Consolidated Thompson Announces Changes as It Transforms to a Quebec Based Iron Ore Producer

TORONTO, ONTARIO, Jul 30 (MARKET WIRE) --
Consolidated Thompson Iron Mines Limited (TSX: CLM) ("CLM" or the
"Company") announces the relocation of its head office from Forbes &
Manhattan's offices in Toronto, Ontario to Montreal, Quebec as it
completes its transformation from an exploration and development company
into a Quebec-based iron ore producer by year's end. The Company is
committed, on a go forward basis, to retaining highly qualified financial
and operational management personnel based within the Province of Quebec
to assist in guiding the Company through its next stage of growth and
consolidation. Consistent with this move and in order to align
Consolidated Thompson's board and management team with its new direction,
the Company announces the following changes:

- Mr. Brian Tobin has been appointed Executive Chairman of the Company;

- Mr. Stan Bharti and Mr. Bruce Humphrey will resign as board members but
have agreed to stay on as consultants to the Company on an as needed
basis; and

- Mr. Brad Boland has resigned as Chief Financial Officer (CFO) of the
Company.

The Hon. Brian V. Tobin, P.C., ICD.D, served as the Federal Minister of
Industry from October 2000 to January 2002. Previously he served as the
Premier of Newfoundland and Labrador from 1996 to 2000 and won two
consecutive majority governments in provincial elections held in February
1996 and February 1999. Mr. Tobin served as a Member of Parliament from
1980 to 1996 and served as Minister of Fisheries and Oceans in the
federal cabinet from 1993 to 1996. Mr. Tobin is currently a Senior
Business Advisor with Fraser Milner Casgrain LLP in Toronto and serves on
a number of public company boards.

Mr. Tobin stated "We have a superb management team, led by our President
and CEO, Richard Quesnel, and a dedicated Board ready to carry
Consolidated Thompson Iron Mines forward to first iron ore production
before the end of this year. I look forward to working with all my
colleagues and with Chairman Deng and his team at Wuhan Iron & Steel
Corp. to build a world-class iron ore company and enhance shareholder
value. At the same time, I would like to express my appreciation to both
Mr. Bharti and Mr. Humphrey and the entire group at Forbes & Manhattan
for their tremendous contributions to this Company."

Mr. Bharti stated "The role of Forbes & Manhattan has always been to
support companies through the development stage to production. Having
fulfilled that role and with CLM being fully funded to production, now is
an appropriate time for CLM to align its Board and management structure
with the new direction of the Company. I look forward to continuing to
assist the Company as opportunities arise in the future."

Mr. Quesnel, the President and Chief Executive Officer (CEO) of the
Company stated "This is an exciting time for the Company, having recently
completed its transaction with its strategic partner, Wuhan Iron & Steel
Corp. and securing all necessary funding to production. The management
team is enthusiastic to work with Mr. Tobin in his new capacity and is
looking forward to taking the Company through its next phase and
achieving production before the end of this year. On behalf of the
Company, I would like to personally thank Messrs. Bharti, Humphrey and
Boland for their dedication and wish them well in their future endeavors."

The Board of Directors of the Company has begun the search for new Board
members and a Chief Financial Officer consistent with the new direction
of the Company. In the interim, Marc Duchesne, VP Finance, will assume
the CFO responsibilities.

The Company is holding a teleconference on Thursday, July 30th, 2009 at
8:30 am EST to further discuss this press release:

Conference Call Details
Date: Thursday, July 30, 2009
Time: 8:30 AM EST
Local Callers: 416-340-2218
Toll Free Callers: 866-226-1793

There will be a question and answer period following the presentation.

About 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 193.7 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 the effect of
the departure of Mr. Boland, the role of Mr. Tobin and the anticipated
impact of his appointment. 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 impact of the appointment are based on his previous
professional accomplishments and his competencies. 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.

Contacts:
Consolidated Thompson Iron Mines Limited
Richard Quesnel
President and CEO
(514) 396-6345
INFO@CONSOLIDATEDTHOMPSON.COM
www.consolidatedthompson.com

Copyright 2009, Market Wire, All rights reserved.

-0-