PDM Platinum Regs

RNS Number:5577D
Platinum Diversified Mining Inc.
10 September 2007

           Platinum Diversified Mining Inc. ("PDM" or the "Company")

                  Posting of supplementary admission document

The board of PDM announces that the Company posted a supplementary admission
document to shareholders on 8 September 2007. The full text of the Chairman's
letter in the supplementary admission document is set out below.

"Dear Shareholder,

Introduction

Appendix I to the Admission Document circulated to you on 20 August 2007 set out
financial information on ICM for the period to 31 December 2006, prepared in
accordance with UK GAAP. As the reporting standard of the Company is IFRS, we
undertook to send a further circular to Shareholders setting out the financial
information on ICM for the period to 31 December 2006 prepared in accordance
with IFRS. Such financial information is set out in Part 2 to this Supplementary
Admission Document.

Variation to the "Yes and redeem" vote in respect of the Resolution

As a result of discussions held with Shareholders since posting of the Admission
Document, the Board has resolved to vary the terms of the "Yes and redeem" vote
in favour of the Resolution to offer Shareholders the opportunity to realise
value for those Ordinary Shares not redeemed as a result of Redemption
Limitation. The proposed variation is as follows:

1.1 Shareholders who vote their holding of Ordinary Shares in favour of the 'FOR
AND REDEEM' option only, shall, in respect of only those Ordinary Shares which
are not redeemed by the Company due to the Redemption Limitation (the "Remaining
Shares"), and subject to paragraph 1.2 below, be entitled to (i) receive a 10
per cent. per annum coupon on the value of the Remaining Shares calculated as
the number of Remaining Shares at US$8.00 per Remaining Share payable on the 18
month anniversary of Admission ("Redemption Date"), such interest to accrue
until redemption by the Company or other purchase of such Remaining Shares (as
detailed in (iii) hereof) or a forfeit of rights as set out below; and (ii) to
primary security over the assets of the Company (the "Security") equivalent to
the aggregate value of the Remaining Shares at US$8.00 per Remaining Share; and
(iii) at the option of the Shareholder, on the Redemption Date to require the
Company to redeem the Remaining Shares at US$8.00 per Remaining Share or
otherwise receive such payment by the Company procuring purchasers of such
shares at US$8.00 per Remaining Share, any default of which would trigger the
Security.

1.2 The rights referred to in paragraph 1.1 (i) to (iii) above shall
automatically be forfeited and cease to apply if on or prior to the Redemption
Date either (i) the middle market price per Ordinary Share exceeds US$10.50 or
more for 10 consecutive trading days, or (ii) such Shareholders (being those
holding Ordinary Shares on the Record Date) shall dispose of all or any of such
Remaining Shares prior to the Redemption Date.

1.3 The Company shall in its absolute discretion be entitled to require that
such Shareholder has its Remaining Shares redeemed at US$8.00 per Remaining
Share or procure purchasers for the Remaining Shares at US$8.00 per Remaining
Share at any time during the period from Admission up to and including the
Redemption Date including the payment by the Company of accrued interest thereon
and in the event such Shareholder elects not to have its Remaining Shares so
redeemed or repurchased (as applicable) that Shareholder forfeits all the rights
referred to in paragraph 1.1(i) to (iii) above whether such rights are accrued
or otherwise.

1.4 The Company shall as soon as practicable following Admission implement the
relevant security documentation and other documentation required to give effect
to the matters referred to in paragraphs 1.1 and 1.2 above.

Shareholders who have already returned their Form of Proxy will be contacted by
the Company on Monday 10 September 2007 in order to discuss the variation to the
terms of the voting options available to Shareholders.

PMCC Threatened Claim

Details of a threatened claim made by PMCC against ICM, amongst others, are
disclosed at paragraph 15.7 of Part V of the Admission Document. It is noted in
paragraph 15.7 that ICM had not heard anything further in respect of the PMCC
Threatened Claim since Mr Sugar's email of 18 August 2006.

On 29 August 2007, following publication of the Admission Document, PMCC issued
a statement of claim in the Ontario Superior Court of Justice in Toronto as
Court File number 07-CV-339178PD1 against a number of defendants, including ICM,
certain subsidiaries of ICM, PDM, TVL, NGH Capital and HIRI (the "Claim"). The
Claim is similar in nature to the PMCC Threatened Claim outlined in paragraph
15.7 of the Admission Document, which the board of ICM, having been advised by
its solicitors in England and Canada, believes is opportunistic and without any
merit.

The Claim seeks:

(i) an order that ICM transfer its interest in the Concessions to PMCC;

(ii) alternatively, a declaration that the ICM Shares issued in exchange for the
Concessions are beneficially owned by PMCC and that they be registered in the
name of PMCC;

(iii) a declaration that the Consideration Shares to be issued to pursuant to
the Acquisition Agreement are beneficially owned by PMCC and they be registered
in the name of PMCC;

(iv) an interim injunction preventing the defendants to the Claim from disposing
of their interest in the Concessions;

(v) in the further alternative, damages in the sum of US$200,000,000.

As at the date of this Supplementary Admission Document, so far as ICM and its
legal advisers are aware, the Claim has not been properly served on any of the
defendants. The board of ICM, having consulted with its Canadian solicitors
Blake Cassels & Graydon LLP ("BCG"), has instructed BCG to respond to the Claim
vigorously on its behalf. To this effect, BCG issued a letter to PMCC dated 6
September 2007 seeking dismissal of the Claim and in the alternative confirming
that they will defend the Claim vigorously and seek a substantial sum for
security for costs.

Yours faithfully,

Mark Nordlicht
Non-Executive Chairman"

Enquiries:

Platinum Diversified Mining Inc.
Mark Nordlicht                      +1 (212) 582 2222

Strand Partners Limited
Simon Raggett                       +44 (0) 20 7409 3494
Warren Pearce





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