Large Geophysical Anomaly Identified on IMA's Navidad Bonanza-Grade Silver Discovery.

Calendar Editors

VANCOUVER, British Columbia--(BUSINESS WIRE)--June 25, 2003

IMA Exploration Inc. (TSX VENTURE:IMR) is pleased to announce the results from recently completed Induced Polarization (I.P.) geophysical surveys. The surveys have identified a chargeability anomaly with a surface footprint of 1.6 km x 1.3 km that starts near surface in areas of exposed mineralization and in some cases extends to depths of approximately 300 metres. IMA's geological team believes that this anomaly significantly increases the potential size and importance of the Navidad discovery.

Survey results show an excellent correlation between chargeability and mapped exposures of more intense examples of replacement-style mineralization. Anomalous chargeability was expected from replacement-style mineralization based on laboratory testing of mineralized and unmineralized specimens. The large chargeability anomaly extends over 1 km to the southwest of known mineralization in an area completely obscured by soil cover. Chargeability anomalies are generally caused by minerals such as: base-metal sulphides, pyrite, graphite, hematite and magnetite. Pyrite, graphite, hematite, and magnetite have not been observed on surface at Navidad in quantities that could explain the anomaly.

IMA geologists believe that there is a high probability this anomaly represents base-metal sulfide minerals with associated silver-lead +/- copper similar to that which has been mapped on the property to date. Replacement mineralization mapped at Navidad includes galena-matrix breccia (158 g/t silver and 8.9% lead; previously reported) and mineralized carapace breccia (111.3 ounces per ton silver (3,785 g/t), 3.7% copper, 2.1% lead; previously reported).

Gradient I.P. totaling 80.3 line kilometres was performed over an area of 2.5 by 6.2 kilometers with 200 metre spaced lines, including the entire Navidad system and adjacent covered areas. Follow-up time domain Pole-Dipole I.P. (using dipole lengths of 20 and 100 metres) was performed over 8.5 line kilometres in the area of the Gradient-defined chargeability anomaly. The more precise Pole-Dipole survey confirms the large Gradient I.P. anomaly and provides three-dimensional information on the size and shape of the chargeable body. The I.P. surveys were performed by Quantec Geoscience Ltd.

Ongoing work at Navidad includes a gravity survey over the area of the 1.6 x 1.3 kilometre chargeability anomaly and a magnetic survey over the entire grid used for the I.P. survey. Detailed sampling of mineralization at Galena and Barite Hills is now complete and will be released shortly. Once all results have been received and interpreted, IMA's technical team will plan a substantial drill program.

At 1:30PM Pacific Time on June 26, 2003, there will be a comprehensive overview of the impressive Navidad silver discovery to outline results to date and future exploration programs. The presentation will be held at the Four Seasons Hotel, Park Ballroom A, 2nd Floor, 791 West Georgia Street, Vancouver, BC.

IMA Exploration Inc. has a strong treasury to fund its exploration objectives. The Company focuses on quality exploration work designed to define economic gold and silver deposits in Argentina and Peru. IMA has put together an enviable property portfolio including over 37 well-located, high-potential projects and is continuing to add to this package through grass-roots exploration and staking.

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. 2003 Number 21.

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