Comments on IMA's Market Activity

Mr. Joseph Grosso, on behalf of the Company would like to comment on the latest market activity and confirm that there are no fundamental changes to report. The Company is proceeding with the 10,000 meter exploration drill program and commencing the scoping study (pre-feasibility) on the Navidad project.

The most likely cause of this recent volatility could be the result of a 16-page summary that forecasts Aquiline Resources Inc. to win its litigation against IMA Exploration that is being circulated on the Internet by Mr. Blaise Yerly, Chairman of Aquiline. It has been written by a Director of a small London based financing firm who is a neither a lawyer or a judge and did not attend a single day in court. In Mr. Yerly's email he has described the author as a large shareholder of Aquiline.

IMA's Management are extremely disappointed that Aquiline's Management would choose to circulate this biased summary via the Internet while the court is reviewing the matter. This document only serves to play on the fears of investors prior to the verdict. The Judge is currently reviewing the thousands of pages of transcripts from the two month long trial along with testimony from numerous witnesses and the lengthy arguments submitted by both parties. It is the Judge and not the author of the summary being circulated by Aquiline that will determine the outcome of the case. IMA has the highest respect for the Judge and remains confident of the outcome. IMA will continue to restrain itself from participating in this type of propaganda and will only report on material facts as they relate to the Company.

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.

2006 Number 1

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

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