Kobex Minerals Inc.

Published : May 12th, 2008

Options Hushamu Copper-Molybdenum-Gold Property from Western Copper Corporation

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Keywords :   1971 | Copper | Diamond | Gold | Molybdenum | Recovery | Rhenium |

Re:        News Release - Monday, May 12, 2008
Title:     IMA Options Hushamu Copper-Molybdenum-Gold Property from Western Copper Corporation

IMA Exploration Inc. (IMR-AMEX, IMR-TSX.V) ("IMA") and Western Copper Corporation (WRN-TSX) are pleased to announce they have entered into a binding Letter of Intent and are preparing an Option Agreement to further explore and develop the Hushamu Property and in which IMA has the right to acquire up to a 70% interest.

The Hushamu porphyry style copper-molybdenum-gold deposit is located on northern Vancouver Island, B.C. in an established mining area, approximately 25 kilometers to the southwest of Port Hardy.

The Hushamu deposit hosts a NI 43-101 compliant measured and indicated resource of 230.9 million tonnes grading 0.28% Cu and 0.31 g/t Au, containing 2 million ounces of gold and 1.4 billion pounds of copper, as well as an inferred resource of 52.8 million tonnes grading 0.28% Cu, 0.38 g/t Au, containing 327 million pounds of copper and 0.6 million ounces of gold. The deposit also contains unclassified molybdenum mineralization.

Table 1 summarizes the April 2005 mineral resource estimate at 0.10%, 0.20% and 0.30% Cu cut-offs. Additional infill and step out drilling is required to define the molybdenum, silver, and rhenium content and define the extent of mineralization.

Table 1: Summary of Resource Estimation for the Hushamu Copper-Gold Deposit

Class Cu Cut-off
Tonnage Above
Million Tonnes
Grade Cu
Grade Au (g/t)
Measured 0.10 87.7 0.21 0.206
Indicated 0.10 495.8 0.20 0.240
Measured + Indicated 0.10 583.5 0.20 0.240
Inferred 0.10 151.9 0.19 0.274
Measured 0.20 39.2 0.29 0.309
Indicated 0.20 191.7 0.27 0.309
Measured + Indicated 0.20 230.9 0.28 0.309
Inferred 0.20 52.8 0.28 0.377
Measured 0.30 14.0 0.37 0.411
Indicated 0.30 49.7 0.37 0.411
Measured + Indicated 0.30 63.7 0.37 0.411
Inferred 0.30 18.2 0.35 0.480

At least 5 additional copper-molybdenum-gold porphyry targets and more than 15 poly-metallic volcanic and sediment hosted targets occur within the property and IMA considers the overall property to host an extensive exploration upside. IMA's technical team will be focused on infill drilling to upgrade the deposit as well as implementing an aggressive exploration strategy to test the numerous exploration targets in and around the known deposit. Drill permitting and surface exploration programs will commence shortly.

In 2005 Lumina Resources, later acquired by Western Copper, conducted the first major exploration in the area since 1994 that comprised historic data compilation, airborne geophysics (2,687 line kilometers), Diamond drilling (3,155 m in 18 holes), geological mapping, prospecting, geochemical surveys (3,842 soil samples), and alteration studies. Lumina discovered porphyry style copper-gold molybdenum mineralization in the NW Expo zone (hole EC-228 intersected 1.0 g/t Au and 0.17% Cu over 95 m). In 2007 Western Copper further tested the NW Expo target with 2 drillholes and intersected two mineralized horizons. The drillholes cut an upper zone of mineralization containing 82.6 meters of 0.033% molybdenum and 0.14 grams per tonne gold and a deeper mineralized interval of 182.5 meters grading 0.58 grams per tonne gold and 0.013% molybdenum. The second drillhole intersected the upper zone over an interval of 27.4 meters containing 0.022% molybdenum and 0.13 grams per tonne gold and the deeper zone intersected 204.2 meters grading 0.74 grams per tonne gold and 0.012% molybdenum (refer to Western Copper press release April 2007).

The Hushamu property, owned 100% by Western Copper Corporation, consists of 216 mineral claims (approximately 42,669 hectares) located in a known copper-porphyry mining camp and surrounds the formerly producing Island Copper Mine of BHP-Utah. During Island Copper's operation from 1971 to 1995, the mine produced 345 million tonnes of ore with average metal grades of 0.41% Cu, 0.017% Mo and 0.19 g/t Au. The rhenium content of the molybdenum concentrate was an important by-product. The demand for rhenium has driven prices to $10,550 per kilogram.

As per the terms of the option agreement, IMA has agreed to expend a minimum of $1.9 million in the first year of a three year option period. Over years two and three IMA will spend an additional $13.1 million on drilling, metallurgical, and engineering studies in the completion of a pre-feasibility report on the Hushamu deposit. This expenditure, a total of $15 million, and the completion of a pre-feasibility report will earn IMA a 49% interest in the project (Option 1). IMA can earn an additional 16% by funding a subsequent feasibility study by the fourth year (Option 2) an additional 5% can be earned upon completion of mine permitting (Option 3) for a total interest of 70% with Western Copper retaining a 30% participating interest in the joint venture.

IMA is a Vancouver based exploration company with over $25M in its treasury. This transaction is Phase I of IMA's business strategy and is compatible with the Company's objective of acquisition of projects that contain established resources and offer significant opportunities to expand these values through continued exploration. The Hushamu project fits this criteria and is located within a region that has traditionally seen successful mine development and award winning environmentally sound mine decommissioning practices. In addition, there are small-scale industrial mineral mining operations currently underway within the Hushamu project area. A PowerPoint presentation on the Hushamu project is available on the Company's web site (www.imaexploration.com).

Dr. Greg Myers, P.Geo., a Qualified Person under the meaning of Canadian National Instrument 43-101 and IMA Exploration's Consulting Geologist, is responsible for the technical content of this news release.


"Joseph Grosso"
Mr. Joseph Grosso, President & CEO
IMA Exploration Inc.

"Dale Corman"
F. Dale Corman, President & CEO
Western Copper Corporation

For further information please contact:

Joseph Grosso, President & CEO
Sean Hurd, Vice President, Investor Relations
1-800-901-0058 or 604-687-1828
fax 604-687-1858
email info@imaexploration.com,

Dale Corman, President & CEO
Chiara Orrigoni, Investor Relations
1-888-966-9995 or 604-684-9497
fax 604-669-2926
email info@westerncoppercorp.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 3

Copyright © 2008 IMA EXPLORATION INC. (IMR) All rights reserved. For more information visit our website at http://www.imaexploration.com/ or send email to requests@imaexploration.com ..

Kobex Minerals Inc.

ISIN : CA49989C1059
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Kobex Minerals is a gold and copper exploration company based in Canada.

Kobex Minerals holds various exploration projects in Canada, in China and in Congo Dem. Rep. of.

Its main exploration properties are HUSHAMU (ISLAND COPPER), LUCKY JACK / MT EMMONS and MEL GROUP in Canada, SHITURU in Congo Dem. Rep. of and DULONG in China.

Kobex Minerals is listed in Canada and in United States of America. Its market capitalisation is CA$ 30.0 millions as of today (US$ 23.4 millions, € 20.6 millions).

Its stock quote reached its highest recent level on March 24, 2005 at CA$ 9.96, and its lowest recent point on August 10, 2012 at CA$ 0.43.

Kobex Minerals has 45 480 000 shares outstanding.

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Annual reports of Kobex Minerals Inc.
2008 Annual Report
Nominations of Kobex Minerals Inc.
9/23/2013Director Resignation
7/10/2013Board of Directors and Officers
6/14/2013Announces Director and Executive Resignations
3/14/2013Announces Appointment of New Directors
Financials of Kobex Minerals Inc.
4/1/2013Files 2012 Financial Results
Project news of Kobex Minerals Inc.
5/12/2008(Hushamu (island Copper))Options Hushamu Copper-Molybdenum-Gold Property from Western...
Corporate news of Kobex Minerals Inc.
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11/25/2015Kobex Announces Financial Results For The Third Quarter Of 2...
11/4/2015Glass Lewis and ISS Both Recommend That Kobex Shareholders V...
11/4/2015Kobex Sets The Record Straight And Receives Support Of Indep...
10/30/2015ISS Recommends That Kobex Shareholders Vote Against Kingsway...
10/28/2015Kobex Capital Corp.'s Largest Shareholder Supports Current K...
10/23/2015Kobex Capital Corp. Sets the Record Straight in its Response...
10/21/2015Kobex Capital Corp. Board Recommends Shareholders Reject Kin...
10/16/2015Kobex Capital Corp. Cautions Shareholders to TAKE NO ACTION ...
10/9/2015Material Change Report
10/8/2015Kobex Capital Corp. Announces Adoption of Shareholder Rights...
10/8/2015Kobex Capital Corp. Files Management Information Circular fo...
9/30/2015Kobex Capital Corp. Schedules Requisitioned Special Meeting
9/21/2015Kobex Capital Corp. Receives Requisition from Kingsway Finan...
9/17/2015Kingsway Financial Services Inc. Requisitions Shareholder Me...
8/20/2015Grant of Options
8/19/2015Kobex Capital Corp. Announces Grant of Options
1/29/2015Resignation of Director
1/28/2015Kobex Capital Corp.: Resignation of Director
5/24/2013Announces Director Nominees for Annual General and Special M...
5/13/2013KXM - News Release
5/10/2013Announces Voluntary De-listing from the NYSE MKT Exchange
9/24/2012Signs MOU on Indonesian Nickel Laterite Property
6/22/2012News Release
4/18/2011Files Form 20-F Documentation
2/23/2011News Release
2/23/2011Confirms Transfer of Insider Position and Provides Update
7/2/2010Press Release Dated July 2, 2010
11/15/2007 Outlines Merger and Acquisition Objectives
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