Consolidated Thompson Iron Mines Limited
TSX : CLM

Consolidated Thompson Iron Mines Limited

August 28, 2009 17:46 ET

Consolidated Thompson Announces Estimated Indicated Resources of 935 Million Tonnes on Its Lamelee-Peppler Iron Property

MONTREAL, QUEBEC--(Marketwire - Aug. 28, 2009) - Consolidated Thompson Iron Mines Limited (TSX:CLM) ("Consolidated Thompson" or "CLM") is pleased to announce the results of drilling campaigns, spread over 2007 and 2008 on its Lamelee property, which increased the indicated resources to 642 million tonnes. When added to the indicated resources of 293 million tonnes of Peppler, this brings the total indicated resources (OIF-oxide iron formation) of the whole Lamelee-Peppler Iron property to 935 million tonnes.

As explained below, Consolidated Thompson has estimated for the high grade zones of Lamelee, an indicated mineral resource of 641,719,200 tonnes at a grade of 30.30% total Fe, contained in the OIF, and an inferred mineral resource of 69,507,400 tonnes at a grade of 28.63% total Fe, contained in the OIF, with a 15% total Fe oxide cut-off.

Richard Quesnel, the President and Chief Executive Officer of CLM, commented, "We are very pleased to have confirmed the resource size and quality of the Lamelee deposit. With the addition of the Peppler deposit, it brings the total indicated resources to 935 million tonnes at 29.72% total Fe, contained in the OIF, and gives us the ability to explore development synergies between these nearby deposits and the Consolidated assets currently under an advanced stage of development at Bloom Lake."

As illustrated in Figure 1, the property is located in northeast Quebec, approximately 470 km northeast of Baie-Comeau, 70 km southwest of Fermont, about 45 km in straight line from the Bloom Lake property of CLM which is currently being developed, and 340 km from the port facilities at Sept-Iles. The deposits are situated in Malapart and Faber Townships in the Regional Municipality (MRC) of Caniapiscau. The property consists of 470 contiguous claims covering 24,681.88 hectares and a nearby group of 10 contiguous claims of 526.30 hectares that totals 25,208.18 hectares on 480 claims. Consolidated Thompson has a 100% interest in all claims.

The property was owned originally by Quinto Mining Corporation ("Quinto"). Consolidated Thompson purchased 100% of the shares of Quinto on June 27, 2008, and acquired the rights to all Quinto properties. Quinto is now a wholly owned subsidiary of Consolidated Thompson (see press releases of June 24 and 27, and July 3rd).

The Lamelee deposit was drilled-tested by Quinto in 2007 and 2008 with 76 drill holes (NQ size) totalling 15,137 metres. The holes were inclined from vertical to moderate in order to cross the geological trends. The basic drill grid of 300 x 300 m was filled over most of the deposit plan with closer spacing along the crest of Mont Lamelee, because of the attitude of the geological units that can reach up to 350 vertical metres while the Lower Main OIF (Oxide Iron Formation) in the centre is 45-65 metres in vertical depth.

The most significant intersections are presented in Tables 3 and 4.

The Lamelee deposit is constituted by the interbedding of oxide layers rich in magnetite (major mineral) and hematite, interbedded by layers of iron silicates where these two minerals are less abundant. These formations rest on a gneiss which is the basis of the deposit (Figures 2 and 3).

Table 1 presents the results of the resources calculations for the high grade zones of Lamelee and Table 2 shows the results for both Lamelee and Peppler.



Table 1 Results for Lamelee - High Grade Zones (With 15% TOT Fe Oxide
Cut-off)

Indicated Resources
----------------------------------------------------------------------------
% TOT %
TONNAGE Fe Oxide Magnetite Fe(ii) CaO% MgO%
----------------------------------------------------------------------------
LOWEST ZONE (10) 38,698,800 29.75 18.04 1.57 1.14
----------------------------------------------------------------------------
LOWER MAIN ZONE (11) 504,058,100 30.38 17.67 2.75 1.92
----------------------------------------------------------------------------
UPPER MAIN ZONE (12) 98,962,300 30.10 21.90 0.90 0.71
----------------------------------------------------------------------------
TOTAL 641,719,200 30.30 18.35 2.39 1.69
----------------------------------------------------------------------------

Inferred Resources
----------------------------------------------------------------------------
% TOT %
TONNAGE Fe Oxide Magnetite Fe CaO% MgO%
----------------------------------------------------------------------------
LOWEST ZONE (10) 1,353,200 29.71 17.61 1.71 1.24
----------------------------------------------------------------------------
LOWER MAIN ZONE (11) 46,862,300 30.02 17.58 3.32 2.39
----------------------------------------------------------------------------
UPPER MAIN ZONE (12) 6,166,700 29.87 20.91 0.93 0.57
----------------------------------------------------------------------------
NW ZONE (13) 15,125,200 23.74 9.79 1.94 3.08
----------------------------------------------------------------------------
TOTAL 69,507,400 28.63 16.18 2.78 2.36
----------------------------------------------------------------------------

(ii) %Magnetite Fe is the result from the magnetic fraction recovered with
the Davis Tube method and represents the % of magnetic iron in the
rock.
Notes 1. The above mineral resource estimates have been prepared in
accordance with the definitions required under the 43-101 standard
and the CIM definitions.
2. Block modeling was carried out with Gemcom using a spherical
search of 150 metres for the indicated resources and 300 metres for
the inferred category, with the inverse distance squared method. The
dimensions of the blocks were established at 5 x 5 x 7 metres.



Table 2 Results for Lamelee-Peppler (With 15% TOT Fe Oxide Cut-off)

Indicated Resources (OIF)
----------------------------------------------------------------------------
TONNAGE % TOT Fe Oxide
----------------------------------------------------------------------------
LAMELEE 641,719,200 30.30
----------------------------------------------------------------------------
PEPPLER 293,060,000 28.46
----------------------------------------------------------------------------
TOTAL INDICATED 934,779,200 29.72
----------------------------------------------------------------------------

Inferred Resources (OIF)
----------------------------------------------------------------------------
TONNAGE % TOT Fe Oxide
----------------------------------------------------------------------------
LAMELEE 69,507,400 28.63
----------------------------------------------------------------------------
PEPPLER 1,638,000 25.03
----------------------------------------------------------------------------
TOTAL INFERRED 71,145,400 28.55
----------------------------------------------------------------------------

Notes 1. The above mineral resource estimates have been prepared in
accordance with the definitions required under the 43-101 standard
and the CIM definitions.
2. For details regarding the parameters used for Peppler
calculations, see the technical report of February 29, 2008.


Edward Lyons, P.Geo. (BC) & Geo. (QC), Principal of Tekhne Research Inc. of Victoria, BC, being an independent person of Consolidated Thompson, started on 1 May 2008 to assist in the design and execution of the Phase 3 diamond drilling program on the Lamelee - Peppler property as the Qualified Person. A 43-101 technical report, dated August 28, 2009, has been produced on this resource estimate and Mr. Lyons is the senior author of the report.

Michel Robert, Eng., Principal of Apsidal Consulting Corp., of Vancouver, being an independent person of Consolidated Thompson, is the Qualified Person responsible for the quality control aspect of the technical report.

Nicole Rioux, Geo., senior geologist with GENIVAR, a consulting company in Rouyn-Noranda, Quebec, being an independent person of Consolidated Thompson, is the Qualified Person responsible for the Mineral Resource estimation of the Lamelee deposit, of the technical report.

Information on Consolidated Thompson Iron Mines Limited

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 194 million shares outstanding and trades on the TSX under the symbol "CLM".

Except for statements of historical fact relating to the Company, certain information contained herein constitutes "forward-looking information" under Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to mineral reserve and resource estimates; the ability to realize estimated mineral reserves and to convert mineral resources into mineral reserves; terms and costs of future exploration; mineralization projections; receipt of all necessary approvals; the parameters and assumptions underlying the mineral resource estimates and iron ore prices. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Estimates regarding the mineral resources, as outlined above and in the technical report, have been based on knowledge of company management and the knowledge and experience of third party experts. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Consolidated Thompson to be materially different from those expressed or implied by such forward-looking information, including but not limited to risks described in the annual information form of the Company posted under the profile of the Company on SEDAR at www.sedar.com. Although management of Consolidated Thompson has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Consolidated Thompson does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

Figure 1: Property Location is available at the following link: http://media3.marketwire.com/docs/clm0828fig1e.pdf.

Figure 2 - Long Section 6200E and Cross Section 11050N is available at the following link: http://media3.marketwire.com/docs/clm0828fig2e.pdf.

Figure 3: 3D Model of the Mineralized Zones is available at the following link: http://media3.marketwire.com/docs/clm0828fig3e.pdf.



Table 3 2007 Significant Intersections of Lamelee

----------------------------------------------------------------------------
HOLE ID FROM TO LENGTH % FE OXIDE ZONE
----------------------------------------------------------------------------
----------------------------------------------------------------------------
L-01-07 57 102 45 27.60 Upper Main Zone
----------------------------------------------------------------------------
L-01-07 156 183 27 30.20 Lower Main Zone
----------------------------------------------------------------------------
L-01-07 183 189 6 19.56 Lowest Zone
----------------------------------------------------------------------------
L-02-07 15 33 18 22.05 Upper Main Zone
----------------------------------------------------------------------------
L-02-07 117 150 33 30.17 Lower Main Zone
----------------------------------------------------------------------------
L-03-07 24 111 87 31.62 Upper Main Zone
----------------------------------------------------------------------------
L-03-07 129.1 223.58 94.48 32.68 Lower Main Zone
----------------------------------------------------------------------------
L-04-07 15 165 150 30.61 Upper Main Zone
----------------------------------------------------------------------------
L-04-07 177 321 144 30.93 Lower Main Zone
----------------------------------------------------------------------------
L-04-07 327 356.52 29.52 31.33 Lowest Zone
----------------------------------------------------------------------------
L-05-07 9 48 39 30.60 Upper Main Zone
----------------------------------------------------------------------------
L-05-07 144 180 36 25.60 Lower Main Zone
----------------------------------------------------------------------------
L-05-07 222 282 60 29.47 Lowest Zone
----------------------------------------------------------------------------
L-07-07 24 204 180 32.72 Lower Main Zone
----------------------------------------------------------------------------
L-08-07 54 72 18 29.28 Upper Main Zone
----------------------------------------------------------------------------
L-08-07 84 240 156 29.45 Lower Main Zone
----------------------------------------------------------------------------
L-09-07 3 114 111 30.08 Lower Main Zone
----------------------------------------------------------------------------
L-15-07 51 156 105 27.40 Upper Main Zone
----------------------------------------------------------------------------
L-15-07 168 294 126 28.40 Lower Main Zone
----------------------------------------------------------------------------
L-15-07 294 336 42 22.90 Lowest Zone
----------------------------------------------------------------------------
L-16-07 33 135 102 32.79 Upper Main Zone
----------------------------------------------------------------------------
L-16-07 156 246 90 24.11 Lower Main Zone
----------------------------------------------------------------------------
L-18-07 75 165 90 26.53 Upper Main Zone
----------------------------------------------------------------------------
L-18-07 174 270 96 32.94 Lower Main Zone
----------------------------------------------------------------------------
L-18-07 282 303 21 32.30 Lowest Zone
----------------------------------------------------------------------------
L-24-07 54 159 105 33.18 Upper Main Zone
----------------------------------------------------------------------------
L-24-07 180 297 117 29.59 Lower Main Zone
----------------------------------------------------------------------------
L-24-07 315 342 27 33.39 Lowest Zone
----------------------------------------------------------------------------
L-25-07 3 153 150 32.50 Upper Main Zone
----------------------------------------------------------------------------
L-25-07 232.37 298.16 65.79 21.21 Lower Main Zone
----------------------------------------------------------------------------
L-26-07 24 198 174 34.01 Lower Main Zone
----------------------------------------------------------------------------
L-26-07 210 225 15 31.91 Lowest Zone
----------------------------------------------------------------------------
L-27-07 18 171 153 28.38 Lower Main Zone
----------------------------------------------------------------------------



Table 4 2008 Significant Intersections of Lamelee

----------------------------------------------------------------------------
HOLE ID FROM TO LENGTH % FE OXIDE ZONE
----------------------------------------------------------------------------
----------------------------------------------------------------------------
L29 9.14 223.82 214.68 30.23 Lower Main Zone
----------------------------------------------------------------------------
L30 6.1 169.32 163.22 34.14 Lower Main Zone
----------------------------------------------------------------------------
L31 14.2 52.82 38.62 26.34 Lower Main Zone
----------------------------------------------------------------------------
L32 0.89 39.62 38.73 30.47 Upper Main Zone
----------------------------------------------------------------------------
L32 201.17 320.21 119.04 29.24 Lower Main Zone
----------------------------------------------------------------------------
L33 16.73 168.52 151.79 32.44 Lower Main Zone
----------------------------------------------------------------------------
L34 8.05 49.25 41.2 25.22 Upper Main Zone
----------------------------------------------------------------------------
L34 195.19 303.52 108.33 30.43 Lower Main Zone
----------------------------------------------------------------------------
L40 3.05 40.9 37.85 25.59 Lower Main Zone
----------------------------------------------------------------------------
L41 3.08 149.92 146.84 32.86 Lower Main Zone
----------------------------------------------------------------------------
L42 108.2 185.18 76.98 29.09 Lower Main Zone
----------------------------------------------------------------------------
L44 9.14 64.01 54.87 30.12 Lower Main Zone
----------------------------------------------------------------------------
L50 3.81 77.82 74.01 29.67 Lower Main Zone
----------------------------------------------------------------------------
L52 15.24 122.72 107.48 27.18 Lower Main Zone
----------------------------------------------------------------------------
L55 73.15 101.23 28.08 30.24 Lower Main Zone
----------------------------------------------------------------------------
L56 139.63 208.95 69.32 31.13 Lower Main Zone
----------------------------------------------------------------------------
L57 12.19 203.98 191.79 33.64 Lower Main Zone
----------------------------------------------------------------------------
L58 0.66 242.43 241.77 31.28 Lower Main Zone
----------------------------------------------------------------------------
L59 6.02 77.23 71.21 32.10 Lower Main Zone
----------------------------------------------------------------------------
L62 31.42 222.5 191.08 33.19 Lower Main Zone
----------------------------------------------------------------------------
L63 76.2 166.09 89.89 28.11 Lower Main Zone
----------------------------------------------------------------------------
L65 45.72 133.17 87.45 29.64 Lower Main Zone
----------------------------------------------------------------------------
L68 45.82 125.21 79.39 28.44 Upper Main Zone
----------------------------------------------------------------------------
L68 145.4 210.31 64.91 32.89 Lower Main Zone
----------------------------------------------------------------------------
L69 18.32 68.49 50.17 27.39 Lower Main Zone
----------------------------------------------------------------------------
L69 173.74 192.41 18.67 29.17 North West Zone
----------------------------------------------------------------------------
L70 45.72 89.06 43.34 22.88 North West Zone
----------------------------------------------------------------------------
L71 82.3 121.92 39.62 21.67 Upper Main Zone
----------------------------------------------------------------------------
L73 3.9 27.43 23.53 27.87 Lower Main Zone
----------------------------------------------------------------------------
L74 5.83 57.91 52.08 31.50 Lower Main Zone
----------------------------------------------------------------------------
L75 64.01 112.7 48.69 29.64 Lower Main Zone
----------------------------------------------------------------------------
L77 79.25 103.63 24.38 22.06 North West Zone
----------------------------------------------------------------------------
L78 21.34 51.28 29.94 23.22 Upper Main Zone
----------------------------------------------------------------------------
L78 62.58 144.6 82.02 33.13 Lower Main Zone
----------------------------------------------------------------------------
L80 149.22 179.83 30.61 17.82 Lower Main Zone
----------------------------------------------------------------------------
L81 15.66 99.8 84.14 31.48 Upper Main Zone
----------------------------------------------------------------------------
L81 116.68 158.5 41.82 30.47 Lower Main Zone
----------------------------------------------------------------------------
L81 158.5 205.45 46.95 33.45 Lowest Zone
----------------------------------------------------------------------------
L82 21.34 167.66 146.32 29.27 Lower Main Zone
----------------------------------------------------------------------------
L84 18.29 176.78 158.49 32.98 Lower Main Zone
----------------------------------------------------------------------------
L85 2.65 166.07 163.42 28.32 Lower Main Zone
----------------------------------------------------------------------------
L85 193.87 283.46 89.59 25.52 Lower Main Zone
----------------------------------------------------------------------------
L86 48.1 78.43 30.33 30.27 Lower Main Zone
----------------------------------------------------------------------------
L87 33.53 123.71 90.17 32.13 Lower Main Zone
----------------------------------------------------------------------------


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