Consolidated Thompson Iron Mines Limited
TSX : CLM

Consolidated Thompson Iron Mines Limited

March 17, 2009 07:29 ET

Consolidated Thompson Increases Total Estimated Measured and Indicated Mineral Resources by 189 Million Tonnes to Total of 827 Million Tonnes and Total Inferred Resources of 83 Million Tonnes

TORONTO, ONTARIO--(Marketwire - March 17, 2009) - Consolidated Thompson Iron Mines Limited (TSX:CLM) ("Consolidated Thompson" or "CLM") is pleased to announce that it has increased the estimated mineral resources at its Bloom Lake project by identifying three additional zones of mineralization. As outlined below, Consolidated Thompson has estimated additional indicated mineral resources of 189.2 million tonnes at a grade of 27.94% Fe (Total Fe) and additional inferred mineral resources of 47.2 million tonnes at a grade of 29.32%.

Richard Quesnel, the President and Chief Executive Officer of CLM, commented, "We are pleased with the increased mineral resource estimate. We believe that it indicates the potential of the whole Bloom Lake property, which now hosts total estimated measured and indicated mineral resources of approximately 827 million tonnes at a grade of 29.3% total Fe, including estimated proven and probable mineral reserves of 580 million tonnes at a grade of 30.0% total Fe, and estimated inferred mineral resources of 83 million tonnes at a grade of 30.0% total Fe."

Based on a regional aeromagnetic survey, Consolidated Thompson investigated the area west of the proposed site of the Bloom Lake mine, which had been the subject of limited previous exploration. Several drill holes completed in 1957, 1971-72 had intersected indications of an iron zone rich in specular hematite in the area west of the proposed mine site. However, interpretation and follow-up exploration were not undertaken at that time. CLM conducted a drilling campaign from November 2007 to December 2008, during which it drilled for a total of 8,884 metres.

As illustrated in Figure 1 (see end of press release), the Bloom Lake West property, identified by the star, is located between the Triangle and Carotte Lakes, North-West of the Town of Fermont in the Quebec North Shore region.

Table 1 presents several of the best results from CLM's 2007 - 2008 drill program.



Table 1 - Best Results from 2007 - 2008 Drill Program

---------------------------------------------------------------------------
From To Length Fe, Total(i) Zone
Drill Hole Nb Dip (m) (m) (m) %
---------------------------------------------------------------------------
LBW-07-02 -90 138.30 356.00 217.70 25.90 2
---------------------------------------------------------------------------
LBW-08-19 -45 3.46 304.60 301.14 30.41 3
---------------------------------------------------------------------------
LBW-08-22 2.74 131.60 128.90 34.11 2
-90 -----------------------------------------------------
360.00 395.52 35.52 29.93 3
---------------------------------------------------------------------------
LBW-08-27 -90 91.50 242.00 150.50 30.15 3
---------------------------------------------------------------------------
3.50 68.06 64.56 20.30 2
-----------------------------------------------------
LBW-08-36 -64 117.07 239.35 122.28 30.60 TR
-----------------------------------------------------
325.07 385.66 60.59 35.81 3
---------------------------------------------------------------------------
LBW-08-41 -80 402.34 490.73 88.39 27.74 LBW-08-41
---------------------------------------------------------------------------
(i) Fe, Total equals Fe2O3 / 1.4295

Total length is core length, not true width. Hole are mostly perpendicular
to the orezone due to folding, this core length approximates true width.


In April 2008, Consolidated Thompson completed a detailed ground magnetic survey to better understand the configuration of the geological units. Consolidated Thompson used the areas showing the highest magnetic values as indicators of mineralized structures and therefore, to determine the location of drill holes. These isolines are shown in Figure 2, on surface over the mineralized zones. The location of the drill holes collars is also indicated in Figure 2.

Consolidated Thompson focused on two areas, which were named Zones 2 and 3. It is believed that these zones may both be limbs of the same anticline structure whose core includes an amphibolite formation. Further, a NE-SW deformation zone seems to displace the geological structures and that a zone, currently identified as a transition zone, is located below Zone 2 (Figure 3).

Consolidated Thompson did not drill Zone 4 in 2008. The Zone 4 inferred resource estimate is based on only one historical drill hole and one outcrop area.

Following the drilling campaign, a resources calculation was done. Table 2 presents the results of this calculation.



Table 2 - Resources Estimate of the Bloom Lake West Property
as at March 16, 2009

--------------------------------------------------------------------
Zone Tonnes Fe, Total(i) Fe mag CaO MgO
%(i) % % %
--------------------------------------------------------------------
Indicated Resources
--------------------------------------------------------------------
2 62,500,000 26.92 0.62 0.05 0.05
--------------------------------------------------------------------
3 118,230,000 28.30 0.63 0.05 0.06
--------------------------------------------------------------------
Transition 8,500,000 26.24 0.36 0.03 0.05
--------------------------------------------------------------------
Total 189,230,000 27.94 0.61 0.05 0.05
--------------------------------------------------------------------
Inferred Resources
--------------------------------------------------------------------
4 31,550,000 28.50 1.47 0.05 0.06
--------------------------------------------------------------------
3 Extension 11,500,000 31.90 1.43 0.04 0.04
--------------------------------------------------------------------
LBW-08-41 4,200,000 28.43 0.34 0.00 0.07
--------------------------------------------------------------------
Total 47,250,000 29.32 1.36 0.04 0.06
--------------------------------------------------------------------
(i) Fe, Total equals Fe2O3 / 1.4295

Notes: 1. The above mineral resource estimates have been prepared in
accordance with definitions required under NI 43-101 and CIM
Definitions.
2. Block modeling was carried out with Gemcom using a 150m
research ellipse with 10m x 10m x 14m blocks for the indicated
resources, within the interpreted solids. Mineral resources that
are not mineral reserves do not have demonstrated economic
viability.


These new mineral resource estimates indicate the potential of the whole Bloom Lake property, which already hosts estimated measured and indicated mineral resources of approximately 638 M tonnes at a grade of 29.8% total Fe, including estimated proven and probable mineral reserves of 580 M tonnes at a grade of 30.0% total Fe (see press release of September 29, 2008 and associated Technical Report 43-101).



Table 3 - Cumulative estimated resources at the Bloom Lake Property

------------------------------------------------------------------------
Zone Tonnes Fe total(i) Fe mag CaO MgO
%(i) % % %
------------------------------------------------------------------------
Measured Resources
------------------------------------------------------------------------
Pit Area 488,465,000 29.91 10.54 2.32 2.18
------------------------------------------------------------------------
Indicated Resources
------------------------------------------------------------------------
West 189,230,000 27.94 0.61 0.05 0.05
------------------------------------------------------------------------
Pit Area 149,232,000 29.29 10.55 2.37 2.15
------------------------------------------------------------------------
Total 338,462,000 28.53 5.00 1.07 0.98
------------------------------------------------------------------------
Measured and Indicated Resources
------------------------------------------------------------------------
Total Bloom Lake 826 927 000 29.35 8.27 1.81 1.69
------------------------------------------------------------------------

------------------------------------------------------------------------
Zone Tonnes Fe total(i) Fe mag CaO MgO
%(i) % % %
------------------------------------------------------------------------
Inferred Resources
------------------------------------------------------------------------
West 47,250,000 29.32 1.36 0.04 0.06
------------------------------------------------------------------------
Pit Area 35,697,000 30.97 8.47 0.84 0.82
------------------------------------------------------------------------
Total 82,947,000 30.03 4.42 0.39 0.38
------------------------------------------------------------------------
(i) Fe total equals Fe2O3 / 1.4295

Notes: 1. The above mineral resource estimates have been prepared in
accordance with definitions required under NI 43-101 and CIM
Definitions.
2. The resource estimates for the pit area are as of September
29, 2008.
3. For details regarding the parameters and assumptions underlying
the pit area resource estimates, see the CLM annual information
form for the year ended December 31, 2007.
4. Mineral resources that are not mineral reserves do not have
demonstrated economic viability.


Consolidated Thompson has planned a drill program for 2009 with a focus on exploring and evaluating Zone 4 as well as all the extensions to the zones currently known, which the magnetic survey identified as hosting potential mineralization.

The recently completed and compiled drilling campaign on the Bloom Lake Iron Ore property was carried out by consulting firm GENIVAR, Consulting Geologists and Engineers of Rouyn-Noranda, Quebec. GENIVAR was retained by CLM to plan as well as supervise this drilling campaign and to complete a NI 43-101 technical report in connection with the expanded mineral resources estimate. Nicole Rioux, Senior Geologist of the GENIVAR office in Rouyn-Noranda and independent of Consolidated Thompson, is the qualified person responsible for this project, including the mineral resource estimates, and has reviewed the scientific and technical information in this press release.

Information on Consolidated Thompson

Consolidated Thompson Iron Mines Limited is an exploration and development company. The Company believes that the 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 119.4 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, especially information gained through the development of the Bloom Lake project, 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.

To view Figure 1, please visit the following link: http://media3.marketwire.com/docs/clmfig1.pdf

To view Figure 2, please visit the following link: http://media3.marketwire.com/docs/clmfig2.pdf

To view Figure 3, please visit the following link: http://media3.marketwire.com/docs/clmfig3.pdf

To view Figure 4, please visit the following link: http://media3.marketwire.com/docs/clmfig4.pdf

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