Kobex Minerals Inc.
|June 29, 2004|
All Resolutions Passed At IMA's Annual & Special General Meeting
|IMA Exploration Inc. (IMR-TSX.V, IMXPF-OTC.BB) is pleased to report that all resolutions have been passed at IMA's Annual and Special General Meeting that was held on June 24th, 2004. Shareholders passed all resolutions with an approval rate that ranged from between 97% to 100%. |
The Board of Directors and Management would like to thank all shareholders for their overwhelming vote of confidence, which will inject a strong stimulus to face with resolve the many exciting and difficult tasks in the coming year. The Company will maintain the commitment to keep shareholders informed through frequent press releases as material news develops.
The Board and Management welcome the election of Mr. David J. Horton, B.Comm., MBA., to the Board. David has been with Canaccord Capital Inc. for 13 years, where he holds the position of Senior V.P. Corporate Finance. His acceptance to serve on the Board is appreciated, as IMA is the only Board position he currently holds. David will add a broader third party dimension through the many areas of his professional involvement in structuring, advising and financing numerous public companies.
One of the key resolutions passed at the meeting was the approval of the corporate reorganization that will have the result of splitting its present mineral resource assets between two separate public companies. Upon implementation of the corporate restructuring, IMA will continue to hold a 100% interest in the Navidad project along with approximately 1,500 square kilometers of Navidad related projects, while the newly created public company ("Golden Arrow Resources Corporation ") will hold approximately 2,000 square kilometers of the non-Navidad projects.
The reorganization will allow IMA to focus on the rapid development of the resources at Navidad and continue exploration of the surrounding projects in the region that are comprised of 150,000 hectares. Golden Arrow will focus on aggressively exploring the non-Navidad projects, exploration that these projects have not seen since being overshadowed by the Navidad discovery.
All the shareholders of record as of approximately July 7th, 2004, will own these two separate public companies. The reorganization is subject to TSX Venture Exchange approval and final court approval, which is being sought on June 29th, 2004.
The new shareholders of IMA will receive the same percentage interest in Golden Arrow as they presently hold in IMA on a one share of Golden Arrow for every 10 shares of IMA basis. Upon completion of the reorganization, holders of IMA warrants will, upon exercise of those warrants, receive 10 IMA shares and one Golden Arrow share for every 10 warrants exercised.
Post Reorganization Asset Allocation
ON BEHALF OF THE BOARD
Mr. Joseph Grosso, President & CEO
For further information please contact Joseph Grosso, President & CEO, or Sean Hurd, Investor Relations Manager, at 1-800-901-0058 or 604-687-1828, or fax 604-687-1858, or by email email@example.com, 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.
2004 Number 21
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