IMA Exploration Inc.

IMA Exploration Inc.

March 04, 2005 11:22 ET

IMA Exploration Inc.: Phase III Drilling Continues to Expand Silver Mineralization at Calcite Hill and Confirms High Grade Resource at Navidad Hill


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: IMA EXPLORATION INC.

TSX VENTURE SYMBOL: IMR
OTC Bulletin Board SYMBOL: IMXPF
FRANKFURT, BERLIN SYMBOL: IMT

MARCH 4, 2005 - 11:22 ET

IMA Exploration Inc.: Phase III Drilling Continues to
Expand Silver Mineralization at Calcite Hill and
Confirms High Grade Resource at Navidad Hill

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 4, 2005) - IMA
Exploration Inc. (TSX VENTURE:IMR)(OTCBB:IMXPF)(FWB:IMT)(BERLIN:IMT) is
pleased to announce results from diamond drill holes 134 to 145 of the
Phase III drill program at it's 100% owned Navidad Project in Patagonia,
Argentina. Highlights from Calcite Hill drilling include hole 138 which
intersected 123.6m of 139 g/t silver and hole 143 which intersected
46.6m of 300 g/t silver including 10.3m of 1,257 g/t silver. At Navidad
Hill, infill drill holes 139 and 142 have intersected significantly
higher grades than predicted by the resource block model, including
17.8m of 1,037 g/t silver in hole 139 and 34.5m of 1,220 g/t silver
including 20.2m of 1,979 g/t silver in hole 142.

To date, over 32 diamond drill holes have been completed at Calcite Hill
where continued Phase III drilling is currently focused. Results are
currently pending for 17 of these as drilling has proceeded very rapidly
of late. Drill holes have been collared over an area of approximately
500m long by 100 to 300m wide (To see map please visit IMA 's web site
at www.imaexploration.com). Significant results to date include:



-----------------------------------------
Calcite Hill Core length Silver grade
Hole metres grams/tonne
-----------------------------------------
NV04-88(i) 72.3 202
-----------------------------------------
NV04-122(i) 20.2 102
-----------------------------------------
NV04-124(i) 122.6 195
-----------------------------------------
NV04-126(i) 100.3 156
-----------------------------------------
NV05-138 123.7 139
-----------------------------------------
NV05-143 46.6 300
-----------------------------------------
including 10.3 1,257
-----------------------------------------
(i) equals previously released


Mineralization encountered to date at Calcite Hill is zoned. In the
upper part, at and near the contact of the host trachyandesite volcanic
rock, the mineralization is galena-rich with moderate silver content.
This mineralization type comprises medium-grained galena with rare
pyrite and few or no other visible sulphide minerals. These occur
predominantly as breccia infill and veinlets within the host volcanic
rock and as matrix to overlying sedimentary rocks (such as in the upper
parts of holes 88, 124 and 138). Lower down within the volcanic host
rock, veinlets and breccias have little or no galena but commonly
contain visible native silver and black sulphides suspected to be
argentite-acanthite (AgS) and perhaps stromeyerite (AgCuS) within a
gangue of calcite, barite and lesser silica (lower portions of holes 88,
124, 138 and 143). The Calcite Hill mineralization is entirely sulphide
in nature with no significant quantities of metal oxides. Both styles
occur over significant vertical thicknesses and mineralization is
spatially associated with and hosted by the same latite volcanic host
rock which hosts the mineralization at Galena Hill and Navidad Hill. No
resource estimate has yet been made of the Calcite Hill mineralization
to date.

At Navidad Hill, holes 139 to 142 were completed surrounding hole 90 on
the southwest flank of Navidad Hill to provide more detailed information
on this zone of very high-grade silver mineralization. Of these, holes
139 (17.8m of 1,037 g/t Ag) and 142 (34.5m of 1,220 g/t Ag) intersected
significantly higher grade than that predicted by the Snowden resource
block model. This new drill data will help to define the high-grade
material in future block model resource estimates. Mineralization in
this area consists of mixed sulphides and oxides along the
sedimentary-volcanic contact including argentite-acanthite,
stromeyerite, galena, and copper-silver oxides.

Dr. Paul Lhotka is IMA's Qualified Person for the Navidad project under
National Instrument 43-101 regulations and has overseen all aspects of
the current exploration program. IMA has implemented a rigorous program
of quality assurance and quality control at the Navidad project, for
complete details of this and for more maps depicting the work described
herein please visit IMA's web site at www.imaexploration.com/.

IMA is well financed with over $9 million in its treasury to continue to
test the numerous exploration targets at Navidad with significant drill
programs. The Company has over 10 years experience in Argentina and is
focused on the exploration and development of its' 100% owned Navidad
silver discovery.

Additionally, IMA will be exhibiting at Booth #2422 at the 2005
Prospectors and Developers Association of Canada Conference in Toronto
from March 6-9, 2005. Shareholders and investors are invited to attend
to meet with management and hear about our recent developments.

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.

2005 Number 6

WKN 884971



Table 1: New Phase III drill results.

-------------------------------------------------------------------
composite g/t % %
from to length Silver Copper Lead
DDH Location (metres) (metres) (metres) (LWA) (LWA) (LWA)
-------------------------------------------------------------------
NV05-134 Calcite
Hill 71.10 106.01 34.91 60 0.05 0.55
-------------------------------------------------------------------
including 90.11 106.01 15.90 102 0.09 0.04
-------------------------------------------------------------------
-------------------------------------------------------------------
NV05-135 Calcite
Hill 54.43 84.87 30.44 43 0.06 0.89
-------------------------------------------------------------------
including 54.43 65.27 10.84 82 0.12 2.44
-------------------------------------------------------------------
and 222.39 224.88 2.49 367 0.11 0.14
-------------------------------------------------------------------
-------------------------------------------------------------------
NV05-136 Calcite
Hill no significant results
-------------------------------------------------------------------
-------------------------------------------------------------------
NV05-137 Calcite
Hill 60.59 73.05 12.46 13 0.00 1.45
-------------------------------------------------------------------
-------------------------------------------------------------------
NV05-138 Calcite
Hill 87.74 211.00 123.26 139 0.09 1.07
-------------------------------------------------------------------
including 155.50 160.00 4.50 654 0.31 0.42
-------------------------------------------------------------------
and 192.50 211.00 18.50 387 0.13 0.15
-------------------------------------------------------------------
-------------------------------------------------------------------
NV05-139 Navidad
Hill 26.00 43.84 17.84 1,037 2.00 0.82
-------------------------------------------------------------------
including 36.20 42.90 6.70 2,373 4.98 0.43
-------------------------------------------------------------------
-------------------------------------------------------------------
NV05-140 Navidad
Hill 29.00 61.71 32.71 85 0.09 0.62
-------------------------------------------------------------------
including 29.00 41.56 12.56 171 0.14 1.52
-------------------------------------------------------------------
-------------------------------------------------------------------
NV05-141 Navidad
Hill 8.00 34.45 26.45 149 0.07 0.72
-------------------------------------------------------------------
including 19.15 24.13 4.98 411 0.13 1.31
-------------------------------------------------------------------
-------------------------------------------------------------------
NV05-142 Navidad
Hill 11.00 45.45 34.45 1,220 1.04 1.64
-------------------------------------------------------------------
including 23.00 43.22 20.22 1,979 1.67 1.39
-------------------------------------------------------------------
-------------------------------------------------------------------
NV05-143 Calcite
Hill 82.30 211.39 129.09 125 0.05 0.16
-------------------------------------------------------------------
including 82.30 128.86 46.56 300 0.10 0.39
-------------------------------------------------------------------
and 116.30 126.56 10.26 1,257 0.35 0.18
-------------------------------------------------------------------
and 190.31 200.45 10.14 157 0.14 0.06
-------------------------------------------------------------------
-------------------------------------------------------------------
NV05-144 Calcite
Hill 69.27 82.62 13.35 19 0.00 0.80
-------------------------------------------------------------------
-------------------------------------------------------------------
NV05-145 Calcite
Hill 68.54 76.60 8.06 16 0.00 1.12
-------------------------------------------------------------------
-------------------------------------------------------------------

Notes: 1. All length weighted averages (LWA) are uncut.
2. True thicknesses have yet to be determined.
3. A complete table of hole locations, lengths, and
orientations is available at IMA's website
www.imaexploration.com



-30-

Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    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
    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or the accuracy of this release.