UNITED STATES
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 May, 2006.
Commission File Number: 001-32558
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 [ ]
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): _______
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): _______
Indicate by check mark whether the registrant by furnishing the information
contained in this Form, 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]
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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Date: May 30, 2006 /s/ Joseph Grosso
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Joseph Grosso,
President & CEO
IMA EXPLORATION INC.
(A Grosso Group Company)
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.com E-mail: info@imaexploration.com
TSX Venture Exchange: IMR American Stock Exchange: IMR
Frankfurt & Berlin Exchanges: IMT (WKN 884971)
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NEWS RELEASE - MAY 30, 2006
UPDATE ON PHASE IV DRILLING FOR IMA'S NAVIDAD
IMA EXPLORATION INC. (IMR-AMEX, IMR-TSX.V) is pleased to announce results from
21 diamond drill holes at its Navidad Silver Project in Patagonia, Argentina,
from the Phase IV drilling program that commenced in January of 2006. To date at
Navidad IMA has drilled over 53,000 metres, announced the results from 307
diamond drill holes, and defined an Indicated Resource of 305.7 million ounces
of silver and 2.9 billion pounds of lead (93.4 million tonnes at 102 g/t silver
and 1.41 % lead using a 50 g/t silver equivalent cut-off). Results reported
herein include results from the Esperanza Trend and Galena Hill.
Highlights of the drilling at Esperanza Trend include hole NV06-290 with 21.0
metres (m) averaging 272 grams/tonne (g/t) silver including two higher-grade
sections of 10.41m averaging 413 g/t silver and 4.43m of 291 g/t silver. Hole
NV06-300, also at Esperanza, averaged 800 g/t silver over 2.33m (see Map 1).
Phase IV drilling to date has focused on further defining the Calcite NW and
Calcite Hill deposits, testing the Esperanza Trend, and as well as infill
drilling on Galena Hill for resource estimation purposes and to obtain material
for metallurgical testwork.
A portion of the Galena Hill deposit has been drilled on tight centres to allow
calculation of the optimal drill spacing to reclassify the current Indicated
Resource as a Measured Resource and to collect additional material for
metallurgical testing. The final eight holes of this twenty-three hole program
are included in this release. As expected, infill drilling at Galena Hill
produced long intercepts of silver and lead mineralization. An example of one of
the Galena Hill infill holes is NV06-307 with 135m containing 150 g/t silver and
3.99 percent (%) lead with a higher-grade, upper-part of 50.01m, starting at
just 26m depth, that contains 350 g/t silver and 7.92 % lead. Similarly hole
NV06-302 produced 127.15m averaging 112 g/t silver and 3.18 % lead including a
higher-grade interval of 41.56m averaging 183 g/t silver and 5.85 % lead in its
upper portion. For convenience, the silver equivalent values including lead have
been shown in the table of results. In many cases the lead accounts for as much
as half of the potential metal value at Galena Hill (see formula in the foot
notes of table for details of the calculation method). With these results now in
hand, the technical work of optimizing drill hole spacing and selection of
composite metallurgical samples is underway.
Drilling resumed May 15th after a short break. Prior to the break a total of
11,081m in 56 holes were drilled in Phase IV all of which are now reported on
with this release.
A summary of collar locations and hole orientations and lengths is available on
IMA's website (WWW.IMAEXPLORATION.COM), as is a summary of IMA's rigorous
quality-control and quality-assurance procedures. Dr. Paul Lhotka is IMA's
"Qualified Person" at the Navidad project and has supervised all aspects of the
current technical program and has reviewed the contents of this release.
ON BEHALF OF THE BOARD
/s/Joseph Grosso
__________________________________
Mr. Joseph Grosso, President & CEO
NEWS RELEASE MAY 2006
IMA EXPLORATION INC. PAGE 2
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For further information please contact Joseph Grosso, President & CEO, or Sean
Hurd, Vice President, Investor Relations, 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.
NEWS RELEASE MAY 2006
IMA EXPLORATION INC. PAGE 3
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TABLE 1. PHASE IV DRILL RESULTS
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(LWA)(3)
COMPOSITE (LWA)(2) (LWA)(2) EQUIV.
DDH LOCATION FROM TO LENGTH SILVER LEAD SILVER
(metres) (metres) (metres)(1) (g/t) (%) (g/t)
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NV06-287 Esperanza Trend 56.00 61.37 5.37 74 0.10 78
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NV06-288 Esperanza Trend none
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NV06-289 Esperanza Trend 46.20 59.00 11.28 23 0.06 25
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NV06-290 Esperanza Trend 83.00 104.00 21.00 272 0.08 276
including 83.00 87.43 4.43 291 0.14 296
and 93.59 104.00 10.41 413 0.09 417
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NV06-291 Esperanza Trend 75.18 78.63 3.45 70 1.74 139
and 92.00 98.00 6.00 71 0.63 96
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NV06-292 Esperanza Trend 131.00 134.00 3.00 222 1.01 262
and 153.94 157.17 3.23 80 0.34 94
and 165.39 171.15 5.76 35 1.40 91
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NV06-293 Esperanza Trend none - hole abandoned after failing to reach target
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NV06-294 Esperanza Trend none - hole abandoned after failing to reach target
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NV06-295 Galena Hill 25.30 107.77 82.47 189 4.23 358
including 27.11 51.14 24.03 488 9.69 876
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NV06-296 Galena Hill 62.90 166.28 103.38 106 4.10 270
including 95.64 136.56 40.92 159 5.92 396
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NV06-297 Esperanza Trend none
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NV06-298 Esperanza Trend none - hole abandoned after failing to reach target
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NV06-299 Esperanza Trend none
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NV06-300 Esperanza Trend 162.63 194.86 32.23 68 0.66 94
including 162.63 175.32 12.69 17 1.59 80
including 192.53 194.86 2.33 800 0.15 806
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NEWS RELEASE MAY 2006
IMA EXPLORATION INC. PAGE 4
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(LWA)(3)
COMPOSITE (LWA)(2) (LWA)(2) EQUIV.
DDH LOCATION FROM TO LENGTH SILVER LEAD SILVER
(metres) (metres) (metres)(1) (g/t) (%) (g/t)
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V06-301 Esperanza Trend 162.14 168.41 6.27 44 1.94 122
and 211.70 214.70 3.00 78 0.79 110
and 240.54 243.38 2.84 82 0.01 82
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NV06-302 Galena Hill 35.00 162.15 127.15 112 3.18 239
including 76.01 117.57 41.56 183 5.85 417
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NV06-303 Galena Hill 47.00 137.00 90.00 82 2.89 198
including 47.00 101.00 54.00 123 4.13 289
including 53.00 92.00 39.00 149 4.81 342
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NV06-304 Galena Hill 28.70 126.26 97.56 115 3.58 259
including 28.70 82.60 53.90 168 4.89 364
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NV06-305 Galena Hill 41.00 175.15 134.15 66 2.81 178
including 41.00 102.70 61.70 104 4.70 292
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NV06-306 Galena Hill 32.00 144.16 112.16 166 6.35 420
including 35.00 84.19 49.19 292 9.21 661
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NV06-307 Galena Hill 26.00 161.00 135.00 152 3.99 310
including 26.00 119.00 93.00 211 5.22 417
including 26.00 76.01 50.01 350 7.92 667
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Notes:
1. True thickness has not been calculated for these holes.
2. All length weighted averages (LWA) are "uncut" ie have no grade capping.
3. Silver equivalent calculated using US$6.00/oz silver and $0.35/lb lead.
(AgEq = Ag + (%Pb*10,000/250). No attempt has been made to adjust these
relative values by accounting for metallurgical recoveries as insufficient
information is available to do so. This the same method as used in the
resource calculation released on February 16, 2006.
4. A complete list of all results to date is available on IMA's website
(www.imaexploration.com).
NEWS RELEASE MAY 2006
IMA EXPLORATION INC. PAGE 5
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Map 1: Esperanza Drill Hole Location
[GRAPHIC OMITTED][GRAPHIC OMITTED]
Omitted graphic is map showing the Esperanza Trend and Galena Hill locations
Showing approximate results of Holes and lcoations released May 2006
(not inlcuded in February 16, 2006 Resources Estimate)
Map may be viewed at the Company's wedsite: www.imaexploration.com