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Message: Must be good to raise serious money in these times

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Must be good to raise serious money in these times

posted on Oct 17, 08 11:41AM

October 16, 2008

Consolidated Thompson Provides Update on Debt Financing Discussions

TORONTO, ONTARIO--(Marketwire - Oct. 16, 2008) - Consolidated Thompson Iron Mines Limited (TSX:CLM) ("CLM" or the "Company") is pleased to announce that it has received term sheets from interested banks and financial institutions for a debt facility. To date, CLM has received term sheets for facilities in an aggregate amount in excess of US$100 million. CLM expects to receive additional term sheets shortly. The Company anticipates finalizing the banking syndicate and consortium by the end of October 2008 and proceeding with formal due diligence and documentation immediately thereafter.

As previously announced (see CLM press release of October 5, 2008), the Company has a current cash position of approximately $260 million, which represents sufficient funds to continue the development of the Bloom Lake Project in Northern Quebec until April 2009. CLM expects to complete the debt facility by the end of 2008 or early 2009, and is targeting the commencement of production at Bloom Lake by the end of September 2009.

About Consolidated Thompson

Consolidated Thompson Iron Mines Limited is an exploration and development company. The Company has approximately 119.0 million shares outstanding and trades on the TSX under the symbol CLM. Further information can be accessed at the Company's website at www.consolidatedthompson.com

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