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

IMA Exploration Inc.

September 29, 2005 14:05 ET

New Drilling Along IMA's Navidad Trend Intersects up to 21m of 545 g/t Silver Outside Known Resources

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Sept. 29, 2005) - IMA Exploration Inc. (TSX VENTURE:IMR)(AMEX:IMR)(BERLIN:IMT)(FWB:IMT) (WKN 884971) is pleased to report results from the Phase III drill program at its 100% owned Navidad project in Patagonia, Argentina. Drilling has focused on expanding resources in the Connector, Navidad Hill, and Calcite Hill zones as well as exploring the newly discovered Calcite NW extension area. In addition, the company reports that five drill holes have been completed at Loma de la Plata where previously announced surface sampling has returned values of up to 40m of 740 g/t silver and 56m of 452 g/t silver. Results from the Loma de la Plata drilling will be released as soon as they become available.

At Calcite Hill, ten new drill holes have been completed, seven of which were drilled outside of the previously estimated resource (see June 16, 2005 news release). This drilling has defined an important new area of silver mineralization to the northeast of previous drilling and resources (see attached map). Highlights of these results include 27m of 407 g/t silver in hole 207 and 21m of 545 g/t silver in hole 209. This zone remains open further to the northeast. Four additional holes were drilled based on the results of 207 and 209, but are not yet available.

Six new holes were completed along the southwest flank of Navidad Hill outside of the current Indicated Resource. Five of the six holes had significant intercepts (see table). The best results in this area were returned from hole 220 which returned 27m of 80 g/t silver including 3.2m of 389 g/t silver. This mineralization remains open to expansion down-dip to the southeast.

Ten new drill holes were collared at the Connector Zone with the goal of providing the additional drill density required to upgrade the previously defined Inferred Resources to the Indicated category. Drilling here was successful in defining long intervals of moderate-grade silver mineralization with rare high-grade structures (e.g. 2m of 2,171 g/t silver in hole 234). Important intercepts include 26m of 104 g/t silver in hole 230, 37m of 107 g/t silver in hole 231, 21m of 237 g/t silver in 234, and 32m of 110 g/t silver in hole 237. Much of this mineralization starts at or very near surface.

Nine widely spaced holes were collared at the newly-discovered Calcite NW Extension and cover a strike length of 950m within the 1.2 kilometre long zone (see attached map). Results include 63m of 88 g/t silver in hole 223, 23m of 92 g/t silver in hole 224 and 23m of 115 g/t silver in hole 227. These new results, coupled with previously reported results, define a central area of approximately 400 x 150m x 5 to 60m thick (defined by drill holes 178, 179, 202, 203 and 223-227). Reconnaissance drilling elsewhere in the Calcite Northwest Extension has defined significant mineralization outside of this central block that will be followed up with additional drilling in future programs.

The Calcite Hill NW zone is proving to have good geological continuity from hole to hole and comprises a distinctive volcanic tuff-breccia and the sedimentary rocks immediately above and below it. Galena is normally visible, sometimes copper minerals can be recognized, and in rare cases native silver has been seen in the core. The host rocks are often strongly clay altered. Assay values are somewhat erratic within the zone hence the range of thicknesses reported above the nominal cutoff grade. The zone is nearly flat-lying and typically starts at shallow depths of 15 to 50m below surface.

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/.

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 21



Table 1: Diamond drill hole results.
--------------------------------------------------------------------
comp-
osite g/t %
from to length Sil- Cop- % %
(met- (met- (met- ver per Lead Zinc
DDH Location res) res) res) (LWA) (LWA) (LWA) (LWA)
--------------------------------------------------------------------
--------------------------------------------------------------------
NV05-205 Calcite
Hill 63.48 80.98 17.50 64 0.12 0.12 0.03
--------------------------------------------------------------------
including 63.48 76.26 12.78 76 0.16 0.16 0.04
--------------------------------------------------------------------
--------------------------------------------------------------------
NV05-206 Calcite
Hill 72.81 78.94 6.13 38 0.01 0.51 0.44
--------------------------------------------------------------------
--------------------------------------------------------------------
NV05-207 Calcite
Hill 48.13 75.19 27.06 407 0.34 2.21 0.28
--------------------------------------------------------------------
including 64.40 70.48 6.08 903 0.87 0.15 0.20
--------------------------------------------------------------------
--------------------------------------------------------------------
NV05-208 Calcite
Hill 63.54 93.50 29.96 76 0.30 0.05 0.03
--------------------------------------------------------------------
including 78.65 93.50 15.14 133 0.45 0.05 0.02
--------------------------------------------------------------------
--------------------------------------------------------------------
NV05-209 Calcite
Hill 148.10 167.97 21.27 545 0.22 0.21 0.08
--------------------------------------------------------------------
--------------------------------------------------------------------
NV05-210 Calcite
Hill 41.23 48.50 7.27 68 0.03 3.53 1.90
--------------------------------------------------------------------
--------------------------------------------------------------------
NV05-211 Calcite
Hill 128.35 190.85 62.50 84 0.04 0.09 0.01
--------------------------------------------------------------------
including 128.35 131.81 3.46 762 0.15 0.06 0.01
--------------------------------------------------------------------
and 164.15 184.50 20.35 80 0.05 0.08 0.01
--------------------------------------------------------------------
--------------------------------------------------------------------
NV05-212 Calcite
Hill 142.35 176.25 33.90 86 0.07 0.16 0.00
--------------------------------------------------------------------
including 169.03 176.25 7.22 216 0.21 0.62 0.03
--------------------------------------------------------------------
--------------------------------------------------------------------
NV05-213 Calcite
NW 1.50 26.00 24.50 42 0.00 0.42 0.08
--------------------------------------------------------------------
and 98.50 104.90 6.40 97 0.00 0.16 0.08
--------------------------------------------------------------------
--------------------------------------------------------------------
NV05-214 Calcite
NW 117.18 119.96 2.78 238 0.04 3.61 0.03
--------------------------------------------------------------------
--------------------------------------------------------------------
NV05-215 Calcite
NW 43.13 62.32 19.19 111 0.09 0.70 0.14
--------------------------------------------------------------------
--------------------------------------------------------------------
NV05-216 Calcite
NW none
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--------------------------------------------------------------------
NV05-217 Navidad
Hill 137.00 141.15 4.15 46 0.27 0.21 0.07
--------------------------------------------------------------------
--------------------------------------------------------------------
NV05-218 Navidad
Hill 63.79 74.84 11.05 47 0.04 4.16 0.04
--------------------------------------------------------------------
--------------------------------------------------------------------
NV05-219 Navidad
Hill 58.89 60.87 1.98 436 0.15 6.05 0.02
--------------------------------------------------------------------
and 81.17 102.87 21.70 67 0.06 0.28 0.02
--------------------------------------------------------------------
--------------------------------------------------------------------
NV05-220 Navidad
Hill 66.65 93.92 27.27 80 0.04 1.40 0.02
--------------------------------------------------------------------
including 90.68 93.92 3.24 389 0.23 0.02 0.02
--------------------------------------------------------------------
--------------------------------------------------------------------
NV05-221 Navidad
Hill none
--------------------------------------------------------------------
--------------------------------------------------------------------
NV05-222 Calcite
NW 18.54 43.62 23.62 59 0.09 0.68 0.05
--------------------------------------------------------------------
including 18.54 24.55 6.01 69 0.03 0.29 0.03
--------------------------------------------------------------------
and 31.25 32.68 1.43 563 0.21 2.23 0.06
--------------------------------------------------------------------
--------------------------------------------------------------------
NV05-223 Calcite
NW 15.35 78.00 62.65 88 0.02 0.39 0.05
--------------------------------------------------------------------
including 57.17 59.80 2.63 299 0.21 1.89 0.09
--------------------------------------------------------------------
and 73.85 78.00 4.15 972 0.12 0.71 0.05
--------------------------------------------------------------------
--------------------------------------------------------------------
NV05-224 Calcite
NW 43.57 66.72 23.15 92 0.03 0.87 0.03
--------------------------------------------------------------------
including 55.73 62.34 6.61 281 0.10 0.48 0.01
--------------------------------------------------------------------
--------------------------------------------------------------------
NV05-225 Calcite
NW 46.92 63.16 16.24 101 0.04 0.52 0.06
--------------------------------------------------------------------
--------------------------------------------------------------------
NV05-226 Calcite
NW 41.00 59.13 18.13 74 0.05 0.41 0.03
--------------------------------------------------------------------
including 41.00 47.70 6.70 112 0.03 0.17 0.02
--------------------------------------------------------------------
--------------------------------------------------------------------
NV05-227 Calcite
NW 51.53 74.10 22.57 115 0.00 0.65 0.00
--------------------------------------------------------------------
including 63.45 74.10 10.65 229 0.01 0.67 -0.01
--------------------------------------------------------------------
--------------------------------------------------------------------
NV05-228 Connector
Zone 4.50 43.35 38.85 57 0.05 0.19 0.13
--------------------------------------------------------------------
including 20.11 34.90 14.79 96 0.06 0.30 0.12
--------------------------------------------------------------------
--------------------------------------------------------------------
NV05-229 Connector
Zone
--------------------------------------------------------------------
--------------------------------------------------------------------
NV05-230 Connector
Zone 25.30 51.78 26.48 104 0.03 0.77 0.21
--------------------------------------------------------------------
--------------------------------------------------------------------
NV05-231 Connector
Zone 3.00 40.31 37.31 107 0.08 0.18 0.05
--------------------------------------------------------------------
including 7.30 31.26 23.96 132 0.09 0.25 0.05
--------------------------------------------------------------------
--------------------------------------------------------------------
NV05-232 Connector
Zone 3.00 45.60 42.60 71 0.08 0.09 0.05
--------------------------------------------------------------------
--------------------------------------------------------------------
NV05-233 Connector
Zone 19.30 79.94 60.64 64 0.05 0.07 0.04
--------------------------------------------------------------------
including 19.30 29.30 10.00 106 0.07 0.10 0.04
--------------------------------------------------------------------
and 68.40 79.94 11.54 109 0.09 0.13 0.05
--------------------------------------------------------------------
--------------------------------------------------------------------
NV05-234 Connector
Zone 35.22 55.87 21.40 237 0.15 0.05 0.07
--------------------------------------------------------------------
including 35.22 37.26 2.04 2,171 1.33 0.42 0.33
--------------------------------------------------------------------
--------------------------------------------------------------------
NV05-235 Connector
Zone 20.48 51.18 30.70 38 0.03 0.63 0.23
--------------------------------------------------------------------
including 46.60 51.18 4.58 90 0.09 0.25 0.05
--------------------------------------------------------------------
and 90.56 96.07 5.51 98 0.05 0.25 0.03
--------------------------------------------------------------------
--------------------------------------------------------------------
NV05-236 Connector
Zone
--------------------------------------------------------------------
--------------------------------------------------------------------
NV05-237 Connector
Zone 3.00 34.63 31.63 110 0.08 0.12 0.04
--------------------------------------------------------------------
--------------------------------------------------------------------
NV05-238 Navidad
Hill 119.00 134.86 15.86 49 0.04 0.06 0.02
--------------------------------------------------------------------
--------------------------------------------------------------------
NV05-239 Calcite
Hill 36.43 67.00 30.57 161 0.11 0.08 0.09
--------------------------------------------------------------------
including 60.27 67.00 6.73 661 0.16 0.00 0.02
--------------------------------------------------------------------
--------------------------------------------------------------------
NV05-240 Calcite
Hill 34.67 55.40 20.73 108 0.22 0.10 0.11
--------------------------------------------------------------------
including 34.67 38.69 4.02 453 0.31 0.28 0.32
--------------------------------------------------------------------


To view the attached map, please click on the following link: http://www.ccnmatthews.com/docs/imrmap.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