IMA's Drilling Continues to Expand Silver Discovery at Navidad.

Business Editors

VANCOUVER, British Columbia--(BUSINESS WIRE)--Feb. 20, 2004

IMA Exploration Inc. (OTCBB:IMXPF) (TSX VENTURE:IMR) (BERLIN:IMT) (FRANKFURT:IMT) (WKN 884971) is pleased to announce results from drill holes 15 to 20 at the Company's 100% owned Navidad silver discovery. Holes 15 to 20 were all drilled in the Galena Hill area of the Navidad Project where drilling is currently testing the zone between Navidad and Galena Hills. Highlights of these holes include 113.5 g/t silver over 69.1m in hole 15 and 100.3 g/t silver over 66.5m in hole 19.

The Company's Geologists are very encouraged by the continuity and grade of the drill results to date, which continues to expand the size of the mineralized body at Navidad. Crews are currently drilling hole 35, 14 holes are in various stages of analysis and results will be announced frequently over the next several weeks. IMA has completed approximately 6,000m of the planned 8,500m program; the results to date pertain to the first 3,340m.

Updated summaries of drill hole locations and results to date are available on IMA's website (www.imaexploration.com), as is a summary of the Company's rigorous quality-control and quality-assurance procedures. Dr. Paul Lhotka is IMA's "Qualified Person" at the Navidad project and has overseen all aspects of the current program.

Technical Summary

Drill holes NV04-15 and 16 were drilled on section 51,160E, extending the tested width to approximately 450m. NV04-15 extended the mineralization found in holes NV03-03, 04 and 05 approximately 100m towards grid north and returned 69.1m of 113.5 g/t silver and 1.46% lead including 8.5m of 461.7 g/t silver and 6.54% lead. This interval spans the lowermost portions of the mudstone unit and upper portions of the underlying volcanic rocks.

Holes NV04-17, 18, and 19 were drilled on section 51,000E and form a fence which when complete (including holes 14, 21, 22, and 23) will test a total width of approximately 700m. NV04-19 returned the best intersection from these new holes with 66.5m of 100.3 g/t silver and 2.74% lead including 8.4m of 177.4 g/t silver and 4.22% lead.

Drill holes NV04-15 through 20 and previous holes at Galena Hill have all intersected a similar stratigraphic sequence which includes, from lower to uppermost: an unmineralized basal sequence of hematitic volcaniclastic rocks; mineralized brecciated andesitic volcanic rocks; mudstones which often contain strataform silver-lead-zinc mineralization; and thinly bedded limestone which caps the stratigraphic sequence. Although the stratigraphic sequence is very consistent, the thicknesses of individual units are highly variable and suggest an environment of syn-depositional normal faulting. This environment of extensional tectonism and basin formation is typical of syn-volcanic and syn-sedimentary VMS (volcanogenic massive sulphide) deposits.

NV04-20 was drilled on section 50,800E and encountered a dramatically thinner stratigraphic section and topographically higher basement than in previous holes. It is interpreted that this hole was drilled in a restricted area of higher basement paleotopography.

Indications are emerging of lateral facies changes in stratigraphy and zoning of mineralization at Galena Hill. The southwestern flank of the hill is characterized by lower silver to lead ratios (holes NV04-12, 16, 17 and 18) likely indication a more distal portion of the hydrothermal system. This mineralization is a mix of synvolcanic and synsedimentary stratiform and replacement mineralization. Mudstones overlying the mineralized volcanics thicken towards the southwest. Towards the central part of Galena Hill the mineralization is higher grade and has higher silver to lead ratios. Mineralization extends from near surface to depths in excess of 100m and is predominantly synvolcanic replacement style (NV03-04, 05 and NV04-14 and 19). Highest silver grades are associated with increased copper grades and variable lead grades (NV04-13 and 14).

In addition to ongoing drilling, IMA has completed an additional 15.5 line kilometres of pole-dipole IP (induced polarization) geophysics. In general, the pole-dipole IP correlates well with the gradient IP previously completed, however it gives greater detail and allows inverted sections to be produced that have been successfully used to guide drilling to date. Pole-dipole IP shows highly elevated chargeability values (15 to 40 mV/V) in the Galena Hill area and moderately elevated values (7.5 to 15 mV/V) over a much larger area (1.8 x 1.4 km) between Galena and Navidad Hills and in the covered valley to the west. All IP geophysics has been performed by Quantec Geoscience Argentina S.A.

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                                        Comp-  g/t     %
         Total     Host                osite   Sil-  Cop-    %     %
Drill-  Length     Lith-  From     To Length   ver   per  Lead  Zinc
hole        (m)   ology     (m)    (m)    (m) (LWA) (LWA) (LWA) (LWA)
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NV03-15  139.6    mixed  46.55 115.65  69.10 113.5  0.02  1.46  0.13
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including         mixed  47.05  55.55   8.50 461.7  0.08  6.54  0.49
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NV03-16  250.5 volcanic  63.45  72.45   9.00  34.2  0.00  2.47  0.07
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NV03-17  164.2    mixed  21.20  40.20  19.00  96.7  0.01  7.79  0.70
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including      volcanic  30.20  40.20  10.00 161.6  0.02 12.98  0.42
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NV03-18  274.7 volcanic 232.00 244.00  12.00  70.1  0.06  0.40  0.01
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NV03-19  190.0 volcanic  24.00  90.50  66.50 100.3  0.00  2.74  0.14
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including      volcanic  25.10  37.10  12.00 165.2  0.02  3.20  0.34
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including      volcanic  49.35  57.75   8.40 177.4  0.02  4.22  0.14
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including      volcanic  74.00  81.55   7.55 174.0  0.00  4.69  0.11
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NV03-20   70.9 volcanic  35.50  40.60   5.10  54.8  0.02  1.82  0.03
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Notes: 1. All length weighted averages (LWA) are "uncut".
2. A complete list of all results and collar
 locations to date is available on IMA's
 website (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.

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