GARCIA - RIO DE LAS TAGUAS

IMA Exploration has announced that Barrick Gold has elected not to proceed with an option to earn an interest in the Potrerillos or the Rio de las Taguas property located in San Juan Province, Argentina. The Potrerillos and Rio de las Taguas projects are located beside Barrick’s Veladero and Pascua gold discoveries in the El Indio gold belt. IMA plans to team up with another partner for the continued exploration of these projects.

IMA Exploration has agreed to extend the option agreement with Barrick to earn an interest in the Potrerillos or the Rio de las Taguas properties in Argentina to December 31, 2003. In return for the extension, Barrick will pay IMA USD65,000 which will be used to make the payments to maintain the option properties in good standing. The company has also entered into an option agreement with Amera Resources Corporation to earn an interest in the Mogote gold-copper exploration project in Argentina.

Work was focused on further evaluation of the Ridge zone, located in the southwestern portion of the property adjacent to Barrick's Pascua/Lama property. Road construction for access, trenching and detailed sampling was completed, with 160 samples, generally cut over two metre intervals, collected from exposures within the altered zone. The alteration outcrops over an area measuring 300 x 50 m, and consists of variably developed argillic alteration of the intermediate to felsic volcanic host rocks.