NEW YORK and ZURICH, Switzerland, June 21, 2004 (PRIMEZONE) -- The following is an investment opinion issued by Investrend Research Syndicate:
Benno Schmidt, research analyst with Investrend Research affiliate SISM Research, will be initiating coverage of IMA Exploration Inc. (TSX Venture Exchange:IMR) (OTCBB:IMXPF).
IMA Exploration Inc. is a successful explorer that has been focused on gold-silver exploration in Argentina and Peru since 1993. Over the last 10 years, management has developed an excellent network of contacts in the exploration industry throughout South America and assembled an impressive property portfolio. The company has 37 projects located in major mining districts with 7 of these projects at the drill ready stage. Joint venture partners are currently exploring several of these projects as well.
IMA wants to unlock the fair market value for all its shareholders by splitting its present mineral resource assets between two separate public companies. Upon implementation, IMA will continue to hold a 100% interest in the Navidad Project, while the newly created public company will hold the non-Navidad Projects.
IMA has recently reported that Snowden Mining Industry Consultants Inc. has completed a resource estimation at Galena Hill, the first systematically drilled target on the Navidad Project. Results show indicated resources of 207 million ounces of silver and 1.1 million tonnes of lead (63.6 million tonnes @ 101 g/t silver and 1.76% lead). On June 10, IMA announced that four significant new silver anomalies in soil samples have been identified in four other parts of the Navidad property. Extensive further drilling programs are currently under way and planned in the future. IMA will continue to release results periodically as they become available.
Schmidt stated: "IMA has focused its main activities on the very promising Navidad project in Argentina. The restructuring is necessary to improve the transparency of the properties and their values, as well as focusing on the core competence. The results from the recently completed estimations are very encouraging and if these indications are confirmed, IMA will soon be a very strong market performer."
SISM Research, Zurich, is a private investment research firm offering high-quality, independent, fundamental research on public companies since 1995. SISM writes, publishes and distributes investment research coverage, in both English and German, on micro- to small-cap public companies trading on the OTC Bulletin Board, NASDAQ and AMEX. This coverage is geared toward institutional and individual investors in both North America and in the 100-million people German-speaking Europe market. SISM Research is a content provider to Thomson Financials, to Multex and Investrend. Both SISM Research and Investrend subscribe to the "Standards for Independent Research Providers."
IMA Exploration Inc. paid SISM Research a retainer of $5,000, plus $1,750 per month over a two-year period solely to ensure independent coverage. It's InvestorPower page is at http://www.investrend.com/company/list.asp?sPathParam=yes. For alerts about IMA, write contact@investrend.com.