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

News Releases

Kobex Minerals Inc.

 January 13, 2005
Phase III Drilling Intersects Thick Mineralized Body at Calcite Hill, 470 Metres Northwest of Navidad Hill

 News Release 2005 Number 2

IMA Exploration Inc. (IMR - TSX.V, IMXPF - OTC.BB) is pleased to announce the results from the first 13 holes completed during the Company's Phase III drill program on it's 100% owned Navidad silver discovery in Patagonia, Argentina. Seven of the holes were infill drilling on Navidad Hill and the Connector zone and six holes targeted Calcite Hill in the area of hole 88 defining a thick mineralized body that remains open on three sides. Hole 88 intersected 72.3m of 202 g/t silver (reported on Sept. 8, 2004) and is located 470 metres northwest of the nearest drilling at Navidad Hill. Prior to today's announcement, hole 88 was the only hole completed in the vicinity of the Calcite Hill target (see attached map and table).

At Calcite Hill, highlights include holes 124 and 126 that intersected 122.6 metres of 195 g/t silver (5.7 oz/ton) and 196.1 metres of 113 g/t silver (3.3 oz/ton), respectively. Continued phase III drilling will target extensions to this zone with the objective of defining resources at Calcite Hill and adding to the 268 million ounces of silver (80.8 Mt @ 103 g/t silver, see December 1, 2004 release) currently reported at Galena, Connector, and Navidad Hills.

Drilling to date at Calcite Hill (seven drill holes ranging in length from 149.1 to 283.5 metres) has defined a wedge-shaped body of silver mineralization which increases in thickness towards the northeast and is hosted within a trachyandesitic flow-dome similar to that which hosts mineralization at Navidad and Galena Hills. Holes 125, 88, and 124, all drilled on section 49,200E (section posted at www.imaexploration.com), define this wedge that reaches a maximum vertical thickness of approximately 120 metres in hole 124 and remains open further to the northeast. Mineralization consists of a lead-rich upper zone of breccias and veinlets filled by galena with lesser calcite and barite and a lower zone dominated by calcite-barite veinlets with common native silver and fine silver sulphides/sulphosalts. Drill holes 121, 123, and 125 were drilled to the south or southeast of the thin edge of the wedge and intersected minimal thicknesses of the volcanic host rock that contains the silver mineralization.

Drill holes 127 to 131 were collared at the Connector Zone and holes 132 and 133 at Navidad Hill in order to further define the margins of the previously reported resource. The Connector Zone holes appear to have intersected both stratigraphically and structurally controlled styles of mineralization that will require further interpretation and drilling. Hole NV04-133 on the flank of Navidad Hill intersected breccias with galena and barite mineralization with an interval of higher grade mineralization containing 3.9m of 450 g/t silver within a broad zone of lower grade mineralization in trachyandesite volcanic rocks. This intersection is important in that it may open possibilities of additional mineralization styles at Navidad Hill.

Dr. Paul Lhotka is IMA's Qualified Person for the Navidad project under National Instrument 43-101 regulations and has overseen all aspects of the current program. For more information and maps depicting the work described herein please visit IMA's web site at http://www.imaexploration.com/.

IMA is well financed to continue to test the numerous exploration targets at Navidad with significant drill programs. The Company has over 10 years experience in Argentina and is focused on the exploration and development of its' 100% owned Navidad silver discovery.


"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.


You can view the Next News Releases item: Fri Jan 21, 2005, Soil Sampling Reveals a 6 km Mineralized Trend Parallel to the Navidad and Esperanza Trends

You can view the Previous News Releases item: Thu Jan 6, 2005, More High Grade Silver at Loma de la Plata and Sector Zeta on IMA's Navidad Silver-Lead Project

You can return to the main News Releases page, or press the Back button on your browser.