Consolidated Thompson Iron Mines and Quinto Mining Announce Quinto Shareholders Approve Proposed Arrangement
June 25, 2008
June 25th (eMediaWorld) – Consolidated Thompson Iron Mines Limited (TSX:CLM) (“Consolidated Thompson”) and Quinto Mining Corporation (TSX VENTURE:QU) (“Quinto”) are pleased to announce that Quinto shareholders and Quinto optionholders, voting as one class, have approved the proposed arrangement whereby Consolidated Thompson will acquire all of the outstanding common shares of Quinto (the “Transaction”). At the special meeting called to consider the Transaction, shareholders and optionholders holding approximately 63% of outstanding Quinto securities voted with more than 99% of the votes cast being voted FOR the Transaction.
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 Transaction, Consolidated Thompson will acquire neighbouring iron ore deposits, and significantly increase its mineral resources and exploration growth potential. This acquisition will further establish 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.
Subject to receipt of final court and exchange approval, the Transaction is expected to close on June 27, 2008.