TORONTO, May 13 /PRNewswire/ - Precious Metal Capital Corp. ("PMCC")
announces that its legal action against International Consolidated Minerals
Inc. (formerly Platinum Diversified Mining Inc.) (AIM: ICMI), International
Consolidated Minerals Ltd., Gregory Charles Smith ("Smith"), Gregory Jack
Peebles ("Peebles"), and others, is proceeding.

    The action, commenced in the Ontario Superior Court of Justice, claims
that Peebles and Smith owed fiduciary duties to PMCC arising from Peebles'
engagement as PMCC's agent and in connection with the confidential
disclosure to them of PMCC's plans to acquire the Pachapaqui Mine. PMCC
seeks a declaration, among other things, that title to the Pachapaqui Mine
is held in trust for PMCC, or alternatively for $200 million in damages.
The allegations have not yet been proved in court.

    In September, 2007 the defendants applied for an order dismissing the
action, claiming the Ontario courts lacked jurisdiction. The motion was
dismissed by Order of The Honourable Mr. Justice Lederman of the Ontario
Superior Court of Justice.

    In his Reasons for Judgment released April 2, 2008, Justice Lederman
found that:



    -  in pith and substance, PMCC's claim is about the fiduciary
       relationship between PMCC and Peebles and Smith - that Peebles and
       Smith allegedly deliberately orchestrated events to pursue the
       Peruvian opportunities in their own interests;
    -  the action will centre on the allegedly abusive actions of Peebles
       and Smith. The main witnesses are Ontario residents Babcock, Sugar,
       and Peebles; Smith, a Texas resident, and Pawan Sharma, Smith's U.K.
       solicitor, a resident of England;
    -  all of the corporate defendants are owned or controlled, directly or
       indirectly, by Smith or Peebles;
    -  the original agency relationship between PMCC and Peebles, is
       strongly rooted in Ontario and contained an Ontario attornment clause;
    -  the requisite real and substantial connection to Ontario is
       established;
    -  though both Peru and the U.K. might also have jurisdiction to hear
       the action, neither forum is clearly more appropriate than Ontario.
    The defendants have appealed from the said Order of Lederman, J. to the
Court of Appeal for Ontario. The appeal is scheduled to be heard on May 13,
2008. PMCC's injunction application to prevent ICMI from pursuing its legal
action against PMCC in England is scheduled for May 27, 2008.

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