IMA Exploration Inc.

IMA Exploration Inc.

August 27, 2006 16:00 ET

IMA and Aquiline Enter Discussions on the Navidad Project Pending the Appeals Process

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Aug. 27, 2006) - IMA Exploration Inc. (TSX VENTURE:IMR)(AMEX:IMR)(FWB:IMT) (WKN 884971) ("IMA") and Aquiline Resources Inc. ("Aquiline") have entered discussions to co-operate in the orderly conduct of the Navidad Project pending the determination of the appeal by IMA against the judgment of the trial court. The order of the trial court requires that the Navidad claims be transferred to Aquiline within 60 days of the order and that Aquiline pay IMA's costs of acquisition and development of Navidad. The parties are discussing the manner in which the Navidad Project would be transferred to Aquiline on trust conditions pending completion of IMA's appeal of the judgment. One of the trust conditions would be that the Navidad Project would be transferred back to IMA if it is ultimately successful in its appeal of the judgment. These discussions are subject to the negotiation and completion of a definitive agreement, and there can be no assurances that such an agreement will be completed. If an agreement is not reached, IMA will be required to transfer the Navidad properties in accordance with the terms of the order of the trial court, unless it obtains a stay of the order from the British Columbia Court of Appeal.

IMA will maintain its excellent relations with the Navidad stakeholders and will cooperate with Aquiline to ensure that the Navidad Project proceeds to development. IMA are inviting the company managers and staff as well as the mining and government authorities, members of the first nations and all stakeholders to join the Company to continue their cooperation to see Navidad a successful reality for the benefit of the whole province of Chubut.


Mr. Joseph Grosso, President & CEO

Cautionary Note to U.S. 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.

2006 Number 17

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
    IMA Exploration Inc.
    Sean Hurd
    Vice President, Investor Relations
    (604) 687-1828 or Toll Free: 1-800-901-0058
    (604) 687-1858 (FAX)