Consolidated Thompson Iron Mines Limited
TSX VENTURE : CLM

Consolidated Thompson Iron Mines Limited

August 16, 2007 17:06 ET

Consolidated Thompson Corporate Update

TORONTO, ONTARIO--(Marketwire - Aug. 16, 2007) - Consolidated Thompson Iron Mines Ltd. (TSX VENTURE:CLM) ("CLM" or the "Company") in response to questions from some of its shareholders, CLM is pleased to confirm that The Company has maintained a conservative philosophy with respect to its investment strategy, investing its cash balances in Canadian Government Issued Debt and Banker's Acceptance Paper issued by Canadian Schedule 1 Financial institutions only.

Bruce Humphrey, Chairman of CLM says; "We have always had the utmost respect for our shareholders and the confidence they have shown in us and our project, as evidenced by the $200mm capital raise closed in June 2007. We are highly diligent in the way we handle our cash balances and will remain so in order to maintain that confidence and pursue our Bloom Lake project through to production".

About Consolidated Thompson:

CLM holds the Bloom Lake Iron Ore Property which is located in the Normanville Township, Duplessis County, Province of Quebec, on the south end of the Labrador Trough (approximately 400 km north of Sept-Iles). The Bloom Lake deposit is situated approximately 10 km north of the Mount-Wright iron ore mining operation of Quebec Cartier Mining Company.

Consolidated Thompson Iron Mines Ltd. is an exploration and development company. Further information is available at www.consolidatedthompson.com.

Forward Looking Information

Certain statements contained in this news release may contain forward-looking information within the meaning of Canadian securities laws. Such forward-looking information are identified by words such as "estimates", "intends", "expects", "believes", "may", "will" and include without limitation, statements regarding the Company's plan of business operations; the benefits of the off take agreement; production levels, timing and costs; potential contractual arrangements and the delivery of equipment; receipt of working capital; anticipated revenue; mineral reserve and resource estimates; and projected expenditures. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from such statements. Factors that could cause actual results to differ materially include, among others, metal prices, third party risks, acquisition risks, risks inherent in the mining industry, permitting risks, financing risks, regulatory risks and environmental concerns.

Most of these factors are outside the control of the Company. Investors are cautioned not to put undue reliance on forward-looking information. Except as otherwise required by applicable securities statutes or regulation, the Company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.

Consolidated Thompson Iron Mines Limited is an exploration and development company. The Company has approximately 79.94 million shares outstanding and trades on the TSX Venture exchange under the symbol (CLM).

THE TSX VENTURE EXCHANGE HAS NOT PASSED ON THE PROPOSED ACQUISITION AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OF ACCURACY OF THIS RELEASE

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