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

     [x]  Quarterly Report Pursuant to Section 13 or 15(d)
          of The Securities Exchange Act of 1934
          For the Quarterly Period ended September 30, 1996
          Transition Report under Section 13 or 15(d)
          of the Securities Exchange Act of 1934
          For the Transition Period from       to
                                         -----    -----
          Commission File Number 
                                 ----------------------------------------

                        IDAHO CONSOLIDATED METALS CORP. 
                        ------------------------------- 
                         (Exact Name of Small Business 
                      Issuer as Specified in Its Charter) 

                            British Columbia, Canada
                        --------------------------------
                        (State or other jurisdiction of 
                         incorporation or organization)

                                   82-0465571
                        --------------------------------
                      (I.R.S. Employer Identification No.)

                           504 Main Street, Suite 475
                              Post Office Box 1124
                             Lewiston, Idaho  83501
                        --------------------------------
                    (Address of Principal Executive Offices)

                                 (208) 743-0914
                        --------------------------------
                          (Issuer's Telephone Number, 
                              Including Area Code)

     Check whether the issuer (1) filed all reports required to be filed by
     Section 13 or 15(d) of the Exchange Act during the past 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 [X]    No [  ]

     State the number of shares outstanding of each of the issuer's classes
     of common equity, as of the latest practicable date: 6,854,208 as of
     November 6, 1996.

     Transitional Small Business Disclosure Format (check one):

     Yes [ ]    No [X]
     <PAGE>
     IDAHO CONSOLIDATED METAL CORP.

     Form 10-QSB
     For the Fiscal Quarter ended September 30, 1996


     TABLE OF CONTENTS


     PART I.FINANCIAL INFORMATION

         Item 1.  Financial Statements of the Company
         Item 2.  Management's Discussion and Analysis or Plan of Operation


     PART II.  OTHER INFORMATION

         Item 1.  Legal Proceedings
         Item 2.  Changes in Securities
         Item 3.  Defaults Upon Senior Securities
         Item 4.  Submission of Matters to a Vote of Security Holders
         Item 5.  Other Information
         Item 6.  Exhibits and Reports on Form 8-K

         Signatures
     <PAGE>
     PART I

     FINANCIAL INFORMATION


     ITEM 1.  FINANCIAL STATEMENTS OF THE COMPANY
     --------------------------------------------

     The following unaudited interim financial statements for the period
     ending September 30, 1996, are included in response to item 1 and have
     been compiled by Staley, Okada, Chandler & Scott, Chartered
     Accountants.

     The financial statements should be read in conjunction with
     Management's Discussion and Analysis or Plan of Operations and other
     financial information included elsewhere in this Form 10-QSB.
     <PAGE>
                                   SCHEDULE A

                               IDAHO CONSOLIDATED
                                  METALS CORP.
                         (An Exploration Stage Company)


                          INTERIM FINANCIAL STATEMENTS

                                30 SEPTEMBER 1996

                        Unaudited - See Notice to Reader

                                   U.S. Funds



                         STALEY, OKADA, CHANDLER & SCOTT

                              Chartered Accountants
     <PAGE>
     NOTICE TO READER


     We have compiled the interim balance sheet of Idaho
     Consolidated Metals Corp. as at 30 September 1996 and the interim
     statements of changes in shareholders' equity, operations and cash
     flows for the nine months then ended from information provided by
     management.   We have not audited, reviewed or otherwise attempted to
     verify the accuracy or completeness of such information.  Readers are
     cautioned that these statements may not be appropriate for their
     purposes.




     Burnaby, B.C.                          STALEY, OKADA, CHANDLER & SCOTT
     12 November 1996                                 CHARTERED ACCOUNTANTS
     <PAGE>
     Idaho Consolidated Metals Corp.                            Statement 1
     (An Exploration Stage Company)
     Interim Balance Sheet
     As at 30 September
     U.S. Funds
     Unaudited - See Notice to Reader



                                                       September 30,
                                                 ------------------------
                                                    1996         1995
                                                 -----------  -----------
                     ASSETS
     Current:
       Cash                                      $   534,526  $    10,224
       Accounts receivable                            85,000           94
       Inventory                                     164,416      124,416
       Prepaid expenses                                    -          269
                                                 -----------  -----------
                                                     783,942      135,003

     Capital Assets:
       Net of accumulated amortization                 9,417        3,937

     Resource Property Costs - Schedule            4,301,072    3,741,421
                                                 -----------  -----------
                                                 $ 5,094,431  $ 3,880,361
                                                 ===========  ===========

                  LIABILITIES

     Current:
       Bank loan                                 $    30,408  $         -
       Accounts payable:
         Related parties                              78,519       88,911
         Other                                       533,477      463,726
       Current portion of notes payable              529,906      415,000
       Share subscriptions payable                         -      340,200
                                                 -----------  -----------
                                                   1,172,310    1,307,837
                                                 -----------  -----------
     Notes Payable                                    20,078            -
                                                 -----------  -----------
     <PAGE>
     Idaho Consolidated Metals Corp.                            Statement 1
     (An Exploration Stage Company)
     Interim Balance Sheet, Continued
     As at 30 September
     U.S. Funds
     Unaudited - See Notice to Reader



                                                       September 30,
                                                 ------------------------
                                                    1996         1995
                                                 -----------  -----------
             SHAREHOLDERS' EQUITY

     Share Capital - Statement 2                 $ 7,421,177  $ 5,095,447
     Deficit - Accumulated during the
       exploration stage - Statement 2            (3,466,549)  (2,470,338)
     Foreign Currency Translation
       Adjustments - Statement 2                     (52,585)     (52,585)
                                                 -----------  -----------
                                                   3,902,043    2,572,524
                                                 -----------  -----------
                                                 $ 5,094,431  $ 3,880,361
                                                 ===========  ===========

     ON BEHALF OF THE BOARD:


     --------------------------------, 
     Director


     --------------------------------, 
     Director


     - See Accompanying Notes -
     <PAGE>
     Idaho Consolidated Metals Corp.                             Statement 2
     Interim Statement of Changes in Shareholders' Equity
     U.S. Funds
     Unaudited - See Notice to Reader

     <TABLE>
     <CAPTION>
                                                              Deficit
                                                            Accumulated   Foreign
                                         Common Shares      During the    Currency
                                    ----------------------  Exploration  Translation
                                     Shares      Amount        Stage     Adjustment      Total
                                    ---------  -----------  -----------  -----------  -----------
      <S>                           <C>        <C>          <C>          <C>          <C>
      Balance - 31 December 1994    5,310,044  $ 4,298,476  $(1,794,488) $   (52,585) $ 2,451,403
        Issuance of shares for 
          exercise of warrants 
          ($2.23 per share)            30,000       66,900            -            -       66,900
        Private placement ($1.50 
          per share)                  290,464      435,696            -            -      435,696
        Release of escrowed 
          shares for executive 
          compensation ($1.57 per 
          share)                            -      294,375            -            -      294,375
        Loss for the period - 
          Statement 3                       -            -     (675,850)           -     (675,850)
                                    ---------  -----------  -----------  -----------  -----------
      Balance - 30 September 1995   5,630,508  $ 5,095,447  $(2,470,338) $   (52,585) $ 2,572,524
                                    =========  ===========  ===========  ===========  ===========

      Balance - 31 December 1995    5,968,308  $ 5,602,147  $(2,645,366) $   (52,585) $ 2,904,196
        Options exercised              30,000       39,520            -            -       39,520
        Private placement ($1.50 
          per share)                  100,000      150,000            -            -      150,000
        Private placement ($1.75 
          per share)                  755,900    1,322,825            -            -    1,322,825
        Finder's fee                        -      (45,000)           -            -      (45,000)
        Release of escrowed 
          shares for executive 
          compensation ($1.28 to 
          $2.34 per share)                  -      351,685            -            -      351,685
        Loss for the period - 
          Statement 3                       -            -     (821,183)           -     (821,183)
                                    ---------  -----------  -----------  -----------  -----------
      Balance - 30 September 1996   6,854,208  $ 7,421,177  $(3,466,549) $   (52,585) $ 3,902,043
                                    =========  ===========  ===========  ===========  ===========

      </TABLE>

      - See Accompanying Notes -
     <PAGE>
     Idaho Consolidated Metals Corp.                            Statement 3
     Interim Statement of Operations
     For the Nine Months Ended 30 September
     U.S. Funds
     Unaudited - See Notice to Reader



                                                      1996        1995
                                                   ----------  ----------
     Administrative Expenses:
       Executive compensation                      $  351,685  $  294,375
       Professional fees                              142,786     140,791
       Management fees and wages                      116,448      64,413
       Shareholder information                         54,846      46,030
       Office and general                              42,904      32,358
       Travel                                          33,712      27,862
       Transfer agent and filing fees                  12,953       5,012
       Office rent                                      9,082       9,510
       Finance fees                                     5,067      29,453
       Entertainment and promotion                      1,982       6,873
       Amortization                                     1,102       1,143
       Loss on disposal of capital assets                   -       4,576
                                                   ----------  ----------
                                                      772,567     662,396
                                                   ----------  ----------
     Other (Income) Expense:
       Interest income                                 (5,925)       (761)
       Interest expense                                54,541      14,215
                                                   ----------  ----------
                                                       48,616      13,454
                                                   ----------  ----------
     Loss for the Period                           $  821,183  $  675,850
                                                   ==========  ==========
     Loss Per Common Share                         $     0.14  $     0.12
                                                   ==========  ==========
     Weighted Average Number of Common Shares 
       Outstanding                                  6,012,344   5,506,981
                                                   ==========  ==========


     - See Accompanying Notes -
     <PAGE>
     Idaho Consolidated Metals Corp.                            Statement 4
     Interim Statement of Cash Flows
     For the Nine Months Ended 30 September
     U.S. Funds
     Unaudited - See Notice to Reader

                                                      1996        1995
                                                   ----------  ----------
     Cash Resources Provided By (Used In):
       Operating Activities:
         Loss for the period                       $ (821,183) $ (675,850)
         Items not affecting cash
         Amortization                                   1,102       1,143
         Loss on disposal of capital assets                 -       4,576
         Release of escrowed shares for 
           executive compensation                     351,685     294,375
         Changes in current assets and 
           liabilities:
             Accounts receivable                      (40,762)      2,217
             Inventory                                (40,000)    (25,000)
             Prepaid expenses                               -       2,176
             Accounts payable:
               Related parties                        (38,354)   (155,215)
               Other                                  (21,468)     77,853
                                                   ----------  ----------
                 Net cash used in operating 
                   activities                        (608,980)   (473,725)
                                                   ----------  ----------
     Investing Activities:
       Property rights, plant and equipment          (339,161)   (395,288)
       Capital assets                                  (6,963)          -
                                                   ----------  ----------
                 Net cash used in investing 
                   activities                        (346,124)   (395,288)
                                                   ----------  ----------
     Financing Activities:
       Bank loan                                       (5,000)          -
       Repayments of notes payable                   (140,016)    (65,000)
       Net proceeds from sale of common
         stock                                      1,819,030     502,596
       Share capital issued for non-cash
         consideration                               (351,685)          -
       Share subscriptions payable                          -     340,200
                                                   ----------  ----------
                 Net cash provided by financing
                   activities                       1,322,329     777,796
                                                   ----------  ----------
     Net Increase (Decrease) in Cash                  367,225     (91,217)
     Cash position - Beginning of period              167,301     101,441
                                                   ----------  ----------
     Cash Position - End of Period                 $  534,526  $   10,224
                                                   ==========  ==========

     - See Accompanying Notes -
     <PAGE>
     Idaho Consolidated Metals Corp.                               Schedule
     Interim Schedule of Resource Property Costs
     For the Nine Months Ended 30 September
     U.S. Funds
     Unaudited - See Notice to Reader



                                                      1996        1995
                                                   ----------  ----------
     Direct - Mineral:
       Idaho County, Idaho, U.S.A.:
         Staking, filing and claim rental          $  154,299  $  105,213
         Process plant and equipment                  103,807     127,519
         Acquisition, lease and advance
           royalties                                   94,400      41,200
         Camp and general                              35,054      20,259
         Geological                                    30,313      55,129
         Assaying                                      13,442      13,044
         Drilling                                       2,032           -
         Taxes and licenses                             1,459      45,488
         Environmental                                    180           -
         Stripping                                          -      31,345
         Survey                                             -       1,916
         Option payment received                      (50,000)          -
                                                   ----------  ----------
     Costs for the Period                             384,986     441,113
     Balance - Beginning of period                  3,916,086   3,300,308
                                                   ----------  ----------
     Balance - End of Period                       $4,301,072  $3,741,421
                                                   ==========  ==========

     - See Accompanying Notes -
     <PAGE>
     Idaho Consolidated Metals Corp.
     Notes to Interim Financial Statements
     30 September 1996
     U.S. Funds
     Unaudited - See Notice to Reader


     1.  Significant Accounting Policies

         The notes to the financial statements as of 31 December 1995, as
         set forth in the company's 1995 Annual Report on Form 10-K,
         substantially apply to these interim financial statements and are
         not repeated here.


     2.  Interim Financial Statements Adjustments

         The financial information given in the accompanying unaudited
         interim financial statements reflects all adjustments which are,
         in the opinion of management, necessary to a fair statement of the
         results for the interim periods reported.  All such adjustments
         are of a normal recurring nature.  All financial statements
         presented herein are unaudited.
     <PAGE>
     SCHEDULE B                                                 Page 1 of 2


     1.  YEAR-TO-DATE REQUIREMENTS

         a)  Deferred costs, exploration and development:

             See attached Schedule for details.


         b)  General and administrative:

             See attached interim financial statements for details.


         c)  Expenditures to non-arms length parties:

                                                               U.S. Funds
                                                               ----------
               Paid management fees and salary to president 
                 and director                                   $25,753
               Paid management fees to directors                  3,464
                                                                -------
                                                                $29,217
                                                                =======
     <PAGE>
     2.  FOR THE QUARTER ENDED 30 SEPTEMBER 1996

         a)  Securities issued:

     <TABLE>
     <CAPTION>

                                                                               Total                                    Net
                               Type of                                        Proceeds       Type of                  Proceeds
                    Date       Security    Type of Issue     Number    Price  U.S. Funds  Consideration  Commission  U.S.Funds
                -------------  --------  -----------------  ---------  -----  ----------  -------------  ----------  ----------
                <S>            <C>       <C>                <C>        <C>    <C>         <C>            <C>    <C>
                12 Sept. 1996  Common    Private placement    337,800  $1.50  $  506,700       Cash         None     $  506,700
                12 Sept. 1996  Common    Private placement    100,000  $1.50     150,000       Cash         None        150,000
                12 Sept. 1996  Common    Private placement    755,900  $1.75   1,322,825       Cash       $45,000     1,277,825
                                                            ---------         ----------                             ----------
                                                            1,193,700         $1,979,525                             $1,934,525
                                                            =========         ==========                             ==========
      </TABLE>

           b)  Options granted:

             NONE

     3.  AS AT 30 SEPTEMBER 1996

           a)  Authorized and issued share capital:

                      Authorized                       Issued
                                                     ----------
                                                     U.S. Funds
             Class    Par Value Number    Number       Amount
             ------   ----------------  ----------   ----------
             Common        N.P.V.       20,000,000   $6,854,208  $7,421,177
     <PAGE>
         b)  Summary of options, warrants and convertible securities
             outstanding:

     <TABLE>
     <CAPTION>
                                Price                              CND
              Date Granted     Number      Type        Name       Funds     Expiry Date
             ---------------   -------   --------   -----------   -----   ---------------
             <S>               <C>       <C>        <C>           <C>     <C> 
             Options:

             30 October 1995    60,000   Director   D.W. Steiner  $1.80   30 October 1999
             30 October 1995    50,000   Director   E.R. Knickel  $1.80   30 October 1999
             30 October 1995    30,000   Director   P. Lepik      $1.80   30 October 1999
             30 October 1995    50,000   Employee   W. Struck     $1.80   30 October 1999
             30 October 1995    30,000   Employee   G. Magnuson   $1.80   30 October 1999
             17 May 1996       250,000   Employee   K. Scott      $3.30   17 May 2000
             17 May 1996        75,000   Employee   T. Weed       $3.30   17 May 2000
                               -------
                               545,000
                               =======
             Warrants:

             12 September 1996 268,900                            $1.50   12 September 1997
                                                               or $2.50   12 September 1998
             12 September 1996 377,950                            $1.75   12 September 1997
                               -------                         or $2.75   12 September 1998
                               646,850
                               =======
     </TABLE>

         c)  Shares in escrow or subject to pooling:

             562,500 common shares

         d)  List of directors:

             D.W. Steiner
             E.R. Knickel
             G. Webster
     <PAGE>
     ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION
     ------------------------------------------------------------------
     (Dollar references are in U.S. dollars, unless otherwise specified.)

     This Report on Form 10-QSB contains forward-looking statements.  A
     forward-looking statement may contain words such as "will continue to
     be," "will be," "continue to," "expect to," "anticipates that," "to
     be," or "can impact."  Management cautions that forward-looking
     statements are subject to risks and uncertainties that could cause the
     Company's actual results to differ materially from those projected in
     forward-looking statements.

     RESULTS OF OPERATION

     Quarter ended September 30, 1996 compared with the quarter ended
     September 30, 1995.

     The Company is in the exploration stage and has yet to generate
     revenue from production.  The Company continues to explore its mineral
     properties in an effort to establish proven economic ore reserves. 
     Activities at the Eckert Hill plant were suspended during the quarter
     while the Company interviewed for the position of metallurgist.  The
     metallurgist was hired in November 1996 and will be responsible for
     finalization of the design, construction and start-up of the plant. 
     Operations at the facility also remain temporarily suspended as a
     result of a legal action commenced against the Company in October 1996
     by the operator of the facility.  The legal action was commenced by
     Mr. Joe Swisher and Idaho Mining and Development Company and alleges
     substantial amounts owing to the plaintiffs in excess of amounts
     accrued within the audited accounts of the Company.  The Company
     intends to honor all amounts properly accrued as owing to the
     plaintiffs but will vigorously defend against the additional amounts
     claimed.  The Company has filed an action against Mr. Joe Swisher and
     Silver Crystal Mines, Inc. for breach of contract on the Eckert Hill
     plant, slander of title and restoration of all property and equipment
     of the Company.  The Company also is seeking an injunction to prevent
     Mr. Swisher and Silver Crystal Mines, Inc. from using the Swisher-Br
     process, a precious metals extraction process over which the Company
     has an exclusive-use license.  Once reactivated, the Eckert Hill
     facility will remain a pilot plant until sufficient ore reserves and
     gold concentrates are realized to take the facility into full
     production.

     During the quarter ended September 30, 1996, the Company completed
     closing agreements with Idaho Gold Corporation, a subsidiary of Bema
     Gold Corporation, to acquire the Buffalo Gulch , Deadwood and Friday
     properties.  The Company is currently conducting a 10-hole large
     diameter diamond drill coring program on the Buffalo Gulch property as
     recommended in a feasibility study authored by Mineral Resources
     Development Incorporated which was updated in July 1996.  The
     preliminary indications are encouraging and the Company is proceeding
     with reactivating permits towards putting Buffalo Gulch into
     production by the fall of 1997.  The Company's joint venture with 
     <PAGE>
     Cyprus-Amax on the Petsite and Golden Eagle properties is proceeding
     well with the completion of an extensive geochemical soil sampling
     program which has delineated a potentially large gold anomaly.  Based
     on the results, Cyprus-Amax redirected additional funds to conduct a
     second phase of drilling on the properties.  Cyprus-Amax also is
     conducting a geochemical orientation survey on the Deadwood property
     and has indicated an interest in participating in a joint venture to
     further explore and develop this property.

     In the third quarter of 1996, general and administrative expenses
     increased by $277,884 to $350,292 as compared to $122,408 in the third
     quarter of 1995.  The increase brings total general and administrative
     expenses to $772,567 at September 30, 1996 as compared to $662,396 at
     September 30, 1995.  The increase was mainly due to $179,712 in
     executive compensation expense for the third quarter of 1996 as
     compared to $Nil in the third quarter of 1995 as a result of an
     increase in qualifying exploration and development expenditures in the
     quarter as compared to the prior year when sufficient qualifying
     expenditures had been completed by June 30 to maximize the release of
     shares from escrow for that year.

     Under U.S. generally accepted accounting principles, the Company must
     record executive remuneration on the release of performance shares
     from escrow.  The Company issued 750,000 shares at the time of its
     initial public offering to the original principal founders of the
     Company at a price of $0.01 CDN. per share, subject to the terms of an
     escrow agreement.  The number of shares released from escrow is
     calculated on an annual basis as the Company expends qualifying
     amounts on its exploration and development programs, and the Company
     must seek regulatory approval for each release.  During the third
     quarter of 1996, the Company expended sufficient amounts on
     exploration and development to qualify for a release of 76,800 shares,
     which results in $179,712 of executive remuneration and a
     corresponding $179,172 increase in share capital.  By the second
     quarter of 1995, the Company had expended sufficient amounts to
     qualify for the maximum number of shares which could be released in
     that year, and accordingly no further amounts were calculated in the
     third quarter of 1995.  The executive remuneration is a deemed amount
     and is based upon the fair market value of the Company's common shares
     during the relevant quarter.  Regulatory approval of this release has
     yet to be obtained.

     During the quarter ended September 30, 1996, the Company expended
     $291,341 ($384,986 for the nine months to September 30, 1996) on its
     resource property exploration, development and acquisition program as
     compared to $202,187 ($441,113 for the nine months to September 30,
     1995) in the third quarter of 1995.  The overall decrease is related
     to reduced exploration and development activities as the Company seeks
     to obtain sufficient financing to continue its programs.  The
     expenditures during the third quarter of 1996 were mainly related to
     claim maintenance and administration costs, the payment of $50,000 to
     Idaho Mining and Development Company on an option to increase the
     Company's interest in the Golden Eagle properties from 60% to 100%,
     and minor exploration costs. 
     <PAGE>
     All of the Company's resource properties continue to be explored on
     the basis of independent engineering report recommendations, and a
     determination as to whether the properties contain proved reserves has
     yet to be made.  Management has obtained independent valuations of the
     various resource properties and presently believes no write down to
     net realizable value is required on any of the properties.

     In 1994, the Company challenged the 1993 introduction of the claim
     rental fees system by the BLM and requested a waiver of those fees
     which would amount to approximately $460,000 for 1993 and 1994.  The
     request for waiver was denied by the BLM, and the Company then
     appealed that decision to the United States Department of the
     Interior, which denied the appeal.  Management identified
     approximately 1,700 peripheral claims which were dropped as a result
     of the decision because they do not unduly affect the status of each
     claim block.  The key claims in each claim block have been maintained,
     and accordingly an accrual of $229,125 has been made in the financial
     statements comprised of $61,100 for each of 1993 to 1995 and $15,275
     for each of the quarters ended March 31, 1996, June 30, 1996 and
     September 30, 1996, representing the approximate amount of claim
     rental fees which are owing to the BLM.

     The net loss for the nine months to September 30, 1996 increased to
     $821,183 ($0.14 per share) from $675,850 ($0.12 per share) for the
     nine months to September 30, 1995.

     LIQUIDITY AND CAPITAL RESOURCES

     The Company anticipates, based on currently proposed plans and
     assumptions relating to its operations and exploration activities,
     that the proceeds of private placements and the exercise of stock
     options during the ensuing year will be sufficient to satisfy the
     Company's contemplated cash requirements for the ensuing 12 month
     period.  The Company has also signed a letter of engagement with
     Whalen Beliveau of Toronto, Canada to participate in a financial
     advisory role to locate sufficient funding to finance capital
     expenditures on the construction of the Buffalo Gulch Mine and other
     Company projects.  The Eckert Hill Property in Idaho and its related
     process plant will require approximately $450,000 for commissioning of
     the process plant for bulk sample testing and for the related
     geological expenditures and feasibility studies.  The Bema Properties
     will require approximately $250,000 for permitting and an initial
     exploration program.  The Company estimates a cash requirement of
     approximately $300,000 on the Mineral Zone and other properties for
     claim rental fees and general exploration programs.  The Company
     requires approximately $480,000 for general and administrative
     expenditures for the ensuing 12 month period, $529,906 for payments on
     its notes payable and approximately $85,000 related to the proposed
     application to another stock exchange for listing and market making
     expenses.  The remaining proceeds of private placements and the
     exercise of stock options will be reserved for general working capital
     purposes to reduce current liabilities.
     <PAGE>
     The Company has notes payable of $529,906 due in the next year.  The
     Company anticipates repayment of these notes from the proceeds of
     outstanding stock purchase warrants and the exercise of stock options.

     The Company expects to fund exploration of the Petsite and Golden
     Eagle properties through its joint venture with Cyprus under which
     Cyprus has been granted an option to earn a 70% working interest in
     the properties.  The Company is also in discussions to obtain joint
     venture partners on certain of its other properties.

     As at September 30, 1996, the Company has a working capital deficiency
     of $388,368.  The Company anticipates improvement of this deficiency
     from the exercise of warrants from recent private placements and the
     exercise of stock options during the ensuing year.  The Company may
     also seek a debt restriction plan with its current debt holders and
     seek additional private placement funding during 1996/97 in order to
     correct this deficiency.

     The Company is dependent on the proceeds of private placements and the
     exercise of stock options 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 anticipates revenue to be generated during 1997
     from the processing of ores through its Eckert Hill facility.  The
     amount of positive cash flows, if any, from such production of ores at
     the Eckert Hill facility cannot be reasonably estimated, and
     accordingly the Company will be required to rely on the sale of
     securities or on a possible joint venture partner for its required
     funding.  The Company will need further funds to continue its
     operations, and there is no reasonable assurance that such funding
     will be available.

     As at September 30, 1996, the Company had a working capital deficiency
     of $388,368 as compared to deficiency of $1,172,834 at September 30,
     1995.

     Cash flows generated from the financing activities of the Company were
     recorded at the periods ended September 30, 1996 and 1995 of
     $1,322,329 and $777,796 respectively.  The long-term debt increased to
     $20,078 at September 30, 1996 from $Nil at September 30, 1995 and
     current liabilities decreased to $1,172,310 at September 30, 1996 from
     $1,307,837 at September 30, 1995.  The Company has also issued
     1,193,700 shares from treasury in the third quarter of 1996 on the
     completion of three private placements which netted the treasury
     $1,934,525.  The related cash for these subscriptions was raised
     during 1995 and 1996 and included in current liabilities at 
     September 30, 1995 was $340,200 related to these private placements. 
     The private placements allow the holders of share purchase warrants to
     purchase an additional 377,950 common shares for $1.75 U.S. to
     September 12, 1997 or at $2.75 to September 12, 1998 and an additional
     268,900 common shares for $1.50 per share to September 12, 997 or at
     $2.50 to September 12, 1998.  Of the September 30, 1996 current
     liabilities, $229,125 represents accrued claim rental fees, $529,906 
     <PAGE>
     represents the current portion of notes payable to shareholders and
     $304,352 are amounts payable to various related parties.  The balance
     of current liabilities consists of accrued liabilities, a bank loan in
     the amount of $30,408 and trade accounts payable.  Legal fees
     represent a significant portion of these unpaid trade accounts
     payable.

     The Company is considering reincorporating in the State of Wyoming,
     U.S.A. which, if completed, could impair the Company's ability to use
     Canadian net operating loss carryforwards and could result in certain
     Canadian exit taxes.

     Negative cash flows from operating activities were recorded for the
     periods ended September 30, 1996 and 1995 of ($608,980) and ($473,725)
     respectively.  The Company will continue recording negative cash flows
     from operating activities unless significant revenue is generated from
     ore production.  This continued negative cash flow will have a
     material negative impact on liquidity.

     Investing activities consist of funds being expended on resource
     properties.  The net cash expended on investing activities decreased
     to $346,124 to September 30, 1996 from $395,288 to September 30, 1995.
     <PAGE>
     PART II

     OTHER INFORMATION

     ITEM 1. LEGAL PROCEEDINGS
     ------------------------------

     On October 18, 1996, Joe Swisher and Idaho Mining and Development
     Company, a company controlled by Mr. Swisher, who together hold more
     than ten percent (10%) of the outstanding shares of the Company, filed
     a complaint for damages against the Company in the Idaho State Court,
     County of Kootenai.  The suit alleges, inter alia, that the Company
     has breached certain contracts in which the Company acquired assets
     from plaintiffs and that the Company owes monies on certain promissory
     notes issued by the Company in connection with those acquisitions. 
     (See the Company's Form 10-KSB for the period ended December 31, 1994,
     "Description of Business," regarding these acquisitions.)  Plaintiffs
     seek compensatory damages in the form of money and/or shares of the
     Company.

     On October 22, 1996, the Company filed a separate action in the Idaho
     State Court, County of Nez Pierce, against Swisher and another company
     controlled by him, Silver Crystal Mines, Inc., alleging, inter alia,
     breach of contract to build facilities on the Company's land,
     conversion of assets and slander of title relating to the Company's
     exclusive licenses to the Swisher-Br Process.  (See the Company's Form
     10-KSB for the period ended December 31, 1995, "Description of
     Business," regarding the Company's acquisition of the Swisher-Br
     Process.)  The Company seeks injunctive relief and compensatory
     damages for the above-mentioned conduct.

     The Company intends to vigorously defend and prosecute the above-
     mentioned actions, but the expense of the actions and uncertainty of
     litigation could have a material negative impact on the Company.

     ITEM 2.  CHANGES IN SECURITIES -- Not applicable.

     ITEM 3.  DEFAULTS UPON SENIOR SECURITIES -- Not applicable.

     ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS -- Not
              applicable.

     ITEM 5.  OTHER INFORMATION -- Not applicable.

     ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

              (a)  The following exhibits are attached to the Company's
                   Form 10-QSB for the quarter ending September 30, 1996:

                   10.5  Black Bear Option Agreement dated August 1,1996
                   27    Financial Data Schedule

              (b)  There were no reports on Form 8-K filed during the third
                   quarter ending September 30, 1996.
     <PAGE>
     SIGNATURES

     In accordance with the requirements of the Exchange Act, the
     registrant caused this report to be signed on its behalf by the
     undersigned, thereunto duly authorized.

                   IDAHO CONSOLIDATED METALS CORP.



     DATED:  November 19, 1996

     By:     /s/ Delbert W.  Steiner
             -------------------------------------
             Delbert W. Steiner
             President and Chief Executive Officer



     DATED:  November 19, 1996

     By:     /s/ Kenneth A. Scott
             -------------------------------------
             Kenneth A. Scott
             Chief Financial Officer
<PAGE>