Consolidated Thompson Iron Mines Limited
TSX : CLM

Consolidated Thompson Iron Mines Limited

November 05, 2009 07:00 ET

Consolidated Thompson Announces Third Quarter Financial Results

MONTREAL, QUEBEC--(Marketwire - Nov. 5, 2009) - Consolidated Thompson Iron Mines Ltd. (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 included in the feasibility study. Production is expected to begin in December 2009 and shipment in the first quarter of 2010. As at September 30, 2009, over $400 million had been spent on the development of the Bloom Lake mine including over $100 million in the last quarter.

- As at September 30, 2009, the Company had total cash resources (including restricted cash) of $363.7 million. During the quarter the Company raised over $365 million through private placements and sale of units of Bloom Lake LP.

Information on Consolidated Thompson Iron Mines Limited

Consolidated Thompson Iron Mines Limited is a development and exploration mining company. The Company is presently developing at the expected initial rate 0f 8.0 million tonnes per year its Bloom Lake world class iron ore deposit located in the Quebec/Labrador trough. The quality and size of the Bloom Lake and Peppler/Lamelee deposits reflect the potential to expand and advance these projects and exploit other opportunities in the iron ore industry. The Company has approximately 226,800,000 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 the closing of the Transaction; receipt of all necessary approvals; capital required to complete the development of the Bloom Lake mine and timing of such requirements; the conclusions, parameters and assumptions underlying current mine plans, the development potential and timetable of bloom Lake project; capital and operating expenditures; iron ore prices; permitting time lines and permitting; government regulation of mining operations; environmental risks and the impact of management appointments; 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. 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 anticipated timing, amount and cost of mining at the Bloom Lake Project are based on assumptions underlying mineral reserve and mineral resource estimates and the realization of such estimates as are set out in CLM's feasibility study. Capital and operating cost estimates are based on extensive research of the Company, purchase orders placed by the Company to date, recent estimates of construction and mining costs and other factors that are set out in CLM's feasibility study. Production estimates are based on mine plans and production schedules, which have been developed by the Company's personnel and independent consultants. 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.

Contact Information

  • Consolidated Thompson Iron Mines Ltd.
    Richard Quesnel
    President and CEO
    (514) 396-6345