Consolidated Thompson appoints new chairman and shifts to Quebec

Friday, 31 Jul 2009

Consolidated Thompson Iron Mines Limited announced the relocation of its head office from Forbes & Manhattan's offices at Toronto in Ontario to Montreal in 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 announced 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

Mr Brad Boland has resigned as CFO of the Company.

Mr Tobin said that "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 said that "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 president & CEO of Consolidated Thompson said that "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.