Argentina Mining Play

[Ed Monton]

Judgment Goes Against IMA on Navidad Court Decision

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - July 16, 2006) - IMA Exploration Inc. (TSX VENTURE:IMR)(AMEX:IMR)(FWB:IMT)(WKN:884971) wishes to announce that on Friday, July 14, 2006 after seven months of consideration Madam Justice Koenigsberg of the Supreme Court of British Columbia ruled against IMA Exploration Inc. in the case brought by Minera Aquiline Argentina SA alleging breach of a Confidentiality Agreement entered into between IMA and Newmont Mining in 2002 concerning the potential sale of a gold property in Argentina.

The trial judge has held that all information provided by Newmont's personnel was covered by the agreement and that accordingly IMA's geologists were not permitted to make use of the information in directing their exploration activities. The judge has ordered the defendants to transfer the Navidad mining claims to the plaintiff upon payment of reasonable acquisition and development costs incurred by IMA.

Management of the Company has carefully reviewed the trial judge's reasons. Counsel has been instructed to appeal the judgment immediately and to seek the earliest possible date for the hearing of the appeal. It is expected that the appeal will focus on the legal correctness of the trial judge's interpretation of the Confidentiality Agreement as well as other grounds of appeal. Management believes that the trial judge's interpretation of the agreement is contrary to the terms of the agreement itself, industry practice and understanding and the facts made known at trial. The Company will ask the Court of Appeal that the judgment be set aside in its entirety.

As soon as the timing of the appeal becomes known it will be announced in the normal course.

ON BEHALF OF THE BOARD

"Joseph Grosso"

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.

CONTACT INFORMATION
IMA Exploration Inc.
Joseph Grosso
President & CEO
1 [phone] or [phone]
[phone] (FAX)

or

IMA Exploration Inc.
Sean Hurd
Vice President, Investor Relations
1 [phone] or [phone]
[phone] (FAX)
[e-mail]
www.imaexploration.com