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

IMA Exploration Inc.

March 21, 2006 15:02 ET

IMA Closes $10 Million Financing

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 21, 2006) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH US WIRE SERVICES.

IMA Exploration Inc. (TSX VENTURE:IMR)(AMEX:IMR)(FWB:IMT)(BERLIN:IMT)(WKN 884971) is pleased to announce that it has closed its private placement with a syndicate of Agents led by Canaccord Adams and including Blackmont Capital Inc. and Paradigm Capital Inc. The financing consisted of the sale of 2,865,000 special warrants of the Company at a price of $3.50 CDN, for gross total proceeds of $10,027,500 CDN. The Agents' over-allotment option to sell an additional 715,000 shares was exercised. Each special warrant will entitle the holder to acquire, without payment of any additional consideration, one unit consisting of one common share and one half of one common share purchase warrant. Each full common share purchase warrant entitles the holder thereof to purchase one additional common share in the capital of the Company at a price of $3.80 CDN, exercisable for a period of four years, expiring on March 21, 2010. The Agents have been paid a commission of 6% cash and 6% Agent's special warrants. The Agent's special warrants are exercisable into one common share at a price of $3.80 for twenty four months, expiring on March 21, 2008.

IMA will use its best efforts to file a prospectus qualifying the distribution of the units and Agent's special warrants within sixty (60) days of the closing of this Offering. In the event that the qualification date does not occur within that time period, each special warrant outstanding will, on exercise or deemed exercise, entitle the holder thereof to acquire 1.1 units without further payment on the part of the holder.

The funds will be available to the Company on closing and will be used for the ongoing exploration program and development of the Navidad project and general working capital.

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 presults may differ materially from those currently anticipated in such statements.

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

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