Further to the announcement that was sent out to you earlier on this morning, please find attached a copy of the Analyst note Peter Rose put out this morning that gives ICM a BUY recommendation.

Should you wish to talk to any of the management with regard to ICM, then please do not hesitate to contact me and Ill get back to you as soon as possible.


10 November 2008
International Consolidated Minerals (ICMI LN), Mining - Peru, Current Price: �0.62, BUY Target Price: �3.39
BUY, target price �3.39 Analyst: Peter Rose, +442079365246
Event International Consolidated Minerals Inc.

has announced that it commenced mining and concentrating operations at its Pachapaqui Mine in Peru on the 1st of November 2008.

The company also announced that it has completed the initial US$6M tranche of a proposed US$15M debt facility.
Implication International Consolidated Minerals Inc.

stated that underground miners mobilised on site in early September and have continued with development work and stopping, with production commencing on 1November 2008.

In addition to new mine production, there are currently 20,000 tonnes of ore stockpiled on the mine site, sufficient for six weeks of operations as the mine builds up to 800tpd by the first quarter of 2009.

The company plans to expand the mill to 1,500tpd by the end of 2009 and to 8,200tpd by mid 2012.

Around 90% of the workforce required for 800tpd is on site.

All permits for 1,500tpd have been obtained and the company has retained Walsh Peru to complete the Environmental Impact Study for the expansion to 8,200tpd.

The company has also announced the signing of an initial US$15M debt facility on the 7th of November in the form of secured loan notes due in November 2009.

These notes carry an interest rate of 12% and may be redeemed at the companys option prior to their maturity for 121 % of the principal amount plus accrued interest.

This facility will be used for working capital purposes and for upgrading the production facility at Pachapaqui to 800tpd.

The Notes will have warrants attached to subscribe for 1 ordinary share in the capital of the Company.

The Warrants are issued to subscribers of the Notes on the basis of 1 Warrant for every US$1 of Notes subscribed, and may be exercised for a period of 3 years from 7 November 2008, at an exercise price of �1.146 per Warrant.

The Warrants may be put back to the Company between the second and third year of their life at a price of US$0.20 per Warrant, creating a liability of US$1.2 million for the Company based on the 6 million warrants issued to date.

There are 3.563m shares subject to deferred redemption from the reverse takeover of Platinum Diversified Mining.

These are due for redemption on 13 March 2009 with a coupon of 10% on the value of the share which was set at US$8/share.

As of today, 2.063M of the shares have agreed to extend the redemption date to November 2009 on the basis that they receive a coupon equal to 32% per annum on the value of the share for the period of the extension.

The company plans to seek a similar extension from holders of the remaining 1,500,192 shares.
Valuation The model has been udated to reflect the new borrowings.

We had assumed an early start up.

We have also used spot metal prices for the next 12 months to more accurately reflect cash flows.

Our valuation is based on a quarterly DCF model, with a negative NPV calculated for head office costs.

We have modelled the operations in US$ and converted the valuation per share to �Sterling using the spot exchange rate.

The target price per share is on a fully diluted basis, two accounting periods (12 months) forward.

We have used a discount rate of 10%, but the target price has been discounted by a further 20% to reflect the uncertainties associated with building the mill on time and on schedule and then doubling its capacity. Recommendation We maintain our BUY recommendation with an increased target price of �3.39/share.

The increase in the target price is due to the weaker British pound.
Kind regards,
John McLeod Account Executive
+44 (0)20 3170 7442 M +44 (0)788 692 0436
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