Kobex Minerals Inc.

July 08, 2004
Phase II Drilling Increases Size Potential of IMA's Navidad Silver Discovery

News Release 2004 Number 23

IMA Exploration Inc. (IMA-TSX.V, IMXPF-OTC.BB) is pleased to announce results of the first 11 drill holes from the ongoing Phase II drill program at the Company's 100% owned Navidad Project. To date about 4500 metres (m) have been drilled in 24 drill holes testing several targets outside of the Galena Hill deposit where an Indicated Resource of 207 million ounces of silver (63.6 Million tonnes grading 101 g/t silver and 1.76% lead) has been identified (see May 25, 2004 release).

Drilling at Navidad Hill returned excellent intersections of 104.6m of 126g/t silver including 35.5m of 295 g/t silver from hole NV04-54, which adds significant additional width to the northwest trending mineralized zone at Navidad Hill (see attached map for drill hole locations and the attached table for a summary of drill results). Eight new drill holes have been collared to date at Navidad Hill testing potential both along strike and to increase the width of the known mineralized zone where previous drilling intersected 68.6m of 275g/t silver (NV03-08) and 37.8m of 475 g/t silver (NV03-07).

At the 6 km Esperanza Trend, results include 2.7m of 831 g/t silver in hole 62 and 800m to the northwest hole 63 intersected 45.8m of 94 g/t silver, including 4.0m of 246 g/t silver. These results confirm the high grades and potential for a significant structurally controlled zone at Esperanza.

Six drill holes have been completed to date at Barite Hill. The first three holes (NV04-58 through 60) contain significant near surface intersections of galena matrix breccia similar in style to that at Galena hill, but with generally lower silver and lead values.

Two drill holes were completed at Galena Hill within the indicated resource to obtain core for metallurgical test work. These two holes (NV04-56 and 57) cored long intersections of good silver grades as expected. Quarter core for metallurgical testing has been received by PRA Laboratories in Vancouver, and testing is now underway.

Dr. Paul Lhotka is IMA's Qualified Person for the Navidad project and has overseen all aspects of the current program.

IMA Exploration Inc. has over 10 years experience in Argentina and is focused on the exploration and development of its 100% owned Navidad discovery and its property portfolio in the region.

ON BEHALF OF THE BOARD

"Joseph Grosso"

Mr. Joseph Grosso, President & CEO

For further information please contact Joseph Grosso, President & CEO, or Sean Hurd, Investor Relations Manager, at 1-800-901-0058 or 604-687-1828, or fax 604-687-1858, or by email, 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.

Navidad Project Phase II Drill Results:

DDH	Location	From (m)	To (m)	composite length (m)	g/t Silver (LWA)³	% Copper (LWA)³	% Lead (LWA)³
NV04-54	Navidad Hill	3.05	107.40	104.35	126	0.20	0.07
including		3.05	38.50	35.45	295	0.51	0.19

NV04-55	Navidad Hill	3.00	63.60	60.60	27	0.07	0.04
		38.05	43.40	5.35	73	0.35	0.03

NV04-56	Galena Hill^2,3	19.30	127.75	108.45	102	0.08	0.09
		22.50	64.50	42.00	164	0.09	0.12

NV04-57	Galena Hill^2,3	35.90	170.50	134.60	181	0.01	4.71
		39.40	61.25	21.85	718	0.03	10.62

NV04-58	Barite Hill	12.80	41.00	28.20	37	0.00	0.80

NV04-59	Barite Hill	148.70	152.40	3.70	23	0.00	0.51

NV04-60	Barite Hill	no significant results

NV04-61	Esperanza Trend	52.50	55.50	3.00	353	0.03	0.17

NV04-62	Esperanza Trend	7.20	9.90	2.70	831	0.09	0.56

NV04-63	Esperanza Trend	31.60	77.40	45.80	94	0.01	0.25
		33.55	37.50	3.95	246	0.01	0.28

NV04-64	Esperanza Trend	69.20	102.10	32.90	47	0.03	0.16
		69.20	70.60	1.40	101	0.00	0.37
		96.65	102.10	5.45	153	0.17	0.02

Notes:

All length weighted averages (LWA) results are "uncut".
Galena Hill holes drilled in order to obtain samples for metallurgical testing.
Galena Hill results are reported as length-density weighted averages (LDWA) as sufficient data is now available to allow the calculation of model densities for each samples within the Galena Hill Deposit.
A table with full results to date and drill hole locations, orientations, and lengths is available at IMA's website: www.imaexploration.com
True thicknesses in the case of Navidad Hill are approximately 70% of the intercept length; in the case of Barite Hill they are close to 100% of the intercept length, while at Esperanza the relationship is a yet undetermined.

Drill Hole Location Map - IMA's Navidad Project, Chubut Province, Argentina

Click for Full Size

You can view the Next News Releases item: Tue Jul 27, 2004, IMA's Drilling Expands Silver Mineralization at Navidad Hill

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