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MONTREAL, QUEBEC--(Marketwire - Jan. 5, 2010) - Consolidated Thompson Iron Mines Ltd. (TSX:CLM) ("CLM" or the ''Company") announces that it has entered into an Offtake Agreement and a Credit Agreement with SK Networks Co. Ltd.(SKN), a subsidiary of the third largest Korean conglomerate, SK Group.

Pursuant to the Offtake Agreement, SKN has committed to purchase annually, for a ten-year term, at fair market value and on commercially reasonable terms, one million tonnes of iron ore concentrate from CLM's Bloom Lake mine.

The Credit Agreement provides for a US$50 million unsecured five-year term credit facility which is expected to be available for drawdown prior to January 31, 2010. The facility is non-amortizing and carries a fixed annual interest rate of 5% payable on a semi-annual basis. The principal amount of the facility can be repaid by the Company at any time. This credit facility will be used to fund potential expansion at Bloom Lake and for general working capital purposes.

''These agreements attest to the robustness of the Bloom Lake project and its attractiveness to some of the world's largest consumers of iron ore. We are very pleased to have reached long term agreements with a well-recognized Korean Company such as SKN'' stated Richard Quesnel, the President and Chief Executive Officer of the Company.

Harp Capital Corp. acted as advisor to CLM on the Credit Agreement.

Information on Consolidated Thompson Iron Mines Limited
Consolidated Thompson Iron Mines Limited is a development and exploration mining company. The Company is presently developing at the expected initial rate of 8.0 million tonnes per year its Bloom Lake world class iron ore deposit located in the Quebec/Labrador trough. The quality and size of the Bloom Lake and Peppler/Lamelee deposits reflect the potential to expand and advance these projects and exploit other opportunities in the iron ore industry. The Company has approximately 226,800,000 shares outstanding and trades on the TSX under the symbol "CLM".

Information on SK Networks
SK Networks (SKN) is a global company in trading, IT, energy distribution, consumer goods industries, overseas resource development and plantation. SKN is a subsidiary of SK Group ("SK"). SK is the 3rd largest conglomerate in Korea with 213 affiliate and subsidiary companies and 70 branches and offices around the world in the areas of Energy Chemical, Telecom, and Trading Services and its 2008 revenues were approximately U$ 84 billion. SKN has approximately 243,000,000 shares outstanding and trades on the Korea Exchange (KRX) under the symbol 001740.

Caution regarding forward-looking statement

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 closing of the Offtake Agreement; availability of funds under the Credit agreement; receipt of all necessary approvals; capital required to complete the development of the Bloom Lake mine and timing of such requirements; the conclusions, parameters and assumptions underlying current mine plans, the development potential and timetable of Bloom Lake project; capital and operating expenditures; iron ore prices; permitting time lines and permitting; government regulation of mining operations; environmental risks and the impact of management appointments; mineral reserve and resource estimates; the ability to realize estimated mineral reserves and to convert mineral resources into mineral reserves; terms and costs of future exploration; mineralization projections; receipt of all necessary approvals; the parameters and assumptions underlying the mineral resource estimates. 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 CLM's feasibility study. Capital and operating cost estimates are based on extensive research of the Company, purchase orders placed by the Company to date, recent estimates of construction and mining costs and other factors that are set out in CLM's feasibility study. Production estimates are based on mine plans and production schedules, which have been developed by the Company'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.