RNS Number:2537M
Consolidated Minerals Limited
22 January 2008



ASX / AIM Release                                                22 January 2008

                     A NEW CHAPTER FOR CONSOLIDATED AS PALMARY
                         BACKS LONG-TERM GROWTH VISION

Consolidated Poised to Become a Significant Force in the Global Resource Sector

Consolidated Minerals Limited (ASX: CSM, AIM: CNM, FSE: CMN - "Consolidated") is
set to embark on a significant new chapter in its history as a diversified
resources group after today announcing plans to accelerate its growth strategy
as an unlisted company - with the backing of its new owner, Palmary Enterprises
("Palmary").

Underpinned by its existing manganese, chromite and nickel businesses - and now
with the backing of a major international commodities and raw materials group -
Consolidated said it would pursue a growth strategy through a combination of
acquisitions and expansion of its manganese and nickel businesses.

"Following a very positive and productive series of meetings last week with
Palmary's senior management team led by owner Mr Gennadiy Bogolyubov, I am
pleased to confirm that Palmary has given its strong support and backing to the
core elements of our existing growth and development strategy," said
Consolidated's Managing Director, Mr Rod Baxter.

"The key difference is that this strategy will now be accelerated and
significantly expanded thanks to the global networks, extensive asset base and
greatly expanded range of opportunities that Palmary brings to the table," he
said. "This will entail both vending in assets from Palmary's global portfolio
and pursuing new acquisition opportunities in Australia and internationally."

"Our shared vision is to continue to build Consolidated into a leading global
diversified mining house to take advantage of what we see as a sustained period
of strong demand and growth in global commodity markets, with a view to
potentially re-listing in the medium term," Mr Baxter continued. "With the
backing of a supportive, progressive and strategic shareholder - who brings
tremendous growth opportunities - we will effectively be able to accelerate our
growth strategy, opening up exciting career pathways for our employees both in
Australia and overseas."

"This outcome is particularly exciting for Consolidated's existing employees, as
Mr Bogolyubov believes that the current management team and employee base is a
key to the successful implementation of our shared plans to build a leading
international mining group."

"Mr Bogolyubov was impressed by what he saw at our operations during last week's
site visit, and he has confirmed that all existing employees will be retained
and that the Company will continue to operate in Perth to remain close to its
current major assets in Western Australia."

"This signals the beginning of an exciting new era for Consolidated, and I am
looking forward to working closely with Mr Bogolyubov, Palmary and all the
members of our existing team towards delivering our vision to build a
world-class diversified resources group," Mr Baxter said.

Delisting from ASX and AIM

Having acquired in excess of 90% of Consolidated's shares when its off-market
takeover offer of A$5.00 per share closed on 8 January 2008, Palmary is
compulsorily acquiring the remaining securities in the Company.

As a result, Consolidated's securities will be suspended from quotation on the
Australian Securities Exchange (ASX) from the close of trading on 22 January
2008 and the Company's admission on the Alternative Investment Market (AIM) of
the London Stock Exchange will be cancelled on 12 February 2008.

Notwithstanding that it will no longer be listed on the ASX and AIM,
Consolidated will continue to maintain the highest standards and disciplines
with regard to its approach to corporate governance, social responsibility and
disclosure.

"We will continue to be a values-driven company, with safety and high
performance foremost among our values," Mr Baxter said. "We will continue to
work closely with all our stakeholders to maintain mutually beneficial
relationships."

Further Information

CSM Shareholders with further questions about the Palmary offer can contact the
Palmary Offer Information Line on 1300 134 073.


Shareholders seeking further information about their shareholdings should
contact Consolidated's share registry, Computershare Investor Services, on 
1300 787 575 or +61 8 9323 2000.


- ENDS -


Contact:

Rod Baxter
Managing Director

David Brook
Manager - Corporate Affairs and Investor Relations

Consolidated Minerals Limited
Telephone: (+61 8) 9321 3633
www.consminerals.com.au

The Company's nominated adviser is RFC Corporate Finance Ltd - contact 
Stephen Allen +61 8 9480 2507.


                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

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