CLM Consolidated Lithium Metals Inc

Consolidated Thompson Iron Mines Ltd. (TSX VENTURE:CLM) ("Consolidated
Thompson", "CLM" or the "Company") announces that it will not proceed with the
previously announced purchase of a majority interest in the Wabush Mines Joint
Venture. Dofasco Inc., a subsidiary of Mittal Steel Company N.V., has notified
CLM that it will exercise its option to purchase the interests of Stelco and
Cleveland Cliffs in the Wabush Mines Joint Venture. CLM is continuing its
development of the Bloom Lake project at a rate of 7.0 million tonnes per year
of high quality iron ore concentrate.


The Company plans to hold a teleconference on Wednesday, September 5, 2007 at 10
am EDT to update the shareholders on progress with the project and discuss the
implications of the recently announced transaction between US Steel and Stelco
and the Wabush acquisition by Mittal.


Bruce Humphrey, Chairman of CLM, stated: "The recently announced transaction
between Stelco and US Steel and the decision by Dofasco/Mittal to exercise its
right to acquire Wabush suggest that both consolidation in the iron ore and
steel industry and the demand for iron ore continues be strong. Management
believes that both of these trends will eventually benefit CLM and our Bloom
Lake Deposit. We are making rapid progress at Bloom Lake with over $100 million
already committed and almost half the engineering completed. At full production
of 7 million tonnes per year, it will be one of the lowest cost producers in the
Quebec/Labrador camp. We will continue to explore consolidation opportunities in
this Camp and look for potential synergies with both Iron Ore Company of Canada,
Wabush and Quebec Cartier. This is an exciting time for Bloom Lake and the iron
ore industry."


Richard Quesnel, President & CEO of CLM, stated: "During the last three months,
the Company has advanced the Bloom Lake project on a dual track basis - with and
without Wabush. With today's clarification regarding Dofasco's intent, we are
proceeding with the Bloom Lake project on a stand alone basis. The expansion of
output from 5.0 million to 7.0 million tonnes of iron ore concentrate per year
accounts for most of the accretion in all of the upgrade scenarios that have
been evaluated to date. As consolidation is occurring in the iron ore industry,
we will continue to review opportunities while keeping the focus on developing
Bloom Lake as a world class operation and adding value to our shareholders."


Consolidated Thompson is continuing to develop its Bloom Lake property as
scheduled, with the following accomplishments achieved to date:


- Detailed engineering is 45% completed with 75,000 man-hours invested

- Procurement of critical equipment is in place with Cdn$50 million committed

- Letters of intent to procure cement and structural steel worth Cdn$60 million
have been signed


- Definitive agreement is in place with Worldlink Resources Limited to sell 5.0
million tonnes of iron ore concentrate/year


- Discussions have been advanced with the common railway carrier regarding
detailed haulage arrangements


- Discussions have been advanced with a third party to build and operate harbour
and port facilities.


- The Company has strengthened its management team with the addition of a new
Chief Financial Officer


- The Company has completed a private placement equity financing of CDN$200
million and is in advanced discussions on debt financing for up to $240 million.
The Company expects to have these facilities in place by year end.


As permitting is progressing, pre-production work on the property is scheduled
to start in early fall of 2007 and will include building road access, power
lines and clearing timber. CLM continues to target the commencement of
production at Bloom Lake in the first quarter of 2009.


About Consolidated Thompson:

Consolidated Thompson Iron Mines Ltd. is an exploration and development company.
CLM holds the Bloom Lake Iron Ore Property which is located in the Normanville
Township, Duplessis County, Province of Quebec, on the south end of the Labrador
Trough (approximately 400 km north of Sept-Iles). The Bloom Lake deposit is
situated approximately 10 km north of the Mount-Wright iron ore mining operation
of Quebec Cartier Mining Company. More at www.consolidatedthompson.com


Cautionary Note Regarding Forward-Looking Information: This press release
contains "forward-looking information" within the meaning of applicable Canadian
securities legislation. Forward-looking information includes, but is not limited
to, statements with respect to the future financial and operating performance of
the Company and its projects, the timing and amount of, and expenses related to,
estimated future production, the availability of financing at acceptable prices,
industry trends and their impact on the Company, the role of management, and
government permitting and regulation of mining operations. Forward-looking
information is subject to known and unknown risks, uncertainties and other
factors that may cause the actual results to be materially different from those
expressed or implied by such forward-looking information, including but not
limited to: general business, economic, competitive, political and social
uncertainties; changes in project parameters as plans continue to be refined;
delays in obtaining governmental approvals or required financing or in the
completion of development or construction activities, as well as those factors
discussed in Company's annual information form for the year ended June 30, 2006.
Although the Company 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. The
Company does not undertake to update any forward-looking information, except in
accordance with applicable securities laws.

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