IMA adds ground in Patagonia (January 13, 2003)

Vancouver — Results from grassroots exploration have induced IMA Exploration (IMR-V) to acquire more ground in the Patagonia region of southern Argentina.

Through staking, the junior added 240 sq. km, bringing its total land position to more than 1,000 sq. km.

At the Gold zone of the newly dubbed 77-sq.-km Penascudo project, grab samples returned up to 441 grams gold and 608 grams silver per tonne. Moving 250 metres west, IMA discovered a new quartz vein, which ran 15.5 grams gold. Southern Rio Resources (SNZ-V), Aur Resources (AUR-T) and Homestake Mining all worked the property, but no drilling was completed. IMA has purchased Southern Rio’s data on the project in return for a 0.5% net smelter royalty capped at US$250,000.

Moving to the south-central province of Chubut, the junior staked 100 sq. km based on the identification of Jurassic volcanic rocks and regional structures. The project is known as Gan Gan, and assay results from surface samples are expected shortly.

The company also staked 65.9 sq. km contiguous to its Costa project. Prospecting by the junior uncovered several veins and disseminated zones of mineralization over 1 sq. km. Grab and chip samples returned up to 6.9 grams gold.