IMA Exploration Inc.
TSX VENTURE : IMR
FRANKFURT : IMT
BERLIN : IMT
AMEX : IMR

IMA Exploration Inc.

May 30, 2006 13:23 ET

Update on Phase IV Drilling for IMA's Navidad

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 30, 2006) - IMA Exploration Inc. (TSX VENTURE:IMR)(AMEX:IMR)(FWB:IMT)(BERLIN:IMT)(WKN 884971) is pleased to announce results from 21 diamond drill holes at its Navidad Silver Project in Patagonia, Argentina, from the Phase IV drilling program that commenced in January of 2006. To date at Navidad IMA has drilled over 53,000 metres, announced the results from 307 diamond drill holes, and defined an Indicated Resource of 305.7 million ounces of silver and 2.9 billion pounds of lead (93.4 million tonnes at 102 g/t silver and 1.41 % lead using a 50 g/t silver equivalent cut-off). Results reported herein include results from the Esperanza Trend and Galena Hill.

Highlights of the drilling at Esperanza Trend include hole NV06-290 with 21.0 metres (m) averaging 272 grams/tonne (g/t) silver including two higher-grade sections of 10.41m averaging 413 g/t silver and 4.43m of 291 g/t silver. Hole NV06-300, also at Esperanza, averaged 800 g/t silver over 2.33m (see Map 1). Phase IV drilling to date has focused on further defining the Calcite NW and Calcite Hill deposits, testing the Esperanza Trend, and as well as infill drilling on Galena Hill for resource estimation purposes and to obtain material for metallurgical testwork.

A portion of the Galena Hill deposit has been drilled on tight centres to allow calculation of the optimal drill spacing to reclassify the current Indicated Resource as a Measured Resource and to collect additional material for metallurgical testing. The final eight holes of this twenty-three hole program are included in this release. As expected, infill drilling at Galena Hill produced long intercepts of silver and lead mineralization. An example of one of the Galena Hill infill holes is NV06-307 with 135m containing 150 g/t silver and 3.99 percent (%) lead with a higher-grade, upper-part of 50.01m, starting at just 26m depth, that contains 350 g/t silver and 7.92 % lead. Similarly hole NV06-302 produced 127.15m averaging 112 g/t silver and 3.18 % lead including a higher-grade interval of 41.56m averaging 183 g/t silver and 5.85 % lead in its upper portion. For convenience, the silver equivalent values including lead have been shown in the table of results. In many cases the lead accounts for as much as half of the potential metal value at Galena Hill (see formula in the foot notes of table for details of the calculation method). With these results now in hand, the technical work of optimizing drill hole spacing and selection of composite metallurgical samples is underway.

Drilling resumed May 15th after a short break. Prior to the break a total of 11,081m in 56 holes were drilled in Phase IV all of which are now reported on with this release.

A summary of collar locations and hole orientations and lengths is available on IMA's website (www.imaexploration.com), as is a summary of IMA's rigorous quality-control and quality-assurance procedures. Dr. Paul Lhotka is IMA's "Qualified Person" at the Navidad project and has supervised all aspects of the current technical program and has reviewed the contents of this release.

ON BEHALF OF THE BOARD

Mr. Joseph Grosso, President & CEO

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.



Table 1. Phase IV Drill Results
--------------------------------------------------------------------
compo- g/t
site g/t % Silver
length Silver Lead Equiv.
from to (metres) (LWA) (LWA) (LWA)
DDH Location (metres)(metres) (1) (2) (2) (3)
--------------------------------------------------------------------
NV06-287 Esperanza Trend 56.00 61.37 5.37 74 0.10 78
--------------------------------------------------------------------
--------------------------------------------------------------------
NV06-288 Esperanza Trend none
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--------------------------------------------------------------------
NV06-289 Esperanza Trend 46.20 59.00 11.28 23 0.06 25
--------------------------------------------------------------------
--------------------------------------------------------------------
NV06-290 Esperanza Trend 83.00 104.00 21.00 272 0.08 276
--------------------------------------------------------------------
including Esperanza Trend 83.00 87.43 4.43 291 0.14 296
--------------------------------------------------------------------
and Esperanza Trend 93.59 104.00 10.41 413 0.09 417
--------------------------------------------------------------------
--------------------------------------------------------------------
NV06-291 Esperanza Trend 75.18 78.63 3.45 70 1.74 139
--------------------------------------------------------------------
and Esperanza Trend 92.00 98.00 6.00 71 0.63 96
--------------------------------------------------------------------
--------------------------------------------------------------------
NV06-292 Esperanza Trend 131.00 134.00 3.00 222 1.01 262
--------------------------------------------------------------------
and Esperanza Trend 153.94 157.17 3.23 80 0.34 94
--------------------------------------------------------------------
and Esperanza Trend 165.39 171.15 5.76 35 1.40 91
--------------------------------------------------------------------
--------------------------------------------------------------------
NV06-293 Esperanza Trend none - hole abandoned after failing
to reach target
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--------------------------------------------------------------------
NV06-294 Esperanza Trend none - hole abandoned after failing
to reach target
--------------------------------------------------------------------
--------------------------------------------------------------------
NV06-295 Galena Hill 25.30 107.77 82.47 189 4.23 358
--------------------------------------------------------------------
including Galena Hill 27.11 51.14 24.03 488 9.69 876
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NV06-296 Galena Hill 62.90 166.28 103.38 106 4.10 270
--------------------------------------------------------------------
including Galena Hill 95.64 136.56 40.92 159 5.92 396
--------------------------------------------------------------------
--------------------------------------------------------------------
NV06-297 Esperanza Trend none
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--------------------------------------------------------------------
NV06-298 Esperanza Trend none - hole abandoned after failing
to reach target
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--------------------------------------------------------------------
NV06-299 Esperanza Trend none
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--------------------------------------------------------------------
NV06-300 Esperanza Trend 162.63 194.86 32.23 68 0.66 94
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including Esperanza Trend 162.63 175.32 12.69 17 1.59 80
--------------------------------------------------------------------
including Esperanza Trend 192.53 194.86 2.33 800 0.15 806
--------------------------------------------------------------------
--------------------------------------------------------------------
V06-301 Esperanza Trend 162.14 168.41 6.27 44 1.94 122
--------------------------------------------------------------------
and Esperanza Trend 211.70 214.70 3.00 78 0.79 110
--------------------------------------------------------------------
and Esperanza Trend 240.54 243.38 2.84 82 0.01 82
--------------------------------------------------------------------
--------------------------------------------------------------------
NV06-302 Galena Hill 35.00 162.15 127.15 112 3.18 239
--------------------------------------------------------------------
including Galena Hill 76.01 117.57 41.56 183 5.85 417
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--------------------------------------------------------------------
NV06-303 Galena Hill 47.00 137.00 90.00 82 2.89 198
--------------------------------------------------------------------
including Galena Hill 47.00 101.00 54.00 123 4.13 289
--------------------------------------------------------------------
including Galena Hill 53.00 92.00 39.00 149 4.81 342
--------------------------------------------------------------------
--------------------------------------------------------------------
NV06-304 Galena Hill 28.70 126.26 97.56 115 3.58 259
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including Galena Hill 28.70 82.60 53.90 168 4.89 364
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NV06-305 Galena Hill 41.00 175.15 134.15 66 2.81 178
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including Galena Hill 41.00 102.70 61.70 104 4.70 292
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--------------------------------------------------------------------
NV06-306 Galena Hill 32.00 144.16 112.16 166 6.35 420
--------------------------------------------------------------------
including Galena Hill 35.00 84.19 49.19 292 9.21 661
--------------------------------------------------------------------
--------------------------------------------------------------------
NV06-307 Galena Hill 26.00 161.00 135.00 152 3.99 310
--------------------------------------------------------------------
including Galena Hill 26.00 119.00 93.00 211 5.22 417
--------------------------------------------------------------------
including Galena Hill 26.00 76.01 50.01 350 7.92 667
--------------------------------------------------------------------
--------------------------------------------------------------------

Notes: 1. True thickness has not been calculated for these holes.
2. All length weighted averages (LWA) are "uncut" ie have no
grade capping.
3. Silver equivalent calculated using US$6.00/oz silver and
$0.35/lb lead. (AgEq equals Ag + (%Pbx10,000/250). No attempt
has been made to adjust these relative values by accounting
for metallurgical recoveries as insufficient information is
available to do so. This the same method as used in the
resource calculation released on February 16, 2006.
4. A complete list of all results to date is available on
IMA's website (www.imaexploration.com).


To view 'Map 1: Esperanza Drill Hole Location' please click on the following link: http://www.ccnmatthews.com/docs/IMA0530.jpg


The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release.

Contact Information

  • IMA Exploration Inc.
    Joseph Grosso
    President & CEO
    (604) 687-1828 or Toll Free: 1-800-901-0058
    or
    IMA Exploration Inc.
    Sean Hurd
    Vice President, Investor Relations
    (604) 687-1828 or Toll Free: 1-800-901-0058
    (604) 687-1858 (FAX)
    info@imaexploration.com
    www.imaexploration.com