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Gold/Mining/Energy : Gold and Silver Juniors, Mid-tiers and Producers

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From: E. Charters	7/17/2006 2:30:43 PM
	of 78417

VANCOUVER, BRITISH COLUMBIA-- July 16, 2006) - IMA Exploration Inc. (IMR/TSXV)(IMR/AMEX)(IMT/FWB)(884971/WKN) 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. Mr. Joseph Grosso, President & CEO **************************************** Hemlo strike again. EC<:-}

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