IMA Exploration Inc.: Offer to Aquiline.

VANCOUVER, British Columbia -- IMA Exploration Inc. (TSX VENTURE:IMR)(AMEX:IMR)(BERLIN:IMT)(FWB:IMT) (WKN 884971) Mr. Joseph Grosso, President announces on behalf of the Board that IMA has made an offer to Aquiline Resources Inc. to settle its litigation claim involving IMA's Navidad Project.

IMA has offered, subject to regulatory approval, the following:

To Aquiline for immediate distribution to Aquiline shareholders:

- 3,500,000 IMA common shares

- 3,500,000 IMA warrants, each having a five-year term entitling the holder to acquire an IMA common share at $4.00. IMA will apply to list these warrants for trading on TSX-V upon expiry of the relevant hold period

To Aquiline:

- a cash payment of $1,000,000

The Board has been advised that IMA has a high probability of success at trial. However, the offer is being made to avoid or minimize the inherent risks of litigation, the significant legal costs and the impact that this litigation has on the Company's business plan to develop Navidad.

A quick resolution of this litigation is in the best interests of the shareholders of both companies as it will rapidly unlock the true value of IMA and its Navidad Project. By accepting the offer and becoming shareholders of IMA, Aquiline shareholders will participate in the significant upside potential that will continue to be created by the IMA management team. They will also retain their ownership interest in Aquiline and its many projects.

Aquiline shareholders, under this offer, will receive an assured and quantifiable benefit immediately and potentially a multiple of that benefit from their ownership in IMA rather than the uncertainty of the result of a trial.

The offer is open for acceptance until 5:00 PM (Vancouver time) on October 5, 2005.

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 22

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

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