Relevant Event for Notes

RNS Number:9118J
Consolidated Minerals Limited
13 December 2007



ASX / AIM / SGX Release                                         14 December 2007


                 NOTICE OF RELEVANT EVENT FOR CONVERTIBLE NOTES


Consolidated Minerals Limited (ASX: CSM, AIM: CNM, FSE: CMN) notes the
announcement by Palmary Enterprises (Australia) Pty Ltd (ACN 127 662 275)
(Palmary) that Palmary holds a relevant interest in 50.68% of the ordinary
shares in Consolidated Minerals.

Consolidated Minerals notes that, pursuant to the terms of issue (Note Terms) of
its $A70,000,000 6.5% Convertible Notes due 2011 (Notes), upon the occurrence of
a Relevant Event, Noteholders can convert their Notes at the adjusted conversion
price contemplated in the Note Terms.

Under the Note Terms, a Relevant Event occurs if:
     
*    an offer is made to all Ordinary Shareholders to acquire the whole or any 
     part of the issued ordinary share capital of Consolidated Minerals; and

*    (such offer having become, or been declared, unconditional in all respects) 
     the right to cast more than 50% of the votes which may ordinarily be cast 
     on a poll at a general meeting of Consolidated Minerals has (or will) 
     become unconditionally vested in the offeror and/or its associates.

Based on Palmary's announcement of 13 December 2007, Consolidated Minerals is of
the opinion, that pursuant to the unconditional offer made by Palmary to acquire
the whole of the issued ordinary share capital of Consolidated Minerals, the
right to cast more than 50% of the votes which may ordinarily be cast on a poll
at a general meeting of Consolidated Minerals has (or will) become
unconditionally vested in the Palmary and/or its associates.  Accordingly, a
Relevant Event has occurred for the purposes of the Note Terms.

Consolidated Minerals has notified the Trustee of the occurrence of the Relevant
Event in accordance with the Note Terms.

CSM is being advised by JPMorgan and Blake Dawson.


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
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