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Message: To Sign Definitive Agreements for US$240M / Wuhan Iron and Steel Group

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To Sign Definitive Agreements for US$240M / Wuhan Iron and Steel Group

posted on Jun 01, 09 12:58PM

June 1, 2009

Consolidated Thompson Expects to Sign Definitive Agreements for US$240 Million Strategic Investment From Wuhan Iron and Steel Group by June 5, 2009

TORONTO, ONTARIO--(Marketwire - June 1, 2009) - Consolidated Thompson Iron Mines Limited (TSX:CLM) ("Consolidated Thompson" or the "Company") is pleased to announce that it has negotiated the detailed terms of the definitive agreements with Wuhan Iron and Steel (Group) Corporation ("WISCO") in respect of its previously announced strategic investment by WISCO into Consolidated Thompson, subject to final approval of the boards of WISCO and Consolidated Thompson. WISCO is one of China's largest steel producers. After an intense round of negotiations, WISCO representatives are returning to China today, and both parties expect to sign the definitive agreements on or before June 5, 2009, with closing of the investment to occur on or before July 15, 2009, following receipt of final Chinese Government approvals.

The investment also remains subject to approval of the Toronto Stock Exchange.

About 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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