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To: Ciao who wrote (123)	4/19/1999 12:33:00 PM
From: dean poets	Read Replies (1) \| Respond to of 148

Idaho Consolidated Metals Corp - Idaho acquires prospect adjacent to J.M. Reef Idaho Consolidated Metals Corp IDO Shares issued 9,434,650 1999-04-16 close $0.3 Monday Apr 19 1999 Mr. Del Steiner reports Idaho Consolidated Metals has acquired approximately 3,500 acres covering a seven mile strike length of the Ultramafic and Banded series near Stillwater, Mont. ICMC has entered into a memorandum of understanding with a privately held company, Platinum Fox, Inc., on 54 claims in the Chrome Mountain area covering approximately 1,000 acres. The terms of the agreement will be provided upon signing of the definitive agreement currently being prepared. The company has also acquired the mineral rights to an additional 2,500 acres along the seven mile strike length by staking 155 claims. The combined property staked by ICMC and acquired from Platinum Fox covers the upper member office of the Ultramafic series composed of cumulatives of olivine and bronze, as well as the contact between the Ultramafic series and the Banded series. The Banded series consists of several stratigraphic subdivisions for plagioclase-bearing cumulates and hosts several PGE-bearing layers. The most explored and developed is known as the J.M. Reef, which spikes northwesterly and dips approximately 70 degrees to the northeast and can be traced for approximately 76 miles. The J.M. Reef hosts the Stillwater mine, the only commercial reserve of platinum and palladium in production in North America operated by the Stillwater Mining Co. ICMC's property is parallel to the strike of the J.M. Reef and contiguous for seven miles along the reef. The property adjoins Stillwater's patented ground and is within 1,500 feet of the Frog Pond adit. The J.M. Reef occurs in the Banded series and mineralization fluctuates in width both vertically and horizontally, going from a minimum of less than one inch to more than 30 feet and consists of platinum and palladium at a ratio of one to 3.3. Based on review of previous geologic investigations, the area has some structural complexities consisting of transverse faults perpendicular to the stake of the J.M. Reef with lateral offsets of up to 2,000 feet. Stillwater (annual report 1997) is currently expanding production and for 1998 has projected production of 450,000 to 500,000 ounces of platinum and palladium at a cash cost ranging $140 to $160 per ounce. With the recent increase in platinum and palladium prices and the anticipated demand for these metals exceeding the supply for the foreseeable future, Stillwater has accelerated its expansion program. With the projected increase in production from the Stillwater mine and with the additional production from the East Boulder project, currently under development, Stillwater estimates annual production of 1.3 million ounces of combined platinum/palladium by 2001. The East Boulder project is a $270-million (U.S.) capital development project consisting of an 18,500 foot adit collared on the East Fork of the Boulder River and ancillary facilities for the crushing and concentration of ore that will develop the western portion of the J.M. Reef. The western portion of the J.M. Reef was delineated by the development of the Frog Pond adit. Stillwater reports (1997 annual report) probable reserves on the East Boulder project of 11.5 million tons grading 0.79 ounce per ton platinum plus palladium. Limited grab sampling on the Platinum Fox property and area staked by ICMC in the fall of 1998 has returned anomalous platinum and palladium numbers of up to 264 parts per billion combined platinum/palladium. The company is planning to start an extensive structural mapping and sampling program as soon as the snow melts. The company continues to actively acquire property in the area. WARNING: The company relies on litigation protection for "forward-looking" statements. (c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com old url (better for printing)