Consolidated Thompson Iron Mines Limited (TSX:CLM) ("CLM", or the "Company")
provides the following update on its Bloom Lake iron ore project:


- Mine site development is progressing according to budget and is on schedule to
meet the end of September 2009 production target.


- With a current cash position of approximately C$260 million and based on the
current construction schedule, the Company has sufficient funds through April
2009. Additional financing requirements are expected to be approximately C$100
million. Debt financing discussions are at an advanced stage with indicative
terms sheets expected by mid-October. The Company has engaged Auramet Trading
LLC to help manage this process.


- Final permitting on the 31 km rail spur is expected this month and advanced
discussion are being held concerning the financing, construction and operation
of the line.


- The Company recently announced updated capital, operating and production
estimates for the Bloom Lake project, with some of the highlights including:


-- increased production from 7 to 8 MTPY, an increase of 14% which at current
iron ore prices will provide additional revenue of approximately US$80 million
annually;


-- revised mine and mill capital expenditures of C$486 million; and

-- expected cash operating costs of US$24.18/tonne concentrate over the mine's
first 5 years.


Richard Quesnel, President & CEO, stated, "We are now within one year of the
targeted production date and substantial progress on the site has been made.
With the robustness of the project's economics and approximately C$260 million
in cash remaining, we feel the Company has both the time and ability to secure
the remaining financing requirements, despite the recent market turmoil."


Bloom Lake Development

The development of Bloom Lake is advancing as scheduled with the commencement of
production targeted for the end of September 2009. A construction camp has been
completed and work is continuing on mine development, mill construction and at
the tailing storage facility. Haul road preparation, mining of waste (which is
providing aggregate for construction), excavation for the primary crusher and
pouring of concrete foundations for mill buildings are near completion, while
erection of structural steel for the concentrator has commenced. Pictures
documenting the progress at the future mine site can be found at the Company's
website at www.consolidatedthompson.com.


Project Debt Facility

The Company has engaged Auramet Trading LLC ("Auramet") to help secure the
remaining project financing requirements. On this front, the Company has signed
confidentiality agreements and provided detailed information on the Bloom Lake
project to over a dozen banks and financial institutions that have expressed an
interest in being part of a project debt facility. CLM has requested that
interested groups provide indicative term sheets by mid-October. Terms sheets
would be subject to confirmatory due diligence with a closing date expected by
the end of 2008, or early 2009. The Company currently has no debt.


Auramet is a New Jersey based trading and advisory services firm with a focus on
the metals and mining industries. Auramet has a strong track record in helping
resource industry companies arrange project finance loan with financial
institutions. Mark Edelstein, CFO of Auramet stated, "Our firm has been working
with CLM over the last few months to arrange a project financing facility and we
believe the development of the Bloom Lake iron ore deposit is an extremely
robust and attractive project from a project financing perspective."


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 119.0
million shares outstanding and trades on the TSX under the symbol CLM. Further
information can be accessed at the Company's website at
www.consolidatedthompson.com 


Richard Quesnel, P. Eng., a qualified person under National Instrument 43-101,
reviewed the scientific and technical information found in this press release
relating to Consolidated Thompson and its properties.


Conference Call

A conference call will be held on Monday, October 6, 2008 at 11 a.m. (EST) with
a question and answer session to follow. Please use the following information to
access the call:




Dial in: +1.416.340.2216     Toll Free: +1.866.898.9626 (Canada Only)



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 conclusions, parameters and
assumptions underlying the Feasibility Study, the development potential and
timetable of Bloom Lake project; mineral reserve and resource estimates and the
ability to realize such estimates; capital and operating expenditures; iron ore
prices; permitting time lines and permitting; government regulation of mining
operations; and environmental risks. 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 the
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 the Feasibilty 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 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.