IMA Exploration Inc.: Corporate Update.Business Editors VANCOUVER, British Columbia--(BUSINESS WIRE)--Oct. 6, 2003 IMA (Interactive Multimedia Association, Annapolis, MD) An earlier trade association founded in 1988 originally as the Interactive Video Industry Association. It provided an open process for adopting existing technologies and was involved in subjects such as networked services, scripting Exploration Inc. reports that, late last week, it received a letter from Toronto based Aquiline Resources Inc. (TSX-V: AQI AQI Air Quality Index AQI Al-Qaeda in Iraq AQI Agricultural Quarantine Inspection AQI Australian Questioning Intonation (aka upspeak or high rising terminal) AQI Al-Qaeda Intelligence AQi Intelligent Acoustic Quantification ). The letter states that Aquiline recently acquired all the shares in an Argentinean company that owns the Calcatreu Project in Patagonia, Argentina, from Newmont Mining Newmont Mining Corporation NYSE: NEM, based in Denver, Colorado, USA, is one of the world's largest producers of gold, with active mines in, Nevada, Indonesia, Australia/New Zealand, Ghana, and Peru. Some smaller operations include Bolivia, Mexico, and Canada. Corporation. The Calcatreu Project is approximately 40 kilometres from the Company's Navidad Property. The letter requests that the Company provide Aquiline with information regarding the events and methods that led to the discovery and staking of the Navidad Claims. The letter makes no specific factual allegations or claims and asserts no specific cause of action against the Company, and appears to be part of a general investigation by Aquiline to determine whether the bidders for the Calcatreu Project, including the Company, complied with confidentiality agreements that the bidders signed in connection with the bid process for the Calcatreu Project. The letter was received just prior to the announced closing date of the Company's previously announced bought deal private placement and appears to be timed to negatively impact this financing. The Company asserts there is no basis for the inferences made in the correspondence. During the course of the due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. for the financing, the letter was disclosed to the Company's underwriters and their counsel and it is also being disclosed to the public. The Company is investigating the timing and intent of the letter and will respond as appropriate. The receipt of this correspondence does not impact the ongoing operations of the Company. IMA will proceed with the planned exploration program on Navidad as well as other properties as previously scheduled. IMA Exploration Inc. has a strong treasury in excess of $4,000,000 to fund its exploration objectives. The Company focuses on quality exploration work designed to define economic gold and silver deposits in Argentina and Peru. IMA has put together an enviable en·vi·a·ble adj. So desirable as to arouse envy: "the enviable English quality of being able to be mute without unrest" Henry James. property portfolio including over 37 well-located, high-potential projects and is continuing to add to this package through grass-roots exploration and staking. ON BEHALF OF THE BOARD Mr. Joseph Grosso, President & C.E.O. 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 guidelines, n.pl a set of standards, criteria, or specifications to be used or followed in the performance of certain tasks. strictly prohibit pro·hib·it tr.v. pro·hib·it·ed, pro·hib·it·ing, pro·hib·its 1. To forbid by authority: Smoking is prohibited in most theaters. See Synonyms at forbid. 2. 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 forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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 27 The TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release. |
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