Kobex Minerals Inc.

September 28, 2004
IMA's Drilling Intersects 39 Meters Grading 485 g/t (14.2 oz/t) Silver at Connector Zone

News Release 2004 Number 27

IMA Exploration Inc. (IMR - TSX.V, IMXPF - OTC-BB) is pleased to announce drill results for drill holes 97 to 108 from the Connector Zone and Navidad Hill targets on the Company's 100% owned Navidad silver-lead project in Patagonia, Argentina. The Connector Zone lies between Navidad Hill and the Galena Hill deposit, where an Indicated Resource of 207 million ounces of silver and 1.1 million tonnes lead was identified after Phase I drilling. The Phase II drill program continues to produce excellent results that add to the overall size potential of the project. Once all of the Phase II results are received, a resource calculation will be conducted on Navidad Hill and the Connector Zone.

Below are highlights from the recent drill results. For drill hole locations, please see the attached map and table or visit the Company's web site at www.imaexploration.com.

Connector Zone

334 g/t silver over 46.7 metres (m) in hole 107.
485 g/t silver over 39.0m (including 16.4m of 1,028 g/t silver) in hole 108.

Navidad Hill

390 g/t silver over 41.7m (including 9.1m of 718 g/t silver) in hole 100.
1,489 g/t silver over 13.2m in hole 104.

In addition to the excellent results at the Connector Zone, more bonanza-grade intercepts have been returned from Navidad Hill where holes NV04-97 through 104 were drilled, predominantly on the southwest flank of the hill. Drill hole 104 intersected 13.2m of 1,489 g/t silver and hole 100 returned 41.7m of 390 g/t silver including 9.1m of 718 g/t silver. These drill holes, together with holes 99 and 102, confirm that the bonanza grade silver intersected in hole 90 (35.8m of 2,850 g/t silver, see September 15, 2004 news release) is part of a stratigraphically controlled zone of shallowly west dipping mineralization.

New holes NV04-105 to 108 were drilled at the Connector Zone and suggest that both structurally and stratigraphically controlled high-grade silver mineralization occurs in this area. In the northwestern part of the Connector Zone (holes 40, 68, 105, 106, and 107), the control on mineralization appears to be stratigraphic with the mineralization occurring in the same stratigraphic position as at the Galena Hill deposit and on the flank of Navidad Hill (hole 90). Highlights from this mineralization style include 46.7m of 334 g/t silver from hole 107 and 13.3m of 545 g/t silver from hole 105.

In the southeastern Connector Zone (holes 32, 86, 87 and 108), the controls on mineralization and the stratigraphic correlations are less clear. Hole 108 was drilled towards the east to cross a northerly trending structural zone partially exposed on surface (most holes in this area have been drilled towards the northeast to cross the dominant structural trend) and intersected an impressive 485 g/t silver over 39.0m. Mineralization in hole 108 is of a somewhat different style than that seen on surface and in adjacent holes; it comprises breccia with sulfide infilling was not seen in adjacent holes 32 and 87.

Additional drilling will be required to test the extent of these new high-grade intersections at the Connector Zone which remains open towards the northeast.

The Company has included a rigorous quality assurance and quality control program at the Navidad project including blank, duplicate, and standard samples inserted randomly into the sample sequence. A complete description of this procedure and updated maps showing the locations of all drilling completed to date on the project are available on the Company's website at www.imaexploration.com. Dr. Paul Lhotka, P.Geo. is the 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.

Table 1:

New Navidad Project Drill Results

DDH	Location	from (metres)	to (metres)	Intercept (metres)	g/t Silver (LWA)	% Copper (LWA)	% Lead (LWA)

NV04-97	Navidad Hill	7.50	39.24	31.74	105	0.01	2.43
including		25.50	39.24	13.74	148	0.03	5.28

NV04-98	Navidad Hill	40.93	67.70	26.77	185	0.20	2.30

NV04-99	Navidad Hill	44.60	74.58	29.98	188	0.14	1.80
including		44.60	61.70	17.10	280	0.16	3.05

NV04-100	Navidad Hill	23.45	65.19	41.74	390	0.22	2.61
including		40.60	49.70	9.10	718	0.32	5.97

NV04-101	Navidad Hill	no significant results

NV04-102	Navidad Hill	47.78	63.59	15.81	116	0.09	1.78
including		56.00	63.59	7.59	191	0.17	0.87

NV04-103	Navidad Hill	11.02	16.80	5.78	63	0.05	0.21

NV04-104	Navidad Hill	38.45	51.60	13.15	1,489	0.09	0.80

NV04-105	Connector Zone	33.43	46.70	13.27	545	0.14	1.78

NV04-106	Connector Zone	45.80	70.70	24.90	147	0.04	0.69
including		65.56	67.70	2.14	1,196	0.33	1.63

NV04-107	Connector Zone	52.90	99.56	46.66	334	0.31	0.94
including		71.60	97.10	25.50	548	0.55	0.91

NV04-108	Connector Zone	31.50	70.50	39.00	485	0.10	0.26
including		54.07	70.50	16.43	1,028	0.19	0.54

Notes:

All length weighted averages (LWA) are "uncut".
True thicknesses have yet to be interpreted for these holes. True thickness in the case of sub-vertical structures and -45° drill holes are likely to be approximately 70% of the intercept length; true thickness in the case of shallowly dipping stratigraphically-controlled mineralization is likely to be between 70 and 100% of the intercept length.

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.

Click to Enlarge

You can view the Next News Releases item: Fri Oct 8, 2004, IMA Engages Public Relations Consultant

You can view the Previous News Releases item: Wed Sep 15, 2004, IMA Intersects Bonanza-Grade Silver over 35.8 Metres Grading 2,850 g/t (83.2 oz/ton) Including 11,995 g/t Silver over 7.1 Metres (350.3 oz/ton)

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