EXHIBIT 4.65

           OPTION AGREEMENT DATED AUGUST 12, 2003 BETWEEN THE COMPANY
                   AND CONSOLIDATED PACIFIC BAY MINERALS LTD.



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                              IMA EXPLORATION INC.
           Suite 709- 837 West Hastings Street, Vancouver, BC V6C 3N6
                    Telephone: 604-687-1828 Fax: 604-687-1858
             www.imaexploration.com * email: INFO@IMAEXPLORATION.COM



August 12, 2003

Consolidated Pacific Bay Minerals Ltd.
Suite 911 - 470 Granville Street
Vancouver, BC V6C 1V6

ATTENTION: GUILFORD H. BRETT, PRESIDENT

Dear Mr. Brett:

RE:      LETTER AGREEMENT
         REGALO 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  Consolidated  Pacific Bay Minerals  Ltd.
("PacBay")  to  acquire an option on the Regalo  Property  ("Mineral  Claims" or
"Property") in Argentina on the following business terms:

1.     IMA confirms  that it holds a 100% interest in the Regalo  Property.  The
       Property consists of the land holdings listed in Appendix 1.

2.     PacBay will have the  exclusive  option (the  "Option")  to acquire a 51%
       interest in the Property by:

       a)   Completing US$625,000 worth of work on the Property according to the
            following schedule:

            i.     on or before August 12, 2004 - US $ 50,000;

            ii.    on or before August 12, 2005 - US $225,000 (cumulative);and,

            iii.   on or before August 12, 2006 - US $625,000 (cumulative).

       b)   Issuing  900,000  shares of PacBay to IMA  within ten days after the
            approval of this Letter agreement by the TSX Venture Exchange.

3.     Upon completion of the terms  described under 2. above,  PacBay will have
       earned a 51% interest in the Property. Upon earning the 51% interest, the
       parties agree to form a joint-venture.

4.     PacBay  will have the  exclusive  Option to  acquire  an  additional  19%
       interest in the Property by completing a feasibility  study and financing
       the property to production.


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       IMA's  share  (30%) of the  feasibility  study cost will be  advanced  by
       PacBay. This advance will be repaid to PacBay 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  PacBay.  Upon  completion  of the
       feasibility  study,  PacBay  will  have  earned  a 70%  interest  in  the
       Property.

5.     Upon PacBay  earning a 70%  interest in the  Property,  IMA will have the
       option  to  buy-back  an  additional  25%  interest  in the  Property  by
       re-imbursing  PacBay  expenditures  that PacBay  spent on the Property to
       acquire the last 19% and the 6% of the initial  51%.  The  re-imbursement
       will form part of PacBay's cash contribution in future expenditures. This
       option is valid only if PacBay does not  participate to take the property
       into production. After this, IMA will have a 55% interest in the Property
       and PacBay will hold a 45% interest.

       If PacBay elects to not proceed in taking the property  into  production,
       then IMA will have a further  option to acquire  the  balance of PacBay's
       interest in the Property by paying PacBay a pro-rata market value for the
       value in the ground.  The value can be mutually  agreed at that time or a
       mutually acceptable arbitrator can be chosen to determine the value.

6.     During the duration of the Option period, PacBay 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)   indemnify and save  harmless IMA from any and all liability  arising
            from the  conduct of mineral  exploration  by PacBay on the  Mineral
            Claims 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 PacBay 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 unreasonably  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  PacBay  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 factual maps, reports,  assays,  results
       and any other factual 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,


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       within the area of influence  after the date of signing of this Agreement
       by IMA or PacBay during the currency of this Agreement  shall become part
       of this  Agreement.  During the term of the  Option,  if PacBay  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 PacBay 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  13b,  the Option  shall  terminate if PacBay
            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 PacBay  shall be in default  of any  written  requirement  in the
            option,  IMA shall  give  written  notice to PacBay  specifying  the
            default  and  PacBay  shall not lose any  rights  granted  under the
            Option,  unless within 30 days after the giving of notice of default
            by IMA,  PacBay  has  failed  to take  reasonable  steps to cure the
            default by the appropriate performance.

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

       d)   Upon  termination of this Agreement,  PacBay 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 PacBay
            shall  turn over to IMA  originals  of all  factual  maps,  reports,
            assays,  results and any other factual data. PacBay 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.

13.    This Letter Agreement may be executed by original or facsimile  signature
       in as many  counterparts  as may be necessary,  each of which so executed
       shall be deemed to be an original and such  counterparts  together  shall
       constitute one and the same  instrument and  notwithstanding  the date of
       execution, shall be deemed to bear the date as set forth above.

If the  terms set out above are  satisfactory  please  sign both  copies of this
Letter Agreement and return one copy to me. Upon receipt of the signed copy this
Letter  Agreement  shall become a binding and  enforceable  agreement which will
continue  in effect  until  such time as it is  replaced  by a more  formal  and
comprehensive agreement.

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Sincerely,


                                      Agreed on this the 27 day of August 2003.

IMA EXPLORATION INC.                  CONSOLIDATED PACIFIC BAY MINERALS LTD.




/s/ JOSEPH GROSSO                       /s/ GUILFOD H. BRETT
--------------------------------      ------------------------------------------
Joseph Grosso                         Guilfod H. Brett
President                             President

INVERSIONES MINERAS ARGENTINAS S.A.




/s/ JOSEPH GROSSO
----------------------------------------
Authorized Signatory



(APPENDIX 1 ATTACHED)








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                                   APPENDIX 1

                           REGALO PROPERTY DESCRIPTION

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Claims located in CHUBUT Province, Argentina:

------------------------------------------------------------------------
    CLAIM NAME               NO. EXPEDIENTE                VALID SINCE
------------------------------------------------------------------------
      Regalo                    14016103                  Feb. 28, 2003
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