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POST 2.

2. CHROMITE.
June 28, 2001: Expands with acquisition of WA Chromite producer:
http://stocknessmonster.com/news-item?S=CSM&E=ASX&N=198017

Extract: "Coobina is a significant resource, with previous work done by BHP in 1987 estimating a deposit of 1.96 million tonnes to a depth of 30 metres which indicates a mine life of in the order of 10 years," Consolidated Minerals' Managing Director Michael Kiernan said. "However, the total deposit could be larger as mineralisation has been identified outside the areas drilled by BHP."

Jan. 29, 2004: Second Quarter Activities Report:
http://stocknessmonster.com/news-item?S=CSM&E=ASX&N=254345

Extract:
Meanwhile, chromite – predominantly used in the stainless and specialty steel industries – achieved a 30% price increase in the December 2003 quarter, on top of a 25% increase for the preceding quarter. Consolidated has increased chromite output to capacity levels of 250,000 tonnes per annum at its Coobina project. Exploration: Chromite exploration was confined to analysis and assessment of known occurrences.

3. IRON ORE.
July 21, 2003: Consolidated In Iron Ore JV (Mindy Mindy) with Fortescue Metal Group:
http://stocknessmonster.com/news-item?S=CSM&E=ASX&N=240685

Nov. 4, 2003: Initial Results from Iron Ore Exploration:
http://stocknessmonster.com/news-item?S=CSM&E=ASX&N=249024

Jan. 29, 2004: Second Quarter Activities Report:
http://stocknessmonster.com/news-item?S=CSM&E=ASX&N=254345

Extract:
• Stage 2 drilling completed at Consolidated’s Mindy Mindy Iron Ore Joint Venture Project in Western Australia’s Pilbara region, substantiating previous drilling results and confirming the presence of a channel iron deposit extending over a 12 kilometre strike length.

The channel iron deposit varies to 370 m in width and 16m in average vertical thickness. Resource modelling is currently underway and a resource tonnage and grade estimate to JORC standards should be available during the March 2004 quarter.

The main focus of exploration work during this quarter will be to assess the central part of the tenement group, where there is further potential for substantial iron ore tonnage associated with a number of iron ore-bearing mesas that straddle the present day Mindy Mindy Creek.

4. Corporate
• A Memorandum of Understanding was announced with ASX-listed Reed Resources Limited giving consolidated a 6-month option to form a joint venture for the exploration, development and mining of Reed’s Mt Finnerty iron ore project and Barrambie titanium/vanadium project in Western Australia.

• Consolidated subscribed for 2 million shares in Reed at 25 cents each and will acquire a further 5.45 million shares at 25 cents by March 2004, as well as underwriting a $4 million convertible note issue to fund development of Reed’s Sand George Gold Project.

• Consolidated maintained its comprehensive 3-year rolling foreign exchange hedging program to protect its US dollar denominated revenue stream against adverse movements in the Australian / US dollar exchange rate.

• The combination of record commodity price increases together with Consolidated’s comprehensive foreign exchange hedging policy will ensure that the Company realises the maximum benefit from strong international market conditions.

• A strategic 5.2% interest was acquired this quarter in Fortescue Metals Group Ltd, Consolidated’s joint venture partner at the Mindy Mindy Iron Ore Project.

Gerry
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