Kobex Capital Corp.
Kobex Capital Corp.
Kobex Capital Corp.

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Kobex Minerals Inc.

 May 30, 2006
Update on Phase IV Drilling for IMA's Navidad

 IMA Exploration Inc. (IMR-AMEX, IMR-TSX.V) is pleased to announce results from 21 diamond drill holes at its Navidad Silver Project in Patagonia, Argentina, from the Phase IV drilling program that commenced in January of 2006. To date at Navidad IMA has drilled over 53,000 metres, announced the results from 307 diamond drill holes, and defined an Indicated Resource of 305.7 million ounces of silver and 2.9 billion pounds of lead (93.4 million tonnes at 102 g/t silver and 1.41 % lead using a 50 g/t silver equivalent cut-off). Results reported herein include results from the Esperanza Trend and Galena Hill.

Highlights of the drilling at Esperanza Trend include hole NV06-290 with 21.0 metres (m) averaging 272 grams/tonne (g/t) silver including two higher-grade sections of 10.41m averaging 413 g/t silver and 4.43m of 291 g/t silver. Hole NV06-300, also at Esperanza, averaged 800 g/t silver over 2.33m (see Map 1). Phase IV drilling to date has focused on further defining the Calcite NW and Calcite Hill deposits, testing the Esperanza Trend, and as well as infill drilling on Galena Hill for resource estimation purposes and to obtain material for metallurgical testwork.

A portion of the Galena Hill deposit has been drilled on tight centres to allow calculation of the optimal drill spacing to reclassify the current Indicated Resource as a Measured Resource and to collect additional material for metallurgical testing. The final eight holes of this twenty-three hole program are included in this release. As expected, infill drilling at Galena Hill produced long intercepts of silver and lead mineralization. An example of one of the Galena Hill infill holes is NV06-307 with 135m containing 150 g/t silver and 3.99 percent (%) lead with a higher-grade, upper-part of 50.01m, starting at just 26m depth, that contains 350 g/t silver and 7.92 % lead. Similarly hole NV06-302 produced 127.15m averaging 112 g/t silver and 3.18 % lead including a higher-grade interval of 41.56m averaging 183 g/t silver and 5.85 % lead in its upper portion. For convenience, the silver equivalent values including lead have been shown in the table of results. In many cases the lead accounts for as much as half of the potential metal value at Galena Hill (see formula in the foot notes of table for details of the calculation method). With these results now in hand, the technical work of optimizing drill hole spacing and selection of composite metallurgical samples is underway.

Drilling resumed May 15th after a short break. Prior to the break a total of 11,081m in 56 holes were drilled in Phase IV all of which are now reported on with this release.

A summary of collar locations and hole orientations and lengths is available on IMA's website (www.imaexploration.com), as is a summary of IMA's rigorous quality-control and quality-assurance procedures. Dr. Paul Lhotka is IMA's "Qualified Person" at the Navidad project and has supervised all aspects of the current technical program and has reviewed the contents of this release.

ON BEHALF OF THE BOARD

"Joseph Grosso"

Mr. Joseph Grosso, President & CEO

For further information please contact Joseph Grosso, President & CEO, or Sean Hurd, Vice President, Investor Relations, at 1-800-901-0058 or 604-687-1828, or fax 604-687-1858, or by email info@imaexploration.com, or visit the Company's web site at http://www.imaexploration.com.

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

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.


    Table 1. Phase IV Drill Results
--------------------------------------------------------------------
                                           compo-                g/t
                                            site    g/t     % Silver
                                          length Silver  Lead  Equiv.
                            from      to (metres)  (LWA) (LWA)  (LWA)
DDH       Location       (metres)(metres)     (1)    (2)   (2)    (3)
--------------------------------------------------------------------
NV06-287  Esperanza Trend  56.00   61.37    5.37     74  0.10     78
--------------------------------------------------------------------
--------------------------------------------------------------------
NV06-288  Esperanza Trend   none
--------------------------------------------------------------------
--------------------------------------------------------------------
NV06-289  Esperanza Trend  46.20   59.00   11.28     23  0.06     25
--------------------------------------------------------------------
--------------------------------------------------------------------
NV06-290  Esperanza Trend  83.00  104.00   21.00    272  0.08    276
--------------------------------------------------------------------
including Esperanza Trend  83.00   87.43    4.43    291  0.14    296
--------------------------------------------------------------------
and       Esperanza Trend  93.59  104.00   10.41    413  0.09    417
--------------------------------------------------------------------
--------------------------------------------------------------------
NV06-291  Esperanza Trend  75.18   78.63    3.45     70  1.74    139
--------------------------------------------------------------------
and       Esperanza Trend  92.00   98.00    6.00     71  0.63     96
--------------------------------------------------------------------
--------------------------------------------------------------------
NV06-292  Esperanza Trend 131.00  134.00    3.00    222  1.01    262
--------------------------------------------------------------------
and       Esperanza Trend 153.94  157.17    3.23     80  0.34     94
--------------------------------------------------------------------
and       Esperanza Trend 165.39  171.15    5.76     35  1.40     91
--------------------------------------------------------------------
--------------------------------------------------------------------
NV06-293  Esperanza Trend   none - hole abandoned after failing 
                            to reach target
--------------------------------------------------------------------
--------------------------------------------------------------------
NV06-294  Esperanza Trend   none - hole abandoned after failing 
                            to reach target
--------------------------------------------------------------------
--------------------------------------------------------------------
NV06-295  Galena Hill      25.30  107.77   82.47    189  4.23    358
--------------------------------------------------------------------
including Galena Hill      27.11   51.14   24.03    488  9.69    876
--------------------------------------------------------------------
--------------------------------------------------------------------
NV06-296  Galena Hill      62.90  166.28  103.38    106  4.10    270
--------------------------------------------------------------------
including Galena Hill      95.64  136.56   40.92    159  5.92    396
--------------------------------------------------------------------
--------------------------------------------------------------------
NV06-297  Esperanza Trend   none
--------------------------------------------------------------------
--------------------------------------------------------------------
NV06-298  Esperanza Trend   none - hole abandoned after failing 
                            to reach target
--------------------------------------------------------------------
--------------------------------------------------------------------
NV06-299  Esperanza Trend   none
--------------------------------------------------------------------
--------------------------------------------------------------------
NV06-300  Esperanza Trend 162.63  194.86   32.23     68  0.66     94
--------------------------------------------------------------------
including Esperanza Trend 162.63  175.32   12.69     17  1.59     80
--------------------------------------------------------------------
including Esperanza Trend 192.53  194.86    2.33    800  0.15    806
--------------------------------------------------------------------
--------------------------------------------------------------------
V06-301   Esperanza Trend 162.14  168.41    6.27     44  1.94    122
--------------------------------------------------------------------
and       Esperanza Trend 211.70  214.70    3.00     78  0.79    110
--------------------------------------------------------------------
and       Esperanza Trend 240.54  243.38    2.84     82  0.01     82
--------------------------------------------------------------------
--------------------------------------------------------------------
NV06-302  Galena Hill      35.00  162.15  127.15    112  3.18    239
--------------------------------------------------------------------
including Galena Hill      76.01  117.57   41.56    183  5.85    417
--------------------------------------------------------------------
--------------------------------------------------------------------
NV06-303  Galena Hill      47.00  137.00   90.00     82  2.89    198
--------------------------------------------------------------------
including Galena Hill      47.00  101.00   54.00    123  4.13    289
--------------------------------------------------------------------
including Galena Hill      53.00   92.00   39.00    149  4.81    342
--------------------------------------------------------------------
--------------------------------------------------------------------
NV06-304  Galena Hill      28.70  126.26   97.56    115  3.58    259
--------------------------------------------------------------------
including Galena Hill      28.70   82.60   53.90    168  4.89    364
--------------------------------------------------------------------
--------------------------------------------------------------------
NV06-305  Galena Hill      41.00  175.15  134.15     66  2.81    178
--------------------------------------------------------------------
including Galena Hill      41.00  102.70   61.70    104  4.70    292
--------------------------------------------------------------------
--------------------------------------------------------------------
NV06-306  Galena Hill      32.00  144.16  112.16    166  6.35    420
--------------------------------------------------------------------
including Galena Hill      35.00   84.19   49.19    292  9.21    661
--------------------------------------------------------------------
--------------------------------------------------------------------
NV06-307  Galena Hill      26.00  161.00  135.00    152  3.99    310
--------------------------------------------------------------------
including Galena Hill      26.00  119.00   93.00    211  5.22    417
--------------------------------------------------------------------
including Galena Hill      26.00   76.01   50.01    350  7.92    667
--------------------------------------------------------------------
--------------------------------------------------------------------

Notes: 1. True thickness has not been calculated for these holes.
       2. All length weighted averages (LWA) are "uncut" ie have no 
       grade capping.
       3. Silver equivalent calculated using US$6.00/oz silver and 
       $0.35/lb lead. (AgEq equals Ag + (%Pbx10,000/250). No attempt
       has been made to adjust these relative values by accounting 
       for metallurgical recoveries as insufficient information is  
       available to do so. This the same method as used in the 
       resource calculation released on February 16, 2006.
       4. A complete list of all results to date is available on 
       IMA's website (www.imaexploration.com).
       


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http://www.imaexploration.com/i/IMA-May-2006-final5.jpg
 
 

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