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 DECEMBER , 2002 .
IMA EXPLORATION INC.
(Translation of registrant's name into English)
#709 - 837 West Hastings Street, Vancouver, British Columbia, V6C 3N6, Canada
(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.
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(Registrant)
Date: December 16, 2002 By /s/ William Lee
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(Signature)
William Lee, Director
and Chief Financial Officer
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: 604-687-1828o Fax: 604-687-1858o 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)
December 16, 2002
PRESIDENT'S LETTER
Dear Shareholder:
As the year end approaches, I would like to review some of the highlights which
unfolded during 2002 and provide a glimpse on the numerous opportunities that
management will be focusing on in the coming year with a potential to
dramatically increase the value of shareholder equity.
The outstanding property option agreement with Barrick Gold Corporation, which
was to expire on November 30, 2002, has, by mutual consent, been postponed to be
discussed early in the new year. The original agreement gives Barrick the option
to choose one of two properties, either Potrerillos or Rio Taguas, in the Valle
del Cura region of Argentina. The request for a decision delay was to allow
Barrick's technical team to review additional IMA properties which could result
in the redefinition of our current relationship. Management considered the
strong support received to date from Barrick and consented to the short
postponement as a gesture of appreciation and continued good relations.
Our Rio Tabaconas project in Peru has been the source of great success in 2002.
The initial drilling campaign has outlined numerous promising targets and
demonstrated that this property has tremendous potential. However, given the
substantial investment required to advance the property through the next
exploration stage, the Company decided to complete further exploration after an
agreement with the local community has been finalized, thus minimizing any
uncertainty and undue risk. With the regional elections complete, IMA is
continuing its efforts to address local cultural, developmental and
environmental concerns by developing a clear and mutually beneficial
relationship at the regional and community level.
IMA has been very successful in raising capital during the last year and all of
its financings were completed. Also, over the last twelve months, institutions
in the USA, UK, Switzerland and Asia purchased almost 20% of the Company. The
funds raised have been allocated to those projects that have the best investment
return potential for shareholders.
Furthermore, IMA completed its listing on the Frankfurt Stock Exchange in
Germany and on the OTC Bulletin Board in the United States. The new listings
have broadened IMA's retail and institutional shareholder base, which in an
improving gold market, has resulted in increased liquidity of the Company's
stock.
The year ahead will be exciting one. With the Company's primary focus being in
southern Argentina, IMA is set to begin with an aggressive drill campaign on our
100% owned Las Bayas property, in the Patagonia region of Argentina. The Company
has been reviewing property in this region since mid-1999, shortly after the
first drill results were returned from the Esquel gold discovery (recently
President's Letter December 16, 2002
IMA Exploration Inc. Page 2
purchased by Meridian Gold Inc. for US$230million). IMA's current portfolio in
Patagonia consists of nine projects totaling over 75,000 hectares. Details of
the upcoming drill program will be announced shortly.
In addition, IMA continues with its multi-faceted exploration strategy in
several established mining locations, giving the Company depth and allowing it
to spread the risk inherent in exploration. In northwestern Argentina, IMA is
set to embark on a detailed surface exploration program in 2003 on our highly
prospective 100% owned Mogote property. IMA is also active in Peru, where it is
reviewing a number of potential properties, including the Alto Chicama region,
where Barrick has just announced the US$370 million development of its new gold
discovery.
We believe that the Company's current share price understates the inherent value
that is built in IMA. With a strong treasury, 19 established drill targets, over
2,000 square kilometers of property, a positive outlook for the price of gold,
along with IMA's expanding shareholder base all point to an eventful and
exciting year for 2003.
I would like to thank you, our shareholders and supporters, for your continued
support over the past year as the Company has worked at developing its
exploration opportunities. You can be assured of our commitment to further
enhance shareholder value throughout 2003 and beyond.
Sincerely,
/s/ Joseph Grosso
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Joseph Grosso
President & C.E.O.
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.