UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549
                                   FORM 10-QSB

(Mark One)

[X]      QUARTERLY REPORT PURSUANT TO SECTION 13 OR l5 (d) OF THE SECURITIES
         EXCHANGE ACT OF 1934

         For the quarterly period ended March 31, 2001.

[_]      TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
         EXCHANGE ACT OF 1934 For the transition period from ________ to
         ________.

                 Commission File Number ______________________

                      IDAHO CONSOLIDATED METALS CORPORATION
        (Exact name of small business issuer as specified in its charter)

   British Columbia, Canada                                      82-0465571
(State or other jurisdiction of                              (I.R.S. Employer
incorporation or organization)                            Identification Number)

                           Suite 225 - 4299 Canada Way
                            Burnaby, British Columbia
                                 Canada                   V5G 1H3
               (Address of principal executive offices) (Zip Code)

                                 (830) 634-3149
                (Issuer's telephone number, including area code)


                     (Former name, former address and former
                   fiscal year, if changed since last report)

Indicate by check mark whether the issuer: (1) has filed all reports required to
be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.

         Yes [  ]          No [X]

         The number of shares of the issuer's Common Stock outstanding at
September 30, 2001 was 37,165,623.

         Transitional Small Business Disclosure Format

         Yes [  ]          No [X]
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                                TABLE OF CONTENTS                           Page

PART I - BUSINESS AND PROPERTY                                               3

PART II -- OTHER INFORMATION                                                 3

Item 1.  Legal Proceedings                                                   3

Item 2.  Changes in Securities and Use of Proceeds                           3

Item 3.  Defaults Upon Senior Securities                                     5

Item 4.  Submission of Matters to a Vote of Security Holders                 5

Item 5.  Other Information                                                   5

Item 6.  Exhibits and Reports on Form 8-K                                    7

Signatures                                                                   8
                                       2
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                                     PART I

     The Company is not required to file this part pursuant to Rule 13a-13(c)(2)
of the Securities Exchange Act of 1934.

                                     PART II

Item 1.           Legal Proceedings

         None.

Item 2.           Changes in Securities and Use of Proceeds

         Sales of Unregistered Securities

         Exercise of Warrants and Options

     During the quarter ended March 31, 2001, the Company issued 50,000 shares
from treasury on exercise of options at C$0.30 per share for cash in the amount
of $9,866 (C$15,000). The issuance was exempt by virtue of Section 4(2) of the
Securities Act of 1933 ("Securities Act") and Rule 506 under the Securities Act.

     During the quarter ended March 31, 2001, the Company issued 100,000 shares
from treasury on exercise of options at C$0.26 CDN per share for cash in the
amount of $16,890 (C$26,000). These options were initially granted at C$1.15 CDN
on February 13, 1997, and were re-priced at C$0.26 CDN per share on April 1,
1998. The issuance was exempt by virtue of Section 4(2) of the Securities Act of
1933 ("Securities Act") and Rule 506 under the Securities Act.

     During the quarter ended March 31, 2001, the Company issued a total of
668,000 shares from treasury upon exercise of 668,000 share purchase warrants at
an exercise price of $0.12 (C$0.18) per share for total cash proceeds of $79,319
(C$120,240). These warrants were issued as part of a March 1999 Private
Placement, which is described in the Company's Form 10-KSB for the year ended
December 31, 2000. The issuance of these common shares was exempt from
registration by virtue of Section 4(2) of the Securities Act, Rule 506 under the
Securities Act, and/or Regulation S under the Securities Act.

     During the quarter ended March 31, 2001, the Company issued 11,000 shares
from treasury to Pacific International on the exercise of 22,000 share purchase
warrants at an exercise price of $1.26 CDN for cash proceeds of $8,887
(C$13,860). These warrants were issued on April 10, 2000 in the Short Form
Prospectus Offering, which is described in the Company's Form 10-KSB for the
year ended December 31, 2000. The issuance of these common shares was exempt
from registration by virtue of Section 4(2) of the Securities Act, Rule 506
under the Securities Act, and/or Regulation S under the Securities Act.

                                       3
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         Options Granted

     During the quarter ended March 31, 2001, the Company granted 1,225,000
options to purchase shares of the Company's common stock at $0.80 CDN per share
and expiring January 9, 2006. The issuance of options was exempt from
registration by virtue of Section 4(2) of the Securities Act and Rule 506 under
the Securities Act.

     During the quarter ended March 31, 2001, the Company granted 2,250,000
incentive share purchase options at $1.08 per share to Crystallex International
Corporation ("Crystallex") in accordance with the terms of an agreement between
Crystallex and the Company dated January 10, 2001 (the "Crystallex Agreement").
The options expire on January 10, 2006 or within 90 days from the termination of
the Agreement. The incentive share purchase options are subject to the terms and
conditions of the Company's Stock Option Plan dated January 9, 2001. The terms
of the Crystallex Agreement are described below in Item 5, "Other Information."
The issuance of the options was exempt from registration by virtue of Section
4(2) and/or Rule 506 under the Securities Act.

         Other Sales

     During the quarter ended March 31, 2001, the Company issued 1,294,118
units, each unit consisting of one common share and one-half warrant, at $0.85
CDN per unit, for gross proceeds of $728,361 (C$1,100,000). Each whole warrant
entitles the holder to acquire an additional common share for a period of one
year at C$1.25 CDN per share. The Company also paid finders' fees of $23,014
(C$35,000) and issued 51,471 common shares related to the February 2, 2001
private placement. The issuance of the common shares and warrants were exempt
from registration by virtue of Section 4(2) of the Securities Act and Regulation
S under the Securities Act.

During the quarter ended March 31, 2001, the Company issued 434,783 units, each
unit consisting of one common share and one-half warrant, at C$0.92 per unit,
for gross proceeds of $260,603 (C$400,000). Each whole warrant entitles the
holder to acquire an additional common share for as period of one year at C$1.25
per share. The Company paid a finder's fee in the amount of $26,060) (C$40,000)
or 10% of the proceeds for the February 27, 2001 private placement. The issuance
of the common shares and warrants was exempt from registration by virtue of
Section 4(2) of the Securities Act and Regulation S under the Securities Act.

         Working Capital Restrictions

     The Company has had negative cash flows from operating activities since
inception, and expects that negative cash flows from operating activities will
continue, which will have a material negative impact on liquidity.

     The Company is dependent on the proceeds of debt and equity financings such
as private placements, issuances of convertible securities, the exercise of
stock options or warrants, and optioning or selling its properties or other
assets to fund its general and administrative expenditures and its mineral
exploration and development costs. Without such proceeds, the Company may not
continue as a going concern. The Company will need funding to continue its
operations and there can be no assurance that such funding will be available.

                                       4
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         Limits on Dividends

     The Company has never paid any dividends on its common stock and the
Company does not expect to pay dividends on its common stock in the foreseeable
future.

Item 3.           Defaults Upon Senior Securities

     Not applicable.

Item 4.           Submission of Matters to a Vote of Security Holders

     None.

Item 5.           Other Information

         Incentive Stock Option Plan

     On January 9, 2001, the Company adopted an Incentive Stock Option Plan
("Plan"). The Company may grant, pursuant to the policies of the Canadian
Venture Exchange ("CDNX"), incentive stock options to its directors, senior
officers and employees or to employees of a company providing management
services to the Company or to consultants engaged by the Company (the "Eligible
Persons") in consideration of them providing their services to the Company. The
options enable the Eligible Persons to purchase shares of the Company at a price
fixed pursuant to the rules of CDNX. The option agreements must provide that the
option can only be exercised by the optionee and only so long as the optionee
continues in the capacity of an Eligible Person or within a period of not more
than 90 days after ceasing to be a director, officer or employee or, if the
optionee dies, within one year from the date of the optionee's death.

     According to Canadian Venture Exchange ("CDNX") policies, the total number
of stock option which may be granted under the Plan is equal to 20% of the
Company's outstanding and issued shares as of the date of the Plan, or 6,586,422
(less any outstanding stock options previously issued). Shareholder approval is
required if the total number of stock options issued is more than 20% of the
Company's outstanding shares, or if any individual may receive stock options
exceeding 5% of the Company's outstanding shares.

     All stock options granted after January 9, 2001 are subject to the Plan.
All grants must comply with CDNX pricing policies and are subject to approval.
The stock options that are granted under the Plan are subject to an 18-month
vesting schedule. The stock options vest in 25% upon grant, another 25% six
months after the grant, another 25% twelve months after the grant, and the last
25% after eighteen months after the grant.

     Stock options are granted at the discretion of the Company's Board of
Directors. The board has the authority to amend options granted pursuant to the
terms of the Plan and subject to CDNX approval. The Company is presently
classified as a Tier 2 company by CDNX. The present policies of the CDNX with
respect to amendments to the exercise price of stock options for Tier 2
companies may be summarized as follows:

         (a) the exercise price is subject to a minimum price of $0.10 CDN per
         share, and shall not be less than the closing price of the Company's
         shares for the trading day immediately the date of amendment to the
         options (the "Market Price") less the applicable discount, which ranges
         from 15% to 25% depending on the trading price (the "Discounted Market
         Price"),
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         (b) the option exercise price can be amended only if at least six
         months have elapsed since the later of the date the option was granted
         or the date the option exercise price was last amended;

         (c) if the option price is amended to the Discounted Market Price, the
         four month CDNX hold period will apply from the date of the amendment.
         If the option price is amended to the Market Price, the CDNX hold
         period will not apply;

         (d) disinterested shareholder approval is required prior to the
         reduction in the exercise price of stock options granted to any
         Insider;

         (e) any amendment to the terms of an option agreement must be accepted
         for filing by CDNX prior to the amendment becoming effective;

         (f) if a company cancels a stock option and, within one year grants new
         options to the same individual, the new options will be subject to the
         above requirements.

         Changes in Directors

     Jagdish Vyas resigned as director in January 18, 2001. Theodore Tomasovich
and Bernd Struck resigned as directors January 9, 2001. Marc J. Oppenheimer and
Luca Riccio have been appointed as directors until the next annual general
meeting of the Company.

         Related Party Transactions

     Crystallex was contracted by the Company to compile, organize and review
geological data, plan and prioritize drilling programs, analyze capital
requirements, negotiate joint venture agreements and communicate with analysts
and others in the financial community who are interested in mining properties.
In exchange, the Company agreed to pay Crystallex a fee of C$15,000 per month
and granted Crystallex options to purchase up to 2,250,000 of our shares for a
contract price of C$1.08 per share. In general, the options may be exercised
until January 10, 2006. However, if, at any time beginning on January 10, 2004,
the shares trade for 10 consecutive days on the Canadian Venture Exchange for at
least 3 times the contract price or C$3.32 per share, Crystallex must exercise
30% of its options by purchasing 675,000 shares at the contract price.
Otherwise, its options will be cancelled as to those shares.

     Crystallex may cancel the agreement anytime by providing 3 months' advance
written notice. In the event Crystallex elects to cancel the agreement by
providing 3 months' advance written notice, Crystallex shall have 90 days after
the effective date of termination of the agreement to exercise its options,
after which the options shall be canceled. In addition, Crystallex may
immediately cancel the agreement if at any time during the term of the agreement
there is a change of control of us, and, in such event, Crystallex shall have
one year in which to exercise the options granted thereunder. A change of
control in us means the acquiring of such number of shares of us by any entity
that gives the acquiring entity the ability to elect a majority of our directors
at a meeting duly called for that purpose. In the event Crystallex elects to
terminate the agreement as a result of a change in control, Crystallex shall
have one year after the date of termination to exercise its options.

                                       6
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     The Company may cancel the agreement at any time in any given year in which
the Company has not been successful in reaching the minimum funding set out
below by June 30th of the applicable year:

                           -year 2001 - USD$3,000,000;
                           -year 2002 - USD$4,000,000;
                           -year 2003 - USD$5,000,000;
                           -year 2004 - USD$6,000,000; and
                           -year 2005 - USD$7,000,000.

     In the event the Company cancels the agreement, Crystallex will have 90
days after the day of termination to exercise its options.

     On March 30, 2001, the Company and Platinum Fox, LLC and Emerald Chimera,
LLC, amended the Platinum Fox Lease with Purchase Option, covering 54 leased
claims located within the Stillwater Complex, in Montana. The amendment
converted the term of the Platinum Fox Lease from 5 successive 1-year terms (to
be renewed each year at the election of the Company) to a flat 5-year term. No
other modifications or amendments were made to the remaining material terms of
the Platinum Fox Lease.

     Company Offices

     The Company's head office moved from Suite 470 - 504 Main Street, Lewiston,
Idaho, USA 83501, to 101 - 5000 Bridge Street, Delta, British Columbia, Canada
V4K 2K4, the new phone number is 604-946-6682, the new facsimile number is
604-940-8865, and the new email address is idahopgms@telus.net. Subsequently,
the Company's head and principal office moved tot Suite 225 - 4299 Canada Way,
B.C., Canada V5G 1H3 and its phone number changed to (830) 634-3149, the
facsimile number changed to (604) 434-7045. In addition, a new exploration
office has been established in Red Lodge, Montana, USA, at 102 Two Willow Lane,
P.O. Box 2210, Red Lodge, Montana, USA 59068. The telephone number and facsimile
number for the Montana office is 406-446-0201.

Item 6.           Exhibits And Reports On Form 8-K [SB 601]

(a)      Exhibits

10.01    Amendment dated March 30, 2001 to the Tri-Party Lease with Purchase
         Option Agreement between Platinum Fox, Emerald Chimera and the Company

10.02    Crystallex International Corporation agreement dated January 10, 2001

10.03    Incentive Stock Option Plan

(b)      No reports on Form 8-K were filed during the quarter ended March 31,
         2001.
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                                   SIGNATURES

         Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.

                                     IDAHO CONSOLIDATED METALS CORPORATION

Date     January 28, 2002            By   "John Andrews"
                                          ---------------------------
                                           John Andrews
                                           President and Chief
                                           Executive Officer

Date     January 28, 2002            By   "Kenneth A. Scott"
                                           --------------------
                                           Kenneth A. Scott
                                           Chief Financial Officer
                                       8