IMA is a pioneer and veteran of Argentina's mining exploration industry and is well positioned to take advantage of highly prospective gold projects as they become available. The Company's network of contacts has been developed over the past 10 years, enabling IMA to quickly identify new opportunities and negotiate advantageous terms, especially since the recent devaluation of the Argentine peso.

   

Las Bayas Drill Program Commences

JANUARY 21, 2003, 

 Encouraged by the surface results announced to date, IMA Exploration Inc. has started the 2,000 metre Phase I diamond drilling program on the Company's 100% owned Las Bayas property in Patagonia, Argentina. The program will target four gold bearing low-sulphidation epithermal gold veins that have a combined strike length of over 4 kilometres, with widths up to 22 metres and gold equivalent grades up to 27 grams per tonne.

 IMA's geological team conducting the drill program has an intimate knowledge of the local geology. The exploration team on Las Bayas includes: Paul Lhotka, Ph.D., P.Geo., who has extensive experience in low sulphidation epithermal gold vein systems; Sergio Kain, B.Sc., who was a member of Brancote PLC's geological team that was credited with the Esquel discovery; and Daniel Bussandri, B.Sc., a local Argentine geologist with substantial experience in the Patagonia region. The drill program will be overseen by Keith Patterson, M.Sc., IMA's Exploration Manager.  

 Dr. Gerald G. Carlson, P.Geo., Chairman, IMA Exploration Inc., T:-800-901-0058, F:(604) 687-1858, Website: www.imaexploration.com