Consolidated Thompson Iron Mines Completes Acquisition of Quinto Mining

NOT FOR RELEASE IN THE UNITED STATES OR TO U.S. NEWS WIRE SERVICES

Consolidated Thompson Iron Mines Limited (TSX:CLM) ("Consolidated Thompson") and
Quinto Mining Corporation (TSX VENTURE:QU) ("Quinto") are pleased to announce
that Quinto has obtained Final Court approval in respect of the arrangement with
Consolidated Thompson, and the parties have now completed the arrangement
initially announced on April 21, 2008.


As a result, Consolidated Thompson has acquired all of the common shares of
Quinto (the "Acquisition"), and Quinto is now a wholly-owned subsidiary of
Consolidated Thompson. In connection with the Acquisition, Quinto shareholders
will receive one Consolidated Thompson common share and a cash payment of $0.005
for every five Quinto common shares held. As a result of the Acquisition,
Consolidated Thompson has acquired neighbouring iron ore deposits, and
significantly increased its mineral resources and exploration growth potential.
This Acquisition further establishes Consolidated Thompson as a significant
player in the Labrador Trough iron ore camp, while positioning itself well to
participate in further consolidation in the iron ore industry.


As a result of the Acquisition, Quinto security holders hold approximately 13.8%
of the issued and outstanding Consolidated Thompson common shares on a fully
diluted basis. Quinto will be halting the trading of its shares on the TSX
Venture Exchange at market close today. Consolidated Thompson's shares will
continue to trade on the Toronto Stock Exchange and the common shares of Quinto
will represent the right to acquire shares of Consolidated Thompson. Quinto
security holders can expect to receive their Consolidated Thompson shares in due
course. Quinto shareholders are advised to refer to their letters of transmittal
(available on SEDAR) or contact their brokers for further details on obtaining
their Consolidated Thompson shares and making their section 85 roll-over
elections.


Highlights of the Acquisition

As a result of the Acquisition, the combined company has:

- An estimated measured and indicated mineral resource totaling 940 million
tonnes grading 29.33% Total Fe of which the measured resource totals 488.5
million tonnes grading 29.91% Total Fe and the indicated resource totals 451.5
million tonnes grading 28.71% Total Fe (NI 43-101 review carried out by Watts,
Griffis and McOuat Limited);


- Potential production growth through the integration of Peppler Lake and
Lamelee deposits, both located within 60 km of the Bloom Lake deposit, which is
currently being developed by Consolidated Thompson;


- Significant exploration potential at both Bloom Lake and the Lamelee and
Peppler Lake deposits (exploration programs are in progress at the Bloom Lake,
Peppler Lake and Lamelee projects);


- Approximately $350 million in cash and cash equivalents;

- Proven management and Board of Directors with experience in financing,
developing and operating mines; and


- Significant strategic advantages in the largest iron ore camp in Canada,
located in Quebec and Labrador, which includes major industry participants such
as Rio Tinto plc and ArcelorMittal.


About Consolidated Thompson

Consolidated Thompson Iron Mines Limited is a Canadian corporation that is
devoted to exploring, developing and mining mineral deposits. Following the
Acquisition, Consolidated Thompson has approximately 118.9 million shares
outstanding, and trades on the Toronto Stock Exchange under the symbol "CLM".
For more information, visit 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.


This communication does not constitute an offer to purchase or exchange or the
solicitation of an offer to sell or exchange any securities of Quinto or an
offer to sell or exchange or the solicitation of an offer to buy or exchange any
securities of Consolidated Thompson, nor shall there be any sale or exchange of
securities in any jurisdiction (including the United States) in which such
offer, solicitation or sale or exchange would be unlawful prior to the
registration or qualification under the laws of such jurisdiction. The
distribution of this communication may, in some countries, be restricted by law
or regulation. Accordingly, persons who come into possession of this document
should inform themselves of and observe these restrictions. The solicitation of
offers to buy Consolidated Thompson shares in the United States will only be
made pursuant to a prospectus and related offer materials that Consolidated
Thompson expects to send to holders of Quinto securities, subject to the
requirements of applicable law. The Consolidated Thompson shares may not be
sold, nor may offers to buy be accepted, in the United States prior to the time
the registration statement (if any is filed) becomes effective or an exemption
from such requirements is available. No offering of securities shall be made in
the United States except (i) by means of a prospectus meeting the requirements
of Section 10 of the United States Securities Act of 1933, as amended, which
would contain detailed information regarding Consolidated Thompson and its
management, as well as its financial statements, or (ii) pursuant to an
exemption from the registration requirements of the United States Securities Act
of 1933, as amended.


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 or operating performance of
Consolidated Thompson and Quinto and its projects, statements regarding
exploration prospects, statements regarding synergies and financial impact of
the acquisition, the benefits of the acquisition, the identification of mineral
reserves and resources, costs of and capital for exploration projects,
exploration expenditures, timing of future exploration, requirements for
additional capital, government regulation of mining operations, environmental
risks, reclamation expenses, title disputes or claims, limitations of insurance
coverage and the timing and possible outcome of pending litigation and
regulatory matters. 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 state that certain actions, events or results
"may", "could", "would", "might" or "will be taken", "occur" or "be achieved". 

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 the either company (and the company resulting
from the successful completion of the acquisition) 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; the actual results of current exploration activities;
delay or failure to receive board or regulatory approvals; timing and
availability of external financing on acceptable terms; the business of
Consolidated Thompson and Quinto not being integrated successfully or such
integration proving more difficult, time consuming or costly than expected; not
realizing on the potential benefits of the acquisition; conclusions of economic
evaluations; changes in project parameters as plans continue to be refined;
future prices of mineral prices; failure of plant, equipment or processes to
operate as anticipated; accidents, labour disputes and other risks of the mining
industry; and, delays in obtaining governmental approvals or required financing
or in the completion of activities. Although the companies have 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 information 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.