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Gold/Mining/Energy : IMA Exploration (VSE:IMR) - IMR.V -- Ignore unavailable to you. Want to Upgrade?

To: Scripts who wrote (459)	3/19/2001 5:34:11 PM
From: Bruce Robbins	Respond to of 520

IMA Exploration Inc - IMA signs Mogote option agreement with Rio Tinto IMA Exploration Inc IMR Shares issued 13,529,219 Mar 8 2001 close $.330 Mar 8 2001 4:51:24 Mr. Jospeh Grosso reports IMA Exploration has entered into an agreement with Rio Tinto Mining and Exploration Limited, Sucursal Argentina, whereby Rio Tinto has an option to earn an interest in the Mogote copper-gold exploration project in Argentina. Under the terms of the agreement, Rio Tinto has been granted an option to acquire up to a 70-per-cent interest in Mogote, exercisable upon Rio Tinto completing work expenditures totalling $8.85-million (U.S.) over an eight-year period. Rio Tinto may earn a 51-per-cent interest in Mogote by completing $1.85-million (U.S.) in work expenditures over a three-year period. Rio Tinto may then elect to earn a further 19-per-cent interest in Mogote, for a total of 70 per cent, by financing a further $7-million (U.S.) in work expenditures before the eighth anniversary of the agreement. Upon Rio Tinto earning its interest, Rio Tinto and DMA shall share all future costs, expenses and revenues in respect of the Mogote project under a joint venture agreement. The Mogote property covers 8,009 hectares and is located on the southern border of the Tenke Mining/Rio Tinto Vicuna property, 70 kilometres north of the Pascua-Veladero discoveries in Argentina. The company has recently reviewed the Landsat imagery of the property, and several large clay alteration zones were observed which are considered to be prospective for high sulphidation epithermal deposits. Initial field reconnaissance and work by IMA confirmed the presence of strongly anomalous surface gold and copper values. The Mogote-Vicuna region is situated in an unexplored area between the prolific El Indio and Maricunga gold belts which host several major gold deposits. The Vicuna property, adjoining IMA's Mogote property to the north, is held by Tenke Mining Corp. and is under option to Rio Tinto. The property is the site of a major exploration program including a 5,000-metre reverse-circulation drilling program, testing at least four major targets. IMA Exploration has been actively exploring in South America since 1993 with a focus on Argentina and Peru. The company continues to seek new exploration opportunities through its extensive contact base to add to its strategic land position, which has attracted the interest of several major mining companies as potential joint venture partners. (c) Copyright 2001 Canjex Publishing Ltd. canada-stockwatch.com