Kobex Minerals Inc.
| December 20, 2007 Supreme Court of Canada Denies IMA Leave to Appeal | |
| IMA Exploration Inc. (IMR-AMEX, IMR-TSX.V) ("IMA" or the "Company") The Supreme Court of Canada has denied the Company's application for leave to appeal the judgment of the Supreme Court of British Columbia, as affirmed by the Court of Appeal for British Columbia, in the action commenced by Minera Aquiline Argentina SA ("Aquiline") against the Company over the ownership of the "Navidad project". The terms of the Interim Project Development Agreement entered into between the Company and Aquiline after the decision of the Supreme Court of British Columbia requires Aquiline to pay agreed development costs incurred by the Company after which the Navidad project is transferred to Aquiline. Aquiline and the Company have agreed that the Interim Project Development Agreement fulfils the terms of the judgment of the Supreme Court of British Columbia that ordered the Company and its directors to transfer the "Navidad project" to Aquiline. The Company has been actively reviewing many projects and opportunities in the past six months. With the funds on hand plus the cash to be received from Aquiline, the Company will have $26 million in the treasury which the Company intends to use for future transactions. 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. 2007 | |
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