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Gold/Mining/Energy : Medinah Mining Inc. (MDHM) -- Ignore unavailable to you. Want to Upgrade?

To: KMT who wrote (18356)	8/23/1999 3:56:00 PM
From: Handshake™	Read Replies (1) \| Respond to of 25548

Monday August 23, 2:04 pm Eastern Time Company Press Release IMA Completes Financing/Option Agreement with Barrick Gold VANCOUVER, BRITISH COLUMBIA--Mr. Joseph Grosso, President and C.E.O., is pleased to announce that IMA Exploration Inc. and Barrick Gold Corporation [NYSE:ABX - news] have successfully executed the Financing/Joint-Venture agreement consisting of a private placement of 1.5 million units at a price of $1.00 per unit. Each unit consists of one common share in the capital stock of IMA Exploration Inc. and one non-transferable share purchase warrant, entitling Barrick to purchase an additional common share for a period of one year at a price of $1.50 per share. The shares issued have a 12 month hold expiring August 17, 2000 (see June 2, 1999 news release). Of the proceeds from this private placement, IMA has agreed to spend, over the next 12 months, a minimum of $1,125,000 on its Valle del Cura properties in northwestern Argentina. Barrick can choose to option either the Rio de las Taguas or Potrerillos property. Rio de las Taguas borders Barrick's 20 plus million ounce gold discovery on the Pascua property to the west, and Homestake to the south. During recent reconnaissance exploration on the property, the Company discovered widespread alteration and three northerly trending, structurally controlled alteration zones with local brecciated zones enriched in gold and arsenic. Potrerillos is bordered by Homestake's (formerly Argentina Gold's) 5.8 million ounce gold discovery on the ``Veladero' property to the southwest, and Barrick Gold to the southeast. The presence of extensive areas of alteration inferred from satellite imagery was confirmed by the recent prospecting program, which also located a north-trending zone of silicification and pyritization. Barrick during the 14 month option period beginning August 17, 1999, may elect to exercise its option to earn a 50 percent interest in either the Rio de las Taguas or Potrerillos property by paying IMA US$250,000 and expending US$3,000,000 on exploration over a five year period. Once Barrick has earned its 50 percent interest, the selected property will be operated as a joint venture with Barrick as the operator. In addition, Barrick will have the right to earn an additional 25 percent interest, for a total of 75 percent, by agreeing to provide financing for IMA's share of the costs to bring the property into production. The concluded agreement with Barrick is an important milestone for IMA's aggressive exploration plans in several parts of the Valle del Cura region of Argentina. ON BEHALF OF THE BOARD Mr. Joseph Grosso, President and CEO -------------------------------------------------------------------------------- Contact: IMA Exploration Inc. Mr. Joseph Grosso President and CEO (604) 687-1828 or Toll Free 1-800-901-0058 (604) 687-1858 Internet: www.imaexploration.com E-mail: info@imaexploration.com