MONTREAL, QUEBEC, Oct. 9, 2009 (Marketwire) --

MONTREAL, QUEBEC -- (Marketwire) -- 10/09/09 -- Consolidated Thompson Iron Mines Ltd. (TSX: CLM) ("CLM" or the "Company") is pleased to announce that it has made an offer to purchase a 100% interest in the Wabush Mines joint venture from U.S. Steel Canada Inc. ("USS"), ArcelorMittal Dofasco Inc. ("AMD") and Cliffs Natural Resources Inc. ("Cliffs"), for an aggregate purchase price of US$120 million. The transaction will be financed through existing cash and credit facilities available to the company.

USS and AMD have conditionally accepted this offer, subject to Cliffs not exercising its right of first refusal to acquire each of USS' and AMD's interest in the Wabush Mines joint venture on the terms offered by CLM. The right of first refusal expires October 19, 2009. If Cliffs does not exercise its right of first refusal and does not accept CLM's offer, CLM will have a binding agreement to acquire USS and AMD' collective 73.2% interest in Wabush Mines joint venture for an aggregate purchase price of US$87.8 million.

The Wabush Mines joint venture is comprised of integrated assets including the Scully Iron Ore Mine, Point-Noire pelletizing facilities, harbour and port facilities at Sept-Iles, integrated railway facilities and other related assets situated near Wabush, in Newfoundland and Labrador and Quebec.

Completion of the acquisition would be subject to a number of conditions, including receipt of requisite regulatory approvals.

Something to think about, don't sell your shares for such cheap prices.

Good luck to all SPQ shareholders!