Kobex Minerals Inc.

July 27, 2004
IMA's Drilling Expands Silver Mineralization at Navidad Hill

News Release 2004 Number 24

IMA Exploration Inc. (IMA-TSX.V, IMXPF-OTC.BB) is pleased to announce results from drill holes 64 to 73 at the Navidad Hill and Connector zones on the Company's 100% owned Navidad Project. Six new drill holes have been completed at Navidad Hill, expanding the mineralized zone to approximately 200m long by 70 to 200m wide. Continued success at Navidad Hill will ultimately lead to a resource estimation at Navidad Hill that will add to the previously released Indicated Resource at Galena Hill of 207 million ounces of silver and 1.1 million tonnes of lead (63.6 Million tonnes grading 101 g/t silver and 1.76% lead).

Ongoing drilling at Navidad Hill has tested approximately half of the mineralized zone exposed on surface and continues to intersect potentially ore-grade silver mineralization (>50g/t Ag). This zone remains open along strike to the northwest and down-dip to the southwest. Highlights of results from the near-vertical, structurally controlled zone include 85m of 83 g/t silver in hole NV04-70, 1.4m of 3,975 g/t silver in hole NV04-73, 19m of 149 g/t silver in hole NV04-71, 84m of 247 g/t silver in hole NV03-07*, and 69m of 275 g/t silver in hole NV03-08*.

In addition to the structurally controlled mineralization previously intersected at Navidad Hill, near-surface stratigraphically controlled silver mineralization has now been identified along the southwest and southeast flanks of Navidad Hill (drill holes NV04-68 and NV04-73). This new style of mineralization demonstrates potential for moderate grade, bulk-tonnage silver targets around the south, east and west sides of Navidad Hill and into the Connector Zone. Results include 29.55m of 145 g/t silver in NV04-68 starting at 52.2m downhole, and 33m of 92 g/t silver starting from surface in hole NV04-73, including 7.90m of 286 g/t silver.

Three new holes have been completed at the Connector Zone, two of which returned potentially ore grade intercepts including NV04-68 mentioned above. Ongoing drilling will continue to increase the density of drill data within the Connector Zone in order to allow the estimation of an Indicated Resource. For a summary of drill results from drill holes 64 to 73 and their locations please see the attached map and table, or visit the Company's web site (www.imaexploration.com).

Dr. Paul Lhotka, P.Geo. 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 silver discovery and its property portfolio in the region.

ON BEHALF OF THE BOARD

"Joseph Grosso"

Mr. Joseph Grosso, President & CEO

___________________________________________
* These results were previously released.

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.

Table 1:

New Navidad Hill and Connector Zone Drill Results

Drill Hole	Zone	From (m)	To (m)	Intercept (m)	g/t Silver (LWA)	% Copper (LWA)	% Lead (LWA)

NV04-65	Navidad Hill	4.50	23.87	19.37	81	0.07	0.25

NV04-66	Connector Zone	no significant results

NV04-67	Connector Zone	50.84	63.70	12.86	145	0.04	1.03

NV04-68	Connector Zone	52.20	81.75	29.55	98	0.03	0.40

NV04-69	Navidad Hill	3.00	103.95	100.95	53	0.07	0.07
including		29.43	34.69	5.26	78	0.22	0.08
and		63.83	66.05	2.22	232	0.02	0.02

NV04-70	Navidad Hill	3.00	87.75	84.75	83	0.09	0.04
including		58.30	62.85	4.55	421	0.23	0.06
and		81.10	87.75	6.65	175	0.12	0.03

NV04-71	Navidad Hill	3.00	88.50	87.70	54	0.12	0.03
including		69.50	88.50	19.00	149	0.15	0.02
including		78.15	85.50	7.35	265	0.21	0.05

NV04-72	Navidad Hill	45.01	53.85	8.84	46	0.04	0.04

NV04-73	Navidad Hill	3.00	36.40	33.40	92	0.04	0.80
including		28.50	36.40	7.90	286	0.17	1.19
and		58.00	59.40	1.40	3,975	0.88	0.16

Notes:

All length weighted averages (LWA) are "uncut".
A complete list of all results and collar locations to date is available on IMA's website (www.imaexploration.com).
True thicknesses in the case of sub-vertical structurally-controlled mineralization at Navidad Hill are likely approximately 70% of the intercept length; true thicknesses in the case of sub-horizontal stratigraphically-controlled mineralization are likely between 70 and 100% of the intercept length.

Navidad Hill Drill Results

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You can view the Next News Releases item: Wed Sep 8, 2004, Drill Hole #88 Yields a Blind Silver Discovery 470 Metres Northwest of Navidad Hill

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