, and our exploration plans for the next several months.
The recent pressure on IMA's stock is due to several contributing factors, none of which reflect the underlying assets and value of the Company, upon which we are continuing to build. The extremely volatile equity and gold markets, summer doldrums, and the Company's cautious approach in Peru when it postponed drilling to avoid sensitive regional political campaign issues related to mining, have all temporarily affected our share price.
The Company is continuing with value added exploration strategies in several established mining locations. The devaluation of the Argentine peso has created an unprecedented opportunity to increase our activities on some of our properties in key exploration regions in that country.
Fieldwork will be carried out in the following order:
Chubut Province -- In August, our geologists will begin a Phase I program in Chubut Province to evaluate several targets, including a gold bearing quartz vein that is up to 22 meters wide and may extend up to 4.5 km, all within 100% owned IMA property. The objective of this work program is to define drill targets. IMA's Chubut concessions are located in proximity to the 3.8 million ounce Esquel gold discovery, which was made by Brancote Holdings PLC.
San Juan Province -- Review the Gualcamayo Project with a second geochemical program on the 310 square km property that is located in a precordillera Carlin Trend environment with year round access. This property is immediately south of Viceroy's 1.35 million ounce gold discovery, on which IMA holds a 2% net smelter royalty.
In addition, several other of IMA's leading Argentine projects are expected to receive major attention over the next several months. These are, Rio de Las Taguas & Potrerillos that are under a joint venture with Barrick Gold Corp, and our highly prospective 100% owned Mogote project. IMA has three properties at the drilling stage, with Mogote and Chubut soon to follow. This provides the Company with a great deal of flexibility to either joint venture a project, or complete a drill program on our own.
I look forward to your continued support and confidence that IMA's shares represent a worthwhile investment.
Sincerely,
"Joseph Grosso"
Joseph Grosso
President & C.E.O. |
