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Message: Announces First Quarter Financial Results and Provides Update

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Announces First Quarter Financial Results and Provides Update

posted on May 12, 09 09:47AM

May 11, 2009

Consolidated Thompson Announces First Quarter Financial Results and Provides Update

TORONTO, ONTARIO--(Marketwire - May 12, 2009) - Consolidated Thompson Iron Mines Limited (TSX:CLM) ("CLM", or the "Company") announces that it has filed its unaudited interim financial statements on SEDAR and provides the following update:

- Mine site development is progressing according to budget. Production is expected to begin in the fourth quarter of 2009. As at March 31, 2009, over $200 million had been spent on the development of the Bloom Lake mine.

- Following the announcement of the signing of a letter agreement, the Company is working on completing a definitive agreement with Wuhan Iron and Steel (Group) Corporation ("WISCO"). For consideration of US$240 million, WISCO will receive 29,748,897 common shares, which represents approximately 19.9% of the issued CLM shares, on a post-investment basis, but prior to the April 27, 2009 equity financing. In addition, WISCO will receive a 25% interest in a new entity to be established to operate the Bloom Lake mine, and will commit to purchase at fair market prices a similar percentage of iron ore production over the life of the mine. It is expected that the agreement will be finalized before the end of May, 2009.

- As at March 31, 2009, the Company had total cash resources (including restricted cash) of $120.0 million. Subsequent to quarter end, the Company completed a public offering of 35,650,000 common shares for net proceeds of $87.9 million.

About Consolidated Thompson

Consolidated Thompson Iron Mines Limited is an exploration and development company. The Company believes that its September 2008 positive Feasibility Study, which was 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. Further information can be accessed at the Company's website at www.consolidatedthompson.com.

Richard Quesnel, who is the President and Chief Executive Officer of the Company and a qualified person under National Instrument 43-101, has reviewed the scientific and technical information in this press release.

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