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Message: Provides Update on US$240 Million Strategic Investment

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Provides Update on US$240 Million Strategic Investment

posted on May 04, 09 07:47AM

May 4, 2009

Consolidated Thompson Provides Update on US$240 Million Strategic Investment From Wuhan Iron and Steel Group

TORONTO, CANADA--(Marketwire - May 4, 2009) - Consolidated Thompson Iron Mines Limited (TSX:CLM) ("Consolidated Thompson" or the "Company") is pleased to provide this update on the previously announced strategic investment by Wuhan Iron and Steel (Group) Corporation ("WISCO"), one of China's largest steel producers, into Consolidated Thompson.

Both Consolidated Thompson and WISCO remain committed to completing the transaction as soon as possible. As closing remains subject to approval by the Chinese Government as well as approval of regulatory authorities in both countries, including the Toronto Stock Exchange, Consolidated Thompson has applied to the Toronto Stock Exchange to extend the price protection in respect of the issuance to WISCO of Consolidated Thompson common shares at a deemed price of CDN$2.00 to June 1, 2009. Consolidated Thompson and WISCO have agreed to extend the deadline to complete the transaction to June 1, 2009.

Information on Consolidated Thompson

Consolidated Thompson Iron Mines Limited is an exploration and development mining company. The Company believes that its updated positive Feasibility Study, based on the current understanding of the quality and size of the Bloom Lake deposit, reflects the potential to expand and advance the project and exploit other opportunities in the iron ore industry. The Company has approximately 155.0 million shares outstanding and trades on the TSX under the symbol CLM.

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