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Consolidated Thompson Iron Mines Limited Completes Acquisition Of Quinto Mining Corp.

Consolidated Thompson Iron Mines Limited and Quinto Mining Corp. announced that and Quinto has obtained Final Court approval in respect of the arrangement with Consolidated Thompson, and the parties have now completed the arrangement initially announced on April 21, 2008. As a result, Consolidated Thompson has acquired all of the common shares of Quinto (the Acquisition), and Quinto is now a wholly-owned subsidiary of Consolidated Thompson. In connection with the Acquisition, Quinto shareholders will receive one Consolidated Thompson common share and a cash payment of $0.005 for every five Quinto common shares held. As a result of the Acquisition, Consolidated Thompson has acquired neighbouring iron ore deposits, and significantly increased its mineral resources and exploration growth potential. This Acquisition further establishes Consolidated Thompson as a significant player in the Labrador Trough iron ore camp, while positioning itself well to participate in further consolidation in the iron ore industry. As a result of the Acquisition, Quinto security holders hold approximately 13.8% of the issued and outstanding Consolidated Thompson common shares on a fully diluted basis. Quinto will be halting the trading of its shares on the TSX Venture Exchange at market close on June 27, 2008.