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Message: Consolidated Thompson Iron Mines Limited Announces the Delivery of

Notice of Redemption of 5.0% Convertible Unsecured Subordinated Debentures Due 2017



MONTREAL, May 26, 2011 /CNW/ -- Consolidated Thompson Iron Mines Limited
CLM) ("CLM") today announced that, pursuant to the trust indenture (the "
Indenture") dated as of November 29, 2010, as amended, between CLM and Equity
Financial Trust Company (the "Trustee"), it has delivered notice to the Trustee
that it is exercising its right to redeem, on June 13, 2011 (the "Redemption
Date"), all of its then outstanding 5.0% convertible unsecured subordinated
debentures due November 30, 2017 (the "Convertible Debentures") at a redemption
price per US$1,000 principal amount of Convertible Debentures of C$1,131.60 plus
all accrued but unpaid interest.

As previously announced, an offer by CLM to purchase the Convertible
Debentures was mailed on May 12, 2011 in accordance with the requirements of the
Indenture. The Convertible Debentures may be converted at any time before the
close of business on the 30th day after such offer to purchase was mailed at a
reduced conversion price of US$11.9810, which would result in a cash payment per
US$1,000 principal amount of Convertible Debentures upon the conversion thereof
equal to C$1,439.78 plus all accrued but unpaid interest, as calculated in
accordance with the Indenture. On and after June 13, 2011, the Convertible
Debentures may not be converted and will no longer be deemed outstanding,
interest will cease to accrue thereon, and all rights of the holders of the
Convertible Debentures will cease, except for the right to receive the
redemption price, without interest thereon.


/CONTACT: Consolidated Thompson Iron Mines Limited, [email protected]

CONSOLIDATEDTHOMPSON.COM Web Site: http://www.consolidatedthompson.com
Copyright CNW Group 2011

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