UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   FORM 20-F/A
                                 AMENDMENT NO. 1

[ ]   Registration Statement pursuant to Section 12(b) or (g) of the Securities
      Exchange Act of 1934
                                       or

[X]   Annual Report pursuant to Section 13 or 15(d) of the Securities Exchange
      Act of 1934
                  FOR THE FISCAL YEAR ENDED DECEMBER 31, 2006
                                       or

[ ]   Transition Report pursuant to Section 13 or 15(d) of the Securities
      Exchange Act of 1934
              For the transition period from _________ to _________
                                       or

[ ]   Shell Company Report Pursuant to Section 13 or 15(d) of the Securities
      Exchange Act of 1934

                        Commission file number: 001-32558

                              IMA EXPLORATION INC.
             (Exact name of Registrant as specified in its charter)

                              IMA EXPLORATION INC.
                 (Translation of Registrant's name into English)

                                BRITISH COLUMBIA
                 (Jurisdiction of incorporation or organization)

  #709 - 837 WEST HASTINGS STREET, VANCOUVER, BRITISH COLUMBIA, CANADA V6C 3N6
                    (Address of principal executive offices)

Securities registered or to be registered pursuant to Section 12(b) of the Act.
NONE

Securities registered or to be registered pursuant to Section 12(g) of the Act.
                           COMMON SHARES, NO PAR VALUE
                                (Title of Class)

Securities for which there is a reporting  obligation  pursuant to Section 15(d)
of the Act.
                                 NOT APPLICABLE
                                (Title of Class)

Indicate the number of  outstanding  shares of each of the  issuer's  classes of
capital or common stock as of the period covered by the annual report.
                52,013,064 COMMON SHARES AS OF DECEMBER 31, 2006

Indicate by check mark if the  registrant is a well-known  seasoned  issuer,  as
defined in Rule 405 of the Securities Act.
Yes         No   X
    -----      -----

If this report is an annual or transition report,  indicate by check mark if the
registrant  is not required to file  reports  pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934.
Yes         No   X
    -----      -----
<PAGE>

Note - Checking the box above will not relieve any  registrant  required to file
reports  pursuant to Section 13 or 15(d) of the Securities  Exchange Act of 1934
from their obligations under those Sections.

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  registrant  was
required  to file  such  reports),  and  (2) has  been  subject  to such  filing
requirements for the past 90 days.
Yes   X     No
    -----      -----

Indicate by check mark whether the registrant is a large  accelerated  filer, an
accelerated  filer, or a  non-accelerated  filer. See definition of "accelerated
filer and large  accelerated  filer" in Rule 12b-2 of the Exchange  Act.  (Check
one):


Large accelerated filer      Accelerated filer  X   Non-accelerated filer
                       ---                    ---                        ---


Indicate by check mark which financial statement item the registrant has elected
to follow.

Item 17   X         Item 18
        ------              -----

If this is an annual report,  indicate by check mark whether the registrant is a
shell company (as defined in Rule 12b-2 of the Exchange Act) Yes     No X
                                                                ---    ---





















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<PAGE>


                                EXPLANATORY NOTE



The registrant is filing this Amendment No. 1 to its annual report on Form 20-F
for the year ended December 31, 2006 (filed with the Securities and Exchange
Commission on April 2, 2007 (the "original filing")) to reflect that the
registrant is an "accelerated filer" as defined in Rule 12b-2 of the Exchange
Act.



Accordingly, required disclosures appearing solely on the following pages have
been amended:



Page 2           The registrant has indicated by check mark that it is an
                 Accelerated Filer
Page 61          The registrant has deleted and replaced Item 15 in its entirety
                 with the disclosures contained in Item 15T hereto.



In  addition,  the  registrant  has attached  hereto the exhibits  required as a
result  of this  amendment,  as set  forth in Item 19  below.  Except  for these
specific amendments, the registrant has not made any modifications or updates to
the original filing, and all other information  contained in the original filing
remains unchanged. This amendment does not describe other information, events or
development  occurring after the original filing,  including exhibits, or modify
or update those disclosures  affected by any subsequent  events.  This amendment
should  be read in  conjunction  with the  registrant's  fillings  made with the
Securities  and  Exchange  Commission  subsequent  to the  original  filing,  as
information  in such  reports  and  documents  may update or  supersede  certain
information contained in this amendment.
























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<PAGE>


ITEM 15T. CONTROLS AND PROCEDURES



DISCLOSURE CONTROLS AND PROCEDURES



An evaluation was performed under the supervision and with the  participation of
the Company's  management,  including Mr. Grosso,  the Company's Chief Executive
Officer,   and  Mr.  Lang,  the  Company's  Chief  Financial  Officer,   of  the
effectiveness of the design and operation of the Company's  disclosure  controls
and  procedures  pursuant to Rules  13a-15(b)  and  15d-15(b) of the  Securities
Exchange Act of 1934 (the  "Exchange  Act") as of December 31, 2006.  Based upon
that  evaluation,   Messrs.  Grosso  and  Lang,  concluded  that  the  Company's
disclosure  controls and  procedures  are  effective to ensure that  information
required  to be  disclosed  by the  Company in reports  that it files or submits
under the Exchange Act is recorded,  processed,  summarized and reported  within
the time periods  specified in  Securities  and  Exchange  Commission  rules and
forms.



MANAGEMENT'S ANNUAL REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING



The Company's  management,  including Mr. Grosso,  the Company's Chief Executive
Officer, and Mr. Lang, the Company's Chief Financial Officer, is responsible for
establishing  and  maintaining  adequate  internal  control  over the  Company's
financial  reporting,  as such  term is  defined  in Rule  13a-15(f)  under  the
Exchange  Act. The  Company's  internal  control  system was designed to provide
reasonable  assurance  to the  Company's  management  and its board of directors
regarding the  reliability of financial  reporting and the  preparation and fair
presentation  of  published  financial   statements  for  external  purposes  in
accordance with generally accepted accounting  principles.  All internal control
systems, no matter how well designed, have inherent limitations. Therefore, even
those systems determined to be effective can provide only reasonable  assurances
with  respect  to  financial  statement  preparation  and  presentation.   Also,
projections of any evaluation of  effectiveness to future periods are subject to
the risk that controls may become  inadequate  because of changes in conditions,
or that the degree of compliance with the policies or procedures may decline.



The Company's  management,  (with the participation of Mr. Grosso, the Company's
Chief Executive Officer,  and Mr. Lang, the Company's Chief Financial  Officer),
conducted an evaluation,  pursuant to Rule 13a-15(c)  under the Exchange Act, of
the effectiveness, as of the end of the period covered by this Annual Report, of
the Company's  internal  control over financial  reporting based on the criteria
set forth in Internal  Control-Integrated  Framework  issued by the Committee of
Sponsoring  Organizations  of the Treadway  Commission.  Based on the results of
this evaluation, management assessed the effectiveness of the Company's internal
control over financial  reporting as at December 31, 2006 and concluded that its
internal control over financial reporting was effective as of December 31, 2006.



This  Annual  Report  does not include an  attestation  report of the  Company's
registered  public  accounting  firm regarding  internal  control over financial
reporting.  Management's  report was not subject to attestation by the Company's
registered  public  accounting  firm pursuant to temporary rules of the SEC that
permit the Company to provide only management's report in this Annual Report.



CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING



During the fiscal year ended  December  31,  2006,  there were no changes in the
Company's  internal  control  over  financial  reporting  that  have  materially
affected,  or are reasonably likely to materially affect, the Company's internal
control over financial reporting.




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<PAGE>

ITEM 19.  EXHIBITS.

The following  exhibits are filed in support of the statements  contained herein
and are in  addition  to those  exhibits  previously  filed as  Exhibits  to the
original filing with the Commission:

Exhibit
Number       Description

12.1         Certification of Joseph Grosso Pursuant to Rule 13a-14(a)

12.2         Certification of Arthur Lang Pursuant to Rule 13a-14(a)

13.1         Certification of Joseph Grosso Pursuant to 18 U.S.C. Section 1350

13.2         Certification of Arthur Lang Pursuant to 18 U.S.C. Section 1350




















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<PAGE>



                                   SIGNATURES

The registrant hereby certifies that it meets all of the requirements for filing
on Form 20-F/A and that it has duly caused and authorized the undersigned to
sign this annual report on its behalf.


                                       IMA EXPLORATION INC.



Dated:  MAY 15, 2007                   /s/ ARTHUR LANG
        --------------                 -----------------------------------------
                                       Arthur Lang,
                                       Chief Financial Officer, and Director



























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