Consolidated Thompson Announces Signing of a Long Term Lease Agreement With Port of Sept-Iles While Initiating

MONTREAL, QUEBEC, Oct 29 (MARKET WIRE) --
Consolidated Thompson Iron Mines Ltd (TSX: CLM) (``CLM`` or the
``Company``) is pleased to announce that it has signed a long term lease
agreement with Port of Sept-Iles allowing CLM to proceed with the
construction of a lay down area and the utilization of the port docking
facilities at Pointe Noire.

Mr. Richard Quesnel, the President and Chief Executive Officer of CLM,
stated, "Closing this agreement is a significant step forward for CLM as
we proceed with the construction of world class facilities that will be
capable of handling tonnages up to 16.0 million tonnes of iron ore per
year. We look forward to our long-term relationship with the Port
Authorities of Sept-Iles".

Mr. Pierre-Denis Gagnon, CEO of the Port of Sept-Iles, said, "We are
delighted to finalize this lease agreement and to partner with an
emerging world-class iron ore player. We look forward to supporting CLM
with its initiatives to build modern ore handling facilities at Pointe
Noire which represent a major investment in the Community of
Sept-Iles".

CLM is mobilizing for the construction of these new
facilities. Completion of the work is expected during the first Quarter
of 2010 and shipment of stockpiled iron ore concentrate from the mine
will start immediately thereafter. Production start-up at the mine is
still scheduled for the end of 2009.

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 of 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 Transactions; 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.

Contacts:
Consolidated Thompson Iron Mines Ltd
Richard Quesnel
President and CEO
(514) 396-6345
www.consolidatedthompson.com

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