IMA Exploration Inc.: Corporate Update
13:50 EDT Monday, October 06, 2003
VANCOUVER, BRITISH COLUMBIA--IMA Exploration Inc. reports that, late last week, it received a letter from Toronto based Aquiline Resources Inc. (TSX-V: AQI). The letter states that Aquiline recently acquired all the shares in an Argentinean company that owns the Calcatreu Project in Patagonia, Argentina, from Newmont Mining Corporation. The Calcatreu Project is approximately 40 kilometres from the Company's Navidad Property. The letter requests that the Company provide Aquiline with information regarding the events and methods that led to the discovery and staking of the Navidad Claims. The letter makes no specific factual allegations or claims and asserts no specific cause of action against the Company, and appears to be part of a general investigation by Aquiline to determine whether the bidders for the Calcatreu Project, including the Company, complied with confidentiality agreements that the bidders signed in connection with the bid process for the Calcatreu Project.
The letter was received just prior to the announced closing date of the Company's previously announced bought deal private placement and appears to be timed to negatively impact this financing. The Company asserts there is no basis for the inferences made in the correspondence. During the course of the due diligence for the financing, the letter was disclosed to the Company's underwriters and their counsel and it is also being disclosed to the public. The Company is investigating the timing and intent of the letter and will respond as appropriate.
The receipt of this correspondence does not impact the ongoing operations of the Company. IMA will proceed with the planned exploration program on Navidad as well as other properties as previously scheduled. IMA Exploration Inc. has a strong treasury in excess of $4,000,000 to fund its exploration objectives. The Company focuses on quality exploration work designed to define economic gold and silver deposits in Argentina and Peru. IMA has put together an enviable property portfolio including over 37 well-located, high-potential projects and is continuing to add to this package through grass-roots exploration and staking.
ON BEHALF OF THE BOARD
Mr. Joseph Grosso, President & C.E.O.
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.
2003 Number 27
FOR FURTHER INFORMATION PLEASE CONTACT:
IMA Exploration Inc.
Joseph Grosso
President & CEO
(604) 687-1828 or 1-800-901-0058
(604) 687-1858 (FAX)
or
IMA Exploration Inc.
Sean Hurd
Investor Relations Manager
(604) 687-1828 or 1-800-901-0058
(604) 687-1858 (FAX)
Email: info@imaexploration.com
Website: www.imaexploration.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release. |
