EXHIBIT 4.66

                     OPTION AGREEMENT DATED JUNE 11, 2003,
               BETWEEN THE COMPANY AND BALLAD GOLD & SILVER LTD.
                        (FORMERLY BALLAD VENTURES LTD.)


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                              BALLAD VENTURES LTD.
            Suite 501- 905 West Pender Street, Vancouver, BC V6C 1 L6
                  Telephone: (604) 682-7159 Fax: (604) 669-5886
                    www.balladnetcom - email: ir@balladnetcom




June 11, 2003


IMA Exploration Inc.
Suite 709, 837 West Hastings Street
Vancouver, BC Canada

ATTENTION: JOSEPH GROSSO, PRESIDENT

Dear Mr. Grosso,

RE:      LETTER AGREEMENT
         PENASCUDO PROPERTY, CHUBUT PROVINCE, ARGENTINA

For $  10.00  and  other  good  and  valuable  consideration,  the  receipt  and
sufficiency of which is hereby acknowledged, IMA Exploration Inc. and its wholly
owned Argentinean subsidiary, Inversiones Mineras Argentinas S.A., (collectively
referred to as "IMA") hereby grant to Ballad Ventures Ltd.  ("Ballad") the right
and  option,  exclusively  for a period of 60 days,  to acquire an option on the
Penascudo  Property  ("Mineral  Claims"  or  "Property")  in  Argentina  on  the
following business terms:

       1.   IMA confirms that it holds a 100%  interest,  subject only to a 0.5%
            NSR  Royalty  (capped at a  cumulative  maximum of US  $250,000)  in
            favour of Southern Rio Resources Ltd, in the Penascudo Property. The
            Property consists of the land holdings listed in Appendix 1.

       2.   Ballad will have the  exclusive  option (the  "Option") to acquire a
            70% interest in the Property by:

               a)  Completing   US$1,800,000  worth  of  work  on  the  Property
                   according to the following schedule:

                   i.   on or before October  31,2004 - US $100,000;

                   ii.  on or before October 31,2005 - US $300,000 (cumulative);

                   iii. on or before October 31,2006 - US $500,000 (cumulative);

                   iv.  on or before October 31,2007 - US $800,000 (cumulative);
                        and

                   v.   on or before October 31,2008 - US$1,800,000 (cumulative)



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               b)  By either issuing  500,000 shares of Ballad to IMA within ten
                   days after the  approval of the full Option  agreement by the
                   TSX Venture Exchange or, if the share consolidation of Ballad
                   proceeds as announced in a news release  dated April 2, 2003,
                   by issuing 500,000 shares of Ballad Gold & Silver Ltd. within
                   ten days after  acceptance  for filing of this  consolidation
                   and the full Option agreement by the TSX Venture Exchange.

               c)  By paying  to IMA US  $300,000  in cash on or before  October
                   31,2008.

               d)  By issuing an additional  500,000  shares of Ballad or Ballad
                   Gold & Silver Ltd., as the case may be, on or before  October
                   31,2008.

       3.   Upon completion of the terms  described under 2. above,  Ballad will
            have  earned a 70%  interest in the  Property  subject to a 1.5% NSR
            Royalty in favour of IMA and Southern Rio Resources Ltd. on Ballad's
            portion of all products mined from the Property. The portion payable
            to Southern Rio Resources will be 0.5%, with cumulative  payments to
            Southern Rio Resources Ltd to be capped at a maximum of US $250,000.
            The remainder of the 1.5% NSR Royalty will be payable to IMA.

       4.   After the acquisition of a 70% interest in the Property, Ballad will
            have the exclusive  Option to acquire an additional  15% interest in
            the Property by completing a feasibility study. IMA's share (15%) of
            the feasibility study cost will be advanced by Ballad.  This advance
            will be repaid to Ballad from a 50% portion  from all cash  proceeds
            of  production  from the  Property  due or payable to IMA until this
            advance is fully reimbursed to Ballad.

       5.   Upon completion of the  feasibility  study described under 4. above,
            Ballad will have earned an 85% interest in the Property subject to a
            1.5% NSR Royalty in favour of IMA and Southern Rio Resources Ltd. on
            Ballad's  portion  of all  products  mined  from the  Property.  The
            portion  payable  to  Southern  Rio  Resources  will be  0.5%,  with
            cumulative  payments to Southern Rio Resources Ltd to be capped at a
            maximum of US $250,000.  The  remainder of the 1.5% NSR Royalty will
            be payable to IMA.

       6.   During the duration of the Option period, Ballad will:

               a)  Pay to IMA,  from  time to time and with  sufficient  advance
                   notice from IMA, such amount as equals the fees and taxes due
                   on the Property to Argentinean  Authorities  plus a charge of
                   5% for IMA's  administration  no later  than 15 days prior to
                   their due dates.  IMA will pay such amounts  forthwith to the
                   Authorities and maintain the Property in good standing.

               b)  report exploration activities to IMA at least once quarterly.

               c)  have a one time election,  after having spent US $100,000, to
                   delay  subsequent work  expenditures and the one cash payment
                   by one full  year  each by  notifying  IMA and by  paying  US
                   $25,000 to IMA.

               d)  Indemnify  and save  harmless IMA from any and all  liability
                   arising from the conduct of mineral  exploration by Ballad on
                   the Mineral Claims



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                   including   but   not   limited   to   any   liability   from
                   environmental and archaeological damages.

               e)  be  sensitive to local  Social  activities  and carry out all
                   required  baseline studies required by the Mining Ministry in
                   Argentina before carrying out exploration work.

       7.   During the Option period neither Ballad nor IMA shall assign some or
            all of its interest in this agreement without the written consent of
            the other party, such consent to be not reasonably withheld. Consent
            will be  needed  only to assure  that the  assignee  shall  agree in
            writing to be bound by the terms of this agreement applicable to the
            assignor.  This  written  consent  shall not apply to a transfer  of
            interest to an affiliated corporation.

       8.   During the Option  period  Ballad  will be the sole  operator of any
            exploration  on the Property,  will have full access to the Property
            and will be provided by IMA with all data.

       9.   For the purpose of this  Agreement,  the area covered by the Mineral
            Claims shall  include an area of  influence  extending 5 km from the
            outer boundary of the Mineral Claims. All mineral and related rights
            that may be  acquired  directly  or  indirectly,  within the area of
            influence  after the date of  signing  of this  Agreement  by IMA or
            Ballad  during the currency of this  Agreement  shall become part of
            this  Agreement.  During the term of the Option,  if Ballad acquires
            mineral and related  rights within 5 km of the outer boundary of the
            Mineral Claims and subsequently  wishes to abandon those rights,  it
            will,  prior to abandonment,  offer to transfer those rights to IMA,
            will  transfer  those rights at IMA's  request and at IMA's cost for
            the transfer. This agreement will not restrict in any way the rights
            of either  Ballad or IMA to acquire  interests  outside  the area of
            Influence.

       10.  When a Joint  Venture is formed  under 3, the  parties in good faith
            will  negotiate  and  execute  a  joint  venture   agreement  having
            reasonable   terms  which  are  customary  in  the  Canadian  mining
            industry.

       11.  Any party wishing to issue a press release  relating to the Property
            will  provide a copy of this release to the other party to allow for
            comments prior to release.

       12.  Termination of Option


               a)  Subject to  subsection  12b,  the Option  shall  terminate if
                   Ballad fails to make the required  share  issuances  and cash
                   payments,  and  fails  to  complete  the  minimum  cumulative
                   expenditures  in accordance  with subsection 2. herein within
                   the time periods specified therein.

               b)  If Ballad shall be in default of any written  requirement  in
                   the  option,   IMA  shall  give  written   notice  to  Ballad
                   specifying  the default and Ballad  shall not lose any rights
                   granted  under the  Option,  unless  within 30 days after the
                   giving of notice of default by IMA, Ballad has failed to take
                   reasonable  steps  to cure  the  default  by the  appropriate
                   performance.



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               c)  If the Option is terminated in accordance with subsections 12
                   a) and 12 b) herein,  Ballad  shall have no interest in or to
                   the Mineral Claims, and all share issuances, expenditures and
                   payments  made by  Ballad  to or on  behalf  of IMA under the
                   Option  shall be  non-refundable  by IMA to Ballad  for which
                   Ballad shall have no recourse.

               d)  Upon  termination  of this  Agreement,  Ballad shall make the
                   required  cash  payments  to  maintain  the  Property in good
                   standing  for a period  of at least six (6)  months  from the
                   date  of  termination  and  Ballad  shall  turn  over  to IMA
                   originals of all factual maps, reports,  assays,  results and
                   any other factual data. Ballad will be required to contribute
                   to its share of any environmental  rehabilitation required as
                   a result of the work undertaken  after the date hereof and up
                   to the date or termination notice.

Please consider these terms and if agreeable return a signed copy of this letter
to us. Once signed by both Parties and all conditions under Clause 1 having been
fulfilled or waived, this agreement shall constitute a binding agreement between
both parties.

The terms of this agreement will be the basis for a full Option  agreement to be
prepared within 60 days of signing this letter agreement.

Sincerely,


                                           Agreed on this the - day of June 2003


BALLAD VENTURES LTD.                        IMA EXPLORATION INC.


/s/ ANTHONY BERUSCHI                          /s/ JOSEPH GROSSO
---------------------------------           ------------------------------------
Anthony Beruschi                            Joseph Grosso
President                                   President




                                             INVERSIONES MINERAS ARGENTINAS S.A.
                                                Per:

                                              /s/ JOSEPH GROSSO
                                             -----------------------------------
                                             Authorized Signature



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APPENDIX 1


PENASCUDO PROPERTY DESCRIPTION

Minas located in CHUBUT Province, Argentina.

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CLAIM NAME                NO. EXPEDIENTE                   VALID SINCE
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Alberto                               12966                       1996
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Rolando                               12967                       1996
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Pedro                                 12970                       1996
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Fernando                              12971                       1996
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Daniel                                12974                       1996
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Cecilia                               12978                       1996
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Ivan                                  12977                       1996
--------------------------------------------------------------------------------