Kobex Minerals Inc.
|February 12, 2008|
IMA's Treasury Now At CDN $25,000,000
|IMA Exploration Inc. (IMR-AMEX, IMR-TSX.V) ("IMA" or the "Company") confirms that as per the interim project development agreement with Aquiline Resources, IMA has received the restitution of the balance of CDN $18,500,000. These funds represent the mutually agreed amount that IMA expended to develop the Navidad project to the completion of pre-feasibility study. With the receipt of these funds, IMA now has in excess of CDN $25,000,000 which equates to approximately CDN $0.48 per share. IMA's share price closed at CDN $0.38 per share on February 11, 2008, trading at approximately a 20% discount to cash.|
Senior management and the technical team are continuing with advanced stage negotiations to secure projects that fit IMA's business model. The Company's model is to acquire advanced stage exploration projects with drill indicated resources that also contain untested mineralized extensions or new zones that can provide additional exploration potential. IMA's significant treasury combined with the Company's proven fund raising ability puts it in a strong position to rapidly build its property portfolio, making IMA a compelling investment consideration.
For over 15 years management has established an impressive network of contacts in the resource sector that extends throughout North and South America. As seasoned explorers, it was the Company's team that discovered Navidad and played a major part in the discovery the Gualcamayo gold deposit, which Yamana is planning to put into production in 2008. This team is now focused on seeking a range of exciting new exploration properties and the Company is confident that it can rapidly build shareholder value.
ON BEHALF OF THE BOARD
Mr. Joseph Grosso, President & CEO
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 firstname.lastname@example.org, 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.
2008 Number 1
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