IMA Exploration Inc.

IMA Exploration Inc.

June 12, 2007 10:14 ET

IMA Exploration Inc.: Letter to Shareholders

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 12, 2007) - IMA Exploration Inc. (TSX VENTURE:IMR)(AMEX:IMR)(FRANKFURT:IMT)(WKN 884971) -

Dear Shareholders,

The recent judgment by the British Columbia Court of Appeal dismissing IMA's appeal on the Navidad project was an extreme disappointment and the company is continuing to assess its next steps regarding the Navidad dispute. Going forward from today, the clear focus of management will be to rapidly build a large, significant and diverse property portfolio capable of maximizing shareholder value.

To rebuild the company's asset base, IMA will be using its substantial cash reserves, which include a treasury of $7,500,000 plus the $18,500,000 the company has spent to date developing the Navidad Project that will be returned to IMA if the appeal is ultimately unsuccessful. As of today, post appeal the company would have $26,000,000, or almost $0.50 per share to grow its asset base and focus on the business of creating value through exploration. Management has a history of successful exploration and it is now time to begin the process anew for the benefit of all IMA shareholders.

We have been active in Argentina since 1993, in fact IMA was one of the first foreign mineral explorers in Argentina. Over time management has established an impressive network of contacts in the resource sector that extends throughout Argentina, Peru, Chile and Colombia. As seasoned explorers, it was our team that discovered Navidad and it was also our team that discovered the Gualcamayo gold deposit, which Yamana is planning to put into production in 2008. This same team is now seeking a range of exciting new exploration opportunities and we are confident that we can build a diverse and valuable property portfolio.

I would like to take this opportunity to thank IMA's shareholders, management and directors for their strong support and for staying the course while we move the company forward with future promising projects. We have the people, capital and network required to make IMA a strong and successful company we can all be proud of.


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.

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