EXHIBIT 10.01

                             LETTER OF UNDERSTANDING
                                     BETWEEN
                IDAHO CONSOLIDATED METALS CORP AND DIANE GARRETT

The undersigned parties, Idaho Consolidated Metals Corp ("ICMC") and Diane
Garrett ("Garrett") agree to the following terms of employment of Garrett by
ICMC. The following terms and conditions shall form the framework for any
further formalization between the parties.

 It is therefore agreed and understood as follows:

ITEM ONE:   CONSIDERATION

A.       Diane Garrett shall be paid U.S.$100,000 per annum divided into 12
         monthly payments of $8333.33. Along with her monthly payment shall also
         be reimbursed for all out of pocket expenses directly related to the
         performance of her duties along with any advanced in the event of
         travel related expenses. Garrett will submit an invoice monthly to
         ICMC's offices for reimbursement of expenses. Said invoice shall
         include copies of all receipts and other support data.

B.       Garrett shall be provided an option package in ICMC common shares
         consisting of 150,000 shares at a price of market on the date the news
         release concerning this Letter Of Understanding is publicly announced
         or $1.25 if the share price is lower than $1.25. Said options shall be
         made available to Garrett with the first 25% available for purchase
         upon signing, 25% after 6 months, 25% after 12 months and the remaining
         25% after 18 months. In the event of termination all unexercised
         options shall be exercised pursuant to the current stock option plan of
         the Company. In the event of termination any options that have not
         vested will terminate.

C.       Garrett shall participate in any future grant of options or bonuses as
         agreed to by management based on the Company's performance, which shall
         be evaluated annually.

ITEM TWO:         DUTIES AND RESPONSIBILITIES:

A.       Garrett shall use her expertise and contacts in the mining industry and
         investment community to assist ICMC in the following:

         1.       Advise and counsel regarding the corporate development of
                  ICMC.

         2.       Be primarily responsible for ICMC's corporate package for
                  investors and shareholders along with preparing for and making
                  presentations to brokers, analysts, shareholders and potential
                  investors.

         3.       Assist ICMC with financings for ongoing exploration and
                  development of the Company's precious metal projects.

         4.       Be available to shareholders and investment relations people
                  for communication about the Company and its projects.
<PAGE>
         5.       Report directly to Marc Oppenheimer on a regular basis.

ITEM THREE:       POSITION

         Garrett shall be designated Vice President of Corporate Finance.

ITEM FOUR:                 TERMINATION

         This agreement may be terminated by either party with a 60-day notice.
         In the event of provable malfeasance either party may immediately
         terminate this agreement.

ITEM FIVE:                 RESPONBSILITIES OF ICMC

A.       ICMC shall include Garrett in its D&O coverage.

B.       ICMC shall make all information available to Garrett.

The parties hereto understand that the Company is proceeding to register its
shares in the United States by filing an SB2 Registration and Offering. The
undersigned parties recognize that further formalization and/or approval of one
or more regulatory bodies, including the Canadian CDNX, may be required for this
agreement. The parties therefore agree to cooperate with each other to satisfy
regulatory requirements.

The parties hereby acknowledge the terms and conditions of this letter of
understanding by signing below.

Signed on this _____ day of June 2001.

Idaho Consolidated Metals Corp                       Diane Garrett