IMA Exploration Inc. WKN 884 971 CA4496641016 IMR

@silberthaler,
der Aufsatz in voller Länge + Kommentar steht eh schon da vor deinem Posting.

IMA ist gestern gut gegangen, noch besser der Ableger von IMA,
GRG.V.

Nächste Woche dürfte dann Endeavour etwas zulegen.
Viel ist es ja nicht

Grüße
Tschonko

IMA Expl. nun auch im Kreis der bei Silverstrategies vorgestellten Minenwerte:

http://www.silverstrategies.co…fileNew.aspx?ticker=IMR.V

[Blockierte Grafik: http://www.minesite.com/assets/logptop-n.jpg]

Minews Story
Date: June 24, 2005

Litigation Cannot Detract From The Increasing Silver Resources Being Reported By IMA Exploration At Its Navidad Project.

It is timely to be writing about IMA Exploration today as the shareholders will be gathering to hear the latest news from chief executive Joe Grosso. A ghost will be hanging over the assembly, however, and may temper the feast of optimism to an extent. This ghost is the ghastly word litigation and the two words, lawyers and litigation, seem to pepper any conversation with North American businessmen. Even when they come to London to make presentations about their companies they have to make disclaimers about their companies which are intended to be all encompassing. Cut to the quick, however, and the message is: ‘if you (the audience) have any problem at a later date with anything you think I told you about this company, I will deny it.’ How pathetic is that, but it is what their compliance officers insist they do in order to cover themselves.

The Canadian junior mining sector has a history of litigation and it is not for Minews to make any comment on the rights and wrongs of the case being brought by Aquiline Resources against IMA Exploration. In essence Aquiline filed suit in March 2004 in British Columbia contending that IMA misused confidential information to stake the ground that turned out to contain the Navidad silver discovery. IMA denies it, so all this time lawyers have been spending the money of both companies instead of allowing them to get on with spending that money on exploration which is what they should be doing. Maybe the shareholders in Aquiline will bring a case against their directors if they lose the case as that is how life , to European eyes, seems to proceed in the litigious world of North American business.

What cannot be denied is that progress at Navidad by IMA Exploration has exceeded all expectations over the past year. When we last wrote about the company in January a new independent resource estimate had just been announced covering the three main zones on the project Galena Hill, Navidad Hill and Connector. It came in at 268 million ozs. silver and 1.75 million tonnes lead within 80.8 million tonnes that grade 103 g/t silver and 1.45% lead, at a 50 g/t silver-equivalent cut-off grade. The inferred resource contains 39.3 million oz. silver and 70,500 tonnes lead within 15.7 million tonnes at 78 g/t silver and 0.45% lead, for the same zones using the same cutoff grade.The company was sinking more holes into the Navidad Hill deposit in an effort to increase the resource, while bumping a good portion of the inferred resources up to the indicated category.

Now IMA has just announced results from 14 more drillholes including two which were located 525 metres to the northwest of the boundary of current resources at Calcite Hill and intercepted 30.0metres of 122 g/t silver and 25.0metres of 251 g/t silver. Thus an important extension has been discovered to the mineralization along the Navidad Trend. In addition, a hole drilled at Galena Hill, intercepted 194 metres of 188 g/t silver and 5.8% lead including 49.8 metres of 481 g/t silver and 14.2% lead These results confirm just how much potential there is to increase the silver resources at the Navidad project.

The indicated resources are now 300.7 million ounces of silver and 1.27 million tonnes of lead based on 92.8 million tonnes grading 101 g/t silver and 1.36% lead and the inferred resources amount to of 39.4 million ounces of silver from 15.2 million tonnes 78 g/t silver. The inferred resources are located within a 2.3 kilometre segment of the Navidad Trend so it should not take a lot more drilling to move them up to the indicated category. And this could still be only the start as significant portions of the three mineralised trends that have been identified to date on the Navidad project have received little or no drilling. The Navidad Trend, the Argenta Trend and the Esperanza Trend have a combined strike length of over 14 kms so we are now talking world class deposits.

Continued exploration drilling will systematically drill test these trends and updated resource calculations will be conducted on an ongoing basis as drill results warrant. In the meantime it is interesting to note that the two holes drilled to the northwest of Calcite Hill identified an important new style of silver mineralization. This consists of minor amounts of galena and possibly other sulphide/sulphosalt minerals, hosted within coarse-grained sedimentary rocks that occur interbedded within a finer grained sedimentary sequence. The coarse grained sediments have strong clay alteration and appear to be partially derived from the favourable volcanic horizon that hosts most of the Navidad Project mineralization, but are located laterally and/or above it.

At present the extent of this new style of mineralization is unknown, however the sedimentary rocks which host the mineralization are present over a large area. Six reconnaissance holes have been drilled and when all the results are received a plan can be made for further drilling. Meanwhile a diamond drill hole at Galena Hill, which was intended to provide material for metallurgical testwork, came up with higher grades of silver and lead which exceeded by some margin the values predicted by the Galena Hill block model prepared by Snowden earlier this year. The good news should therefore continue to roll, but Joe Grosso will not be a totally happy man until he gets the right result at the hearing which is due on October 11 in Nevada.
http://www.minesite.com/storyFull.php?storySeq=2833

Navidad Dispute Date Looms for IMA & Aquiline

By Tim Wood
27 Jun 2005 at 06:46 PM EDT

NEW YORK (ResourceInvestor.com) -- In little more than three months two exploration companies will face off in court in Vancouver to fight over ownership of nearly $4 billion worth of silver and lead awaiting extraction in Argentina.

Industry financiers are concerned about the inability of Toronto venture listings and Argentina operators IMA Exploration [IMR] and Aquiline Resources [AQI] to reach a settlement in their dispute over the Navidad project. There is considerable risk to the entire sector if it is left to the Supreme Court of British Columbia to wash the dirty laundry, of which there is a tonne.

Investor disgust

The industry simply cannot afford more investor disgust with further squabbling affecting trapdoor junior mining stocks operating from Vancouver; another Bay Street versus Howe Street spectacle.

The stakes are high because Navidad is arguably the best virgin discovery so far this cycle. Perhaps only Virginia Gold’s [TSX:VIA] Eleonor project is emerging as a challenger on raw value, but most certainly it has been more rewarding to shareholders. As a consequence the embarrassment factor is proportionately large and could reach to the highest rungs of the industry if the dispute is left to go all the way.

A positive out-of-court arrangement is also important because of Argentina’s hesitant hospitality to exploration and mining.

Meridian Gold’s [MDG] Esquel project in Chubut province was killed by regulatory fiat and environmental opposition. Now the province of Rio Negro, where Aquiline is developing its Calcatreu project, is contemplating an Esquel-like ban on the use of cyanide to recover mined metal.

That’s the last thing juniors operating in Argentina need especially after Federal officials from the country went to such lengths at this year’s Toronto PDAC to reassure the market that Esquel was a unique non-replicable situation.

Who’s funding whom?

Here’s the bottom line: IMA is creating terrific value which is not being translated for stockholders. It seems more pronounced lately and the approaching court appointment is hardly going to help. On the other hand Aquiline stock has appreciated three fifths since this time a year earlier. The dilemma for IMA investors is weighing up the risk that their funds are working hardest for Aquiline’s stockholders.

IMA spokesman, Sean Hurd, said it was a matter of patience. “How much are you prepared to give up for instant gratification?,” he said in reference to pressure to reach a settlement with Aquiline. He confirmed to Resource Investor that IMA is confident it will prevail in court and sees little point pursuing a settlement with so little time left before judgement. “The worst is behind us.”

Navidad, wholly owned by IMA, boasts code compliant resources of 339 million ounces of silver and 2.9 billion pounds of lead. At current metal prices that’s an in situ value of $3.7bn.

Using the Baring Rule of Thumb (BRoT) for early stage mineral projects, that should translate to a market capitalisation of $372m for IMA, or C$9.16 per fully diluted share. Instead the company trades at just $130m, or C$3.20ps.

That’s a gigantic discount. IMA investors can see through to barely a third of Navidad’s value. It is made more untenable by the fact that IMA’s stock price is effectively reverse geared to the project’s progress.

Silver resources have increased two fifths in the past year; lead resources by one-seventh. But the real story is the in situ value of the project which has risen dramatically thanks to much higher prices for silver and lead. Navidad’s silver value is up more than four fifths in a year and lead value is up more than two fifths with the overall project two thirds more valuable than it was at the same point in 2004. Yet the stock price has idled at much the same level though it had a good run late last year.

Background to the dispute

For those unfamiliar with the IMA-Aquiline dispute, here’s a refresher.

IMA contends that one of its geologists happened upon Navidad after walking up a fence-line and noticing ore-bearing rock propping up a fence post on ranch land. The company has also said it can show years of regional exploration data that includes Navidad.

According to Aquiline perspicacity had little to do with finding Navidad. Both companies were among several that signed a confidentiality agreement to review Newmont’s [NEM] nearby Calcatreu property which had been put up for sale. Aquiline has charged that IMA improperly used Bulk Leach Extractable Gold (BLEG) data revealed to it – apparently unusually – in the course of its Calcatreu due diligence to swerve off a purchase of the project and simply went on to stake Navidad.

In its court filings, IMA has admitted using the Newmont data, but says it was not covered by the confidentiality agreement and was, anyway, far from the agreed 2 kilometre “zone of influence”. Newmont was aware of IMA’s regional activity and apparently saw little value in the greater Calcatreu district.

Marc Henderson, Aquiline chief executive, has maintained that he would be satisfied simply to see assay results for samples taken in the area which could prove IMA’s claimed discovery process. He has said that IMA would be hard pressed to show that its data rather than Newmont’s led to finding Navidad.

As it became apparent that Navidad was a spectacular hit, Aquiline filed suit against IMA and is seeking a constructive trust that echoes the 1980s battle between Lac Minerals and International Corona Resources over the Williams Property in Hemlo, Northern Ontario.

Gift from Newmont

What has set tongues wagging more vigorously lately are comments by IMA chairman Joe Grosso. In remarks to Globe & Mail columnist Eric Reguly two weeks ago, Grosso said the data was a “gift” from Newmont. Grosso repeated the gift line in comments at last week’s IMA Annual General Meeting in Vancouver.

Newmont spokesman Randy Engel says the company cannot comment on pending litigation.

IMA’s Sean Hurd says “gift” is a terminology and translation issue for the native Italian rather than a statement of fact.

Still, critics from the Aquiline camp think that Grosso has inadvertently lost the case because Newmont can hardly be expected to testify in court that it favoured one particular company in the Calcatreu due diligence process. That would be an invitation to a lawsuit from disgruntled shareholders already steamed about losing Navidad. Conversely, IMA cannot now settle given the risk of being sued for changing its tune and giving away market value.

IMA supporters say investors should simply take note of which brokerage has been ringing up most of the purchases in Aquiline stock recently to understand how the camps are dividing over Navidad. Indeed, IMA does still seem to be the odds on favourite to prevail, but it’s labouring under a sadistic discount in the process.

Ist Joe Grosso Sizilianer?
A "gift" from Newmont!!
Also vor einem Gericht braucht er das nicht sagen.
Es stinkt nach Vergleich.

Eine siziliansche Lösung wäre: Henderson + AQI verzichten freiwillig.
9mm Para im 45° Winkel Richtung Hoden.

Grüße
Tschonko

- und ist bereits mit 18 nach Kanada ausgewandert.

@ Ulfur - hab eben auch den Tim Woods Artikel gelesen, der etwas biased erscheint, jedoch immerhin IMA einen deutlich höheren Anteil am Erfolg zugesteht.

Ich hab die Geschichte ziemlich genau verfolgt und neige, wie ihr wisst zu der Darstellung von IMA.
More later -

Seit heute ist IMA an der AMEX gelistet. Raus aus OTCCB.
Kürzel: IMR

http://biz.yahoo.com/prnews/050705/sftu053.html?.v=17

Nur so am Rande:

Der Nestor Gold Fond hat als Top Position IMA Exploration in seinem Portfolio. Macht 6,55% der Anlagegelder aus. Sagt zwar so nichts aus, ist aber doch ein eindeutiges Zeichen für mich, dass die Fondsgesellschaft unabhängig vom Ausgang des Rechtsstreits mit einer guten und soliden Performance von IMA rechnet. Ein Fonds bzw. der Manager kann meiner Meinung nach bei seiner Top Position keine Experimente/Risiken eingehen.

Grüsse

Guten Morgen Valueman,

das war mal wieder ein "vaulable" Hinweis von dir. Merci. Die Fonds dürfen nicht Vabanque spielen und die Wahrscheinlichkeit, daß Aquiline gewinnt, stufe ich al marginal ein.

Gruß

Lancelot

Other opportunities to watch:...
IMA [TSXv:IMR] – sitting on a monstrous pile of silver and lead but getting nothing for it because of a legal dispute with Aquiline [TSXv:AQI] which is claiming the Navidad project;
Aus:
Fishing for the Best of the Worst Metal Stocks of 2005
http://www.resourceinvestor.com/pebble.asp?relid=11369

Ulfur

Interessanter Artikel

Grüsse

Zu IMA und dem Rechtsstreit steht auch einiges im Junior Thread.
( frr und tschonko)
Nach "gesundem" rechtsempfinden dürfte AQI keine Chance haben.
Meiner Ansicht wird es zu einem vergleich kommen. Die frage ist, wieviel IMA weggezwickt wird von Navidad.
Erste Termin ist der 11.10. Kann sich danach noch länger ziehen.
An der Börse ist AQI eindeutig der Gewinner.

Danke Ulfur für den Artikel:
Meiner Ansicht nach sollte man sich folgende genauer betrachten:
Geoinformatics:
"The Timmins connection carries us to another smash-up – St Andrew Goldfields [TSX:SAS]. It has given up two thirds of its value, but it retains a 28% stake in Geoinformatics [TSXv:GXL] which is worth 10% of St Andrew’s market value. Geoinformatics remains a great speculators derivative on the generative exploration model, and any hit it scores on the various projects it is servicing could pass through very quickly to SAS. But beware bad habits in SAS like option repricing, and a revolving door for management."

Miranda wegen Cortez trend: gibt es aber interessanteres dort:
Siehe Thread Cortez Trend.
Miranda [TSXv:MAD] – prospective land positions that accelerated a Nevada staking rush and attracted majors to earn in.

CAU und NXG könnten wieder interessant werden.

Ich habe von den im Artikel genannten IMA und Aurizon (ARZ).

Grüße
Tschonko

PS.: Hi Eldo, wie schmeckt´s bier in Minga nach dem cerveza?

man oh man, wieso seid ihr alle davon überzeugt das ima recht hat??????????
nö nö es gab vertrauliche daten und ima hat sie benutzt um navidad zu erwerben. und nun werden sie dafür belangt und für ima sieht es nicht gut aus. die werden einiges abgeben müssen von navidad wenn ich sogar alles. da ima sonst nichts zu bieten hat sind die aktien wertlos wenn navidad weg is. und das kann durchaus passieren, aqi hat langjährige erfahrungen in sachen rechtsstreit und ima kennt sich damit gar nicht aus. zudem verplappert sich der ceo von ima selbst in interviews was meint ihr wieder vor gericht auseinandergenommen wird.
auf ima zu setzten ist blödsinn, da kann man eher im spielcasino auf rot setzten. die chancen sind besser und bei der gelegenheit sieht man auch noch paar heisse bräute.
die börse reagiert ja bereits das geld fliesst in aqi schaut euch doch mal die letzten 3 monate an.
aqi ist der grosse gewinner und wird auch diesen rechtsstreit für sich entscheiden.
überlegt mal was euch von eueren ima aktien bleibt wenn aqi ganz navidad zugesprochen bekommt. ima hat gepennt und geschummelt. vertrauliche daten sind nun mal vertraulich und von den geschriebenen 2 km radius weiss nur ima. aqi verneint dies bisher.
mal sehen was newmont und minera sagen.
das sieht übel aus für ima, ganz übel

Du hast es ja gerade gesagt - AQI kennt sich in Rechtssachen bgesser aus. Marc Henderson ist überdies berüchtigt dafür -quote- as some people noted that Henderson has a reputation for a litigous hair trigger, and one sell side analyst told us: "Aquiline bought a lawsuit." (Mit Calcatreu - und das ist wiederum das Einzige das die haben ...

Mach Dir selbst 'nen Reim drauf und schau Dir die wirklichen fundamentalen Fakten an.

IMA war seit 1993 in Argentinien und seit 1995 in der Chubut Provinz. Lange bevor - genau 6,5 Monate fasste IMA's managemnet den Beschluss Navidad Hill zu explorieren und zu staken.
Wie erklärst Du Dir - dass weder NEM noch Mineras dieses Gebiet nie genauer untersucht hat? Wenn schon die Daten angeblich so überzeugend waren?

Lots of BS my newcomer friend TT Driver!