Bloom Lake Mining Project - Agreement reached between Consolidated Thompson and the Innu Takuaikan Uashat Mak Mani-Utenam (ITUM) band council

    MONTREAL, Jan. 23 /CNW Telbec/ - Following high-level talks,
representatives of the Innu Takuaikan Uashat Mak Mani-Utenam (ITUM) band
council and Consolidated Thompson Iron Mines Limited (TSX: CLM) are pleased to
announce that they have reached an agreement regarding the development of the
Bloom Lake project. The two parties have signed an Agreement In Principle
(AIP) intended to provide a framework for fast track discussions towards
establishing an industrial benefits agreement for the project.
    Consolidated Thompson believes that the AIP demonstrates Consolidated
Thompson's respect for their First Nation counterparts and that ITUM fully
supports the development of the Bloom Lake project. Under the terms of the
AIP, the representatives of the Innu Takuaikan Uashat Mak Mani-Utenam (ITUM)
band council have agreed to suspend any legal proceedings against Consolidated
Thompson. The development work on the Bloom Lake property is continuing, and
the call-for-tenders process and the mobilization of all the personnel
required to undertake the preparation work at the site have been finalized.
    Both the Chief of the band council representing ITUM, Mr. Georges-Ernest
Grégoire, and the President of Consolidated Thompson, Mr. Richard Quesnel,
said they were pleased that an agreement has now been reached and that
harmonious relations have been established, paving the way for a development
project that will benefit the region.
    Located in the regional municipality of Caniapiscau, 13 km northwest of
the town of Fermont and 8 km north of the Mont-Wright deposit, the Bloom Lake
project represents an initial investment in the order of $410 M. Some 400 jobs
will be created by the construction activities, and approximately 250 direct
jobs will subsequently be created during the operation of the mine.

For further information:

For further information: Denise Courteau, (514) 973-7441; Source: Chief
Georges-Ernest Grégoire, Innu Takuaikan Uashat Mak Mani-Utenam (ITUM); Richard
Quesnel, President and CEO, Consolidated Thompson

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