IMA Exploration Inc.

IMA Exploration Inc.

October 04, 2005 10:55 ET

IMA's Offer to Aquiline is Rejected

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 4, 2005) - IMA Exploration Inc. (TSX VENTURE:IMR)(AMEX:IMR)(BERLIN:IMT)(FWB:IMT)(WKN 884971). Mr. Joseph Grosso, President on behalf of the Board reports that Aquiline Resources Inc. has summarily rejected IMA's offer to settle the litigation claim involving IMA's Navidad Project.

IMA's offer was communicated to the Aquiline directors on September 29 at noon PST and Aquiline rejected the offer 24 hours later, on September 30 at noon PST. IMA's offer represented a value of approximately $21,000,000 and upon acceptance could have appreciated substantially. The rejection of IMA's offer and the resulting protracted legal case, with no guarantee of success, will deprive Aquiline shareholders of the opportunity represented by IMA's offer and impose a heavy financial and management cost.

IMA continues to assert that Aquiline has no claim whatsoever and we are fully prepared to vigorously defend this position.


Mr. Joseph Grosso, President & CEO

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.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release.

Contact Information

  • IMA Exploration Inc.
    Joseph Grosso
    President & CEO
    (604) 687-1828 or Toll Free: 1-800-901-0058
    IMA Exploration Inc.
    Sean Hurd
    Vice President, Investor Relations
    (604) 687-1828 or Toll Free: 1-800-901-0058
    (604) 687-1858 (FAX)