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Introduction

International Consolidated Minerals Inc. ("ICM") was formed to acquire and pursue the development and production of mineral assets with a focus in Latin America and, initially, in Peru.

ICM owns 100% of and manages the Pachapaqui property, which hosts a past-producing base metals (zinc, lead and copper) and precious metals (silver and gold) mine located in the political department of Ancash in Peru, 240 kilometers north of the capital, Lima. The property consists of 33 Peruvian Mining and Beneficiation Concessions within a surface area of approximately 2,170.7 hectares, with currently nine years (at 360,000 tonnes per year mill feed (tpy)) of JORC-standard reserves and resources (totaling 171,000,000 equivalent silver ounces) within the Central Mineral Belt of the Peruvian Andes, and exceptional exploration potential for 70,000,000 tonnes of reserves which could extend the mine life by decades.

During 2007, ICM focused an extensive drilling campaign as part of the 1st phase of its exploration program targeting one portion in the Mantos Area of the Pachapaqui property. Drilling to mid December 2007 indicates at least 15,000,000 gross tonnes of in-situ mineralization in the initial exploration focus area which constitutes only 0.3% of the total Pachapaqui Mining Concessions area. This initial exploration focus area is just one of several high potential prospects and discoveries made on the Pachapaqui property as a result of ICM’s current exploration campaign. Further exploration activities to delineate more mineral resources and reserves, which the Company is very confident exist, will continue in areas close to the operating production zones as well as in more remote parts of the property.

Sited on the Pachapaqui property are existing mining and concentrating facilities which were originally put in place in the early 1980’s and can be now upgraded and put back into operations within 10 – 12 months of funding. It is intended that the facilities be refurbished to allow a mill feed throughput of 1,000 tpd (or 360,000 tpy), which will allow an estimated average annual production of 12,844,000 equivalent silver ounces. For the first year of full production, total gross revenues in concentrates are estimated to be US$96.0 million and the net cash flow is estimated to be US$32.2 million. On, average at full production, the rehabilitated existing facilities are estimated to yield total annual gross revenues in concentrates of $93.4 million and annual net cash flow of $33.2 million. The Company is also assessing the feasibility of constructing new facilities for a one mtpy mill feed operation, which could yield an additional $80 - $100 annual net cash flow.

At an estimated average total cash cost of $2.63 per ounce of payable equivalent silver, management anticipates that International Consolidated Minerals Inc. will be amongst the lowest cost equivalent silver producers in the world.

The Company has corporate offices in London and Lima (Peru) and, through its subsidiaries, employs more than 170 people.