Consolidated Thompson Iron Mines Reports Second Quarter Results for Fiscal 2010

MONTREAL, QUEBEC -- (Marketwire) -- 08/06/10 -- Attention: Business / Financial Editors

Consolidated Thompson Iron Mines Ltd. (TSX: CLM) ('CLM' or the 'Corporation', or 'Consolidated Thompson') today reported its interim financial and operations results for the second quarter ended June 30, 2010.

Second quarter 2010 operational and financial highlights include:

--  The Corporation recorded its first sales of high quality iron ore
    concentrate to the Asian market: 539,000 tonnes were sold in May and
    June and transported by rail to the Arnaud Junction;
--  The Corporation commissioned Bloom Lake mine and is on target to reach 8
    million tonne annual production rate of iron ore concentrate by year-
    end;
--  At end of the quarter, Bloom Lake mining property and infrastructures
    were operational and functional from end-to-end, - including extraction
    and processing, rail transport to new port facilities in Sept-Iles and
    transshipment to large vessels;
--  In a quarter that marked the completion of the first phase of
    construction and the start-up of its mining operations, Consolidated
    Thompson recorded a net loss of $28,251,000 or $(0.12) per share;
--  The Corporation had total cash resources of $60.1 million, as at June
    30, 2010.

Subsequent to the end of the second quarter 2010:

--  A total of 330,000 tonnes of high quality iron ore concentrate was
    shipped through the new Pointe Noire port facilities in Sept Iles. The
    Corporation loaded two ocean going vessels that departed for Asia.
--  Following completion of a feasibility study, the Corporation announced
    plans to double its mining operations at Bloom Lake, moving from an 8
    million tonne per year capacity to a 16 million tonne per year capacity
    by the end of 2012, with the same high level of greater than 66% Fe
    content. Engineering work on the expansion project has already started.

'During the past quarter, we truly moved from an exploration and development mining company to an operational world class iron ore concentrate producer. This accomplishment is a testament to our management team, our employees and our partners. As we head into the second half of the year, our focus is now twofold: first, ramp up our production at the current Bloom Lake mining property to reach the targeted rate of 8 million tonnes of concentrate per year; second, accelerate our plans to double production at Bloom Lake to 16 million tonnes per year by the end of 2012', declared Richard Quesnel, President and Chief Executive Officer of Consolidated Thompson.

'I, as the whole Board of Directors, am very pleased at the pace at which Richard Quesnel, the management team and employees have moved the Corporation from an exploration and development company to an operational mining concern. In a short three-year period, Consolidated Thompson has become part of a select group of world-class producers of high grade iron ore concentrate. This performance holds promise for the Bloom Lake expansion plans and our aggressive growth strategy aimed at creating shareholder value.' said Brian V. Tobin, Executive Chairman of the Board of Directors.

To date investment in Phase 1 of the Bloom Lake property, including the mine and mill has totaled $ 553.6 million; investment in the ancillary rail (including the Arnaud junction section) and port facilities reached $275.4 million. Based on the feasibility study filed in July, doubling the capacity of the Lake Bloom mining operations is planned to require a capital investment of $525 million, an amount that is expected to be financed through current and future operations within the two-year construction period.

Note: All figures are in Canadian dollars unless otherwise stated. The Q2 F2010 MD&A, financial statements and accompanying notes may be found at http://www.consolidatedthompson.com/news.asp-t=stock.htm and have been filed on SEDAR.

Q2 Financial Results Conference Call

Consolidated Thompson will hold a financial analyst conference call today August 6, 2010 at 10:00 a.m. to review the second quarter results. The Dial-in numbers are 416-340-8530 or 877- 240-9772 (toll free North America). Brian V. Tobin - Executive Chairman, Richard Quesnel - President and Chief Executive Officer and Francois Laurin - Chief Financial Officer will discuss the Q2 results and take questions from financial analysts and media.

A replay of the conference call will be available starting at 2:00 p.m. on Friday August 6 2010, until 11:59 p.m., August 13, 2010, by dialing 416-695-5800 or 1-800-408-3053, passcode: 4512787# or through the Investor section of the Corporation's website at www.consolidatedthompson.com.

About Consolidated Thompson Iron Mines Limited

Consolidated Thompson Iron Mines Limited is a development and exploration mining Corporation focused on the iron ore mining industry. Based in Montreal, Canada, it has iron ore rich mining properties in the well-known Labrador Trough that spans North-Eastern Quebec and Western Newfoundland and Labrador. It is currently operating the Lake Bloom mine and currently moving towards the initial production rate of 8.0 million tonnes per year of high quality iron ore concentrate with a Fe content greater than 66%. As an emerging world-class producer, Consolidated Thompson is listed on the Toronto Stock Exchange under the 'CLM' symbol and is part of several S&P/TSX indices including the S&P/TSX Composite Index.

Caution regarding forward-looking statement

Except for statements of historical fact relating to the Corporation, 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; 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 Corporation, purchase orders placed by the Corporation 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 Corporation'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 Corporation posted under the profile of the Corporation 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.

Contacts:

Consolidated Thompson Iron Mines Limited

Richard Quesnel

President and Chief Executive Officer

(514) 396-6345


Consolidated Thompson Iron Mines Limited

Francois Laurin

Chief Financial Officer

(514) 396-6345
info@consolidatedthompson.com
www.consolidatedthompson.com