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 MARCH , 2003 .
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IMA EXPLORATION INC.
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(Translation of registrant's name into English)
#709 - 837 West Hastings Street, Vancouver, British Columbia, V6C 3N6, Canada
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(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
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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): _______
Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a
Form 6-K if submitted solely to provide an attached annual report to security
holders.
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): _______
Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a
Form 6-K if submitted to furnish a report or other document that the registrant
foreign private issuer must furnish and make public under the laws of the
jurisdiction in which the registrant is incorporated, domiciled or legally
organized (the registrant's "home country"), or under the rules of the home
country exchange on which the registrant's securities are traded, as long as the
report or other document is not a press release, is not required to be and has
not been distributed to the registrant's security holders, and, if discussing a
material event, has already been the subject of a Form 6-K submission or other
Commission filing on EDGAR.
Indicate by check mark whether by furnishing the information contained in this
Form, the registrant 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
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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.
(Registrant)
Date March 10, 2003 By /s/ William Lee
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(Signature)
William Lee, Director and Chief Financial Officer
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1 Print the name and title of the signing officer under his signature.
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.como e-mail: info@imaexploration.com
TSX Venture Exchange: IMR - OTC Bulletin Board: IMXPF
Frankfurt & Berlin Exchanges: IMT (WKN 884971)
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NEWS RELEASE March 10, 2003
IMA'S NAVIDAD DISCOVERY - A SILVER-RICH EPITHERMAL/VMS SYSTEM
IMA Exploration Inc. is pleased to report on the geologic setting of its 100%
owned Navidad discovery in Patagonia, Argentina. The Company believes that the
Navidad system is part of a shallow subaqueous epithermal system that deposited
metals at or near the sea floor. Mapping shows that the previously reported
bonanza-grade silver structures at the Navidad Hill zone (average of all 43
samples taken to date is 6,537 g/t silver, 3.5% copper, and 16.6% lead) occur
within a felsic volcanic flow-dome. They are interpreted to represent "feeder"
structures to mineralization that comprises extensive areas of sulphide
replacement of unconsolidated volcanic breccias. Navidad is unlike typical
volcanogenic massive sulphide systems (VMS) in that no stratiform massive
sulphides have been found to date. It is also unique in that it is extremely
silver-rich and has virtually no iron sulphide minerals. The closest geological
analogs for Navidad are other precious-metal enriched VMS systems with
epithermal characteristics such as the Eskay Creek Mine (1.45 Mt @ 57.7 g/t gold
and 2,493 g/t silver; 1999) and the Greens Creek Mine (17.5 Mt @ 6.5 g/t gold,
460 g/t silver, 4.0% lead and 12.8% zinc). The discovery is without precedent in
the Jurassic stratigraphy of continental Patagonia.
Host rocks to mineralization at Navidad include felsic volcanic flow-domes,
breccias with clasts derived from the flow-domes, limestone, and exhalites of
chert and carbonate (see attached map). The exhalite locally contains silver
values up to 399 g/t silver. Replacement-style mineralization occurs within a
heterolithic breccia in varying intensity over an area of 3.8 kilometres long by
250 metres wide. Previously reported sampling of the mineralized breccia
averages 158 g/t silver and 8.9% lead. New sampling of portions of the
replacement-style mineralization (not included in the above average) near the
felsic flow-domes has returned values of up to 4,012 g/t silver, 2.4% copper,
and 22.3% lead. This replacement mineralization with much higher silver grades
appears to occur adjacent to flow-domes. The dimensions of this new style of
high-silver replacement mineralization is currently undetermined, further
exploration has the potential to expand the known mineralization considerably.
Recently completed preliminary petrographic work on surface samples indicates
the Navidad Hill bonanza-grade structures contain fine-grained
argentite-acanthite (Ag2S), galena (PbS), chalcocite (Cu2S), and lesser
copper-silver-lead chlorides and oxides. The high silver content of the primary
minerals, the complete lack of pyrite or iron oxides, and the presence of oxide
copper minerals at surface suggest that strong leaching and supergene enrichment
have not occurred. The replacement-style mineralization is comprised almost
entirely of silver-bearing galena (PbS); no discrete silver minerals were
identified petrographically.
The Navidad discovery was made as a direct result of IMA's ongoing grassroots
exploration program in Patagonia. The Company has assembled a highly skilled,
highly motivated team of explorationists and is establishing excellent
relationships with the communities from which field work is conducted. The
perseverance of IMA's management and exploration team has lead to numerous
discoveries including, most recently, Navidad.
[OBJECT OMITTED]
Map may be viewed at: www:imaexploration.com
ON BEHALF OF THE BOARD
/s/ Gerald G. Carlson
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Dr. Gerald G. Carlson, P.Eng., Chairman
For further information please contact Joseph Grosso, President & CEO, or Sean
Hurd, Investor Relations Manager, 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.
2003 Number 9