Consolidated Thompson Iron Mines Limited announced that in connection with the recently completed arrangement between Consolidated Thompson and Cliffs Canada Inc a wholly owned indirect subsidiary of Cliffs Natural Resources Inc.

Consolidated Thompson has applied to the Toronto Stock Exchange to de-list its 5.0% convertible unsecured subordinated debentures due November 30th 2017 that were issued pursuant to the trust indenture dated November 29, 2010 between Consolidated Thompson and Equity Trust Financial Company, as trustee. The de listing is expected to occur at the close of business on May 30th 2011.

As previously announced, to comply with its obligations under the Indenture, Consolidated Thompson has made an offer on May 12, 2011 to purchase the Debentures at a purchase price per USD 1,000 principal amount of Debentures of USD 1,000 plus all accrued but unpaid interest. Until the close of business on June 11th 2011, each holder of Debentures may obtain a greater amount of cash consideration by converting its Debentures at a reduced conversion price, which would result in a cash payment per USD 1,000 principal amount of Debentures upon the conversion thereon equal to CAD 1,439.78 plus all accrued and unpaid interest, as calculated in accordance with the Indenture. On May 13th 2011, Consolidated Thompson delivered notice to the Trustee that it is exercising its right to redeem, on June 13th 2011, all of its then outstanding Debentures, if any remain after giving effect to conversions at the reduced conversion price, at a redemption price per USD 1,000 principal amount of Debentures of CAD 1,131.60 plus all accrued but unpaid interest.

On May 20, 2011, Consolidated Thompson deposited with the Trustee an amount of money sufficient to pay, satisfy and discharge the entire amount of the principal of and interest on, and all other amounts payable under the Indenture. As a result, Consolidated Thompson was irrevocably and unconditionally released from its covenants undertaken in the Indenture, including the covenant which had required the Debentures to remain listed on the TSX.