Consolidated Thompson Announces Private Placement and New Management Team and Reactivates Work on its Bloom Lake Iron Ore Deposit in Quebec.

TORONTO -- Consolidated Thompson-Lundmark Gold Mines Limited (TSX VENTURE:CLM) -

Stan Bharti and Gerry McCarvill to Join the Management Team

Consolidated Thompson-Lundmark Gold Mines Limited (TSX VENTURE:CLM) is pleased to announce that it has entered into an agreement with a group of investors for a non-brokered private placement of 3,448,276 units at a price of $0.22 per unit for gross proceeds of $1,000,000. Each unit will consist of one common share and one common share purchase warrant. Each warrant will entitle the holder to acquire one common share for a period of two years from the date of issuance at a price of $0.29. Consolidated Thompson will use the proceeds for exploration and general corporate purposes.

The group of investors is led by Stan Bharti and Gerry McCarvill. The funds will be used primarily for exploration and to advance the Bloom Lake Iron Ore Deposit, which contains a measured and indicated resource estimate of over 600 million tonnes grading at 29.8% iron and 10.5% magnetite, as calculated by Watts, Griffis and McQuat (WGM) in 1998 (pre 43-101). In addition, Mr. Bharti and Mr. McCarvill will join the management team and Board of Consolidated Thompson and provide the technical, financial and business leadership to maximize value for shareholders by advancing this exciting iron ore deposit and looking for other acquisitions.

"We are excited about the possibilities for Consolidated Thompson. With Gerry and Stan coming on the Board and providing the leadership and the financial support for our Bloom Lake project, the Company can look forward to a bright future as commodity prices continue to show strength", said Mr. Ed Thompson, President. "The Bloom Lake Project is located within 9 km of the existing Quebec Cartier Complex in Quebec and is a large resource with significant upside potential. The new team will maximize shareholder value by advancing this deposit and creating a new vision for the Company."

This transaction is subject to the investors completing legal and technical due diligence. The transaction is scheduled to close on or before May 27, 2005. Upon closing the Board of Directors is expected to consist of five members including: Edward G. Thompson, existing Board member, Tor Jensen, existing Board member, Stan Bharti, Gerald McCarvill and Jean Depatie. The new management team will be strengthened by the new Board of Directors upon closing of the transaction.

Stan Bharti brings over 25 years of experience in operations, public markets and finance to Consolidated Thompson. Over the last ten years Mr. Bharti has been involved in acquiring, restructuring, and financing. Mr. Bharti has raised over $200 million in public markets over the last decade. His experience in public markets includes acquisitions of companies in Europe, Australia and North America. He is a Professional Mining Engineer and holds a Masters Degree in Engineering from Moscow, Russia and University of London, England.

Gerald McCarvill has more than 20 years experience in the financial sector holding senior positions with major investment firms including as a member of the executive committee of Wood Gundy. Most recently, Mr. McCarvill was CEO of McCarvill Corporation, a diversified financial services company and previously was CEO of Repadre Capital Corporation, a mining royalty company.

Jean Depatie has over 35 years of national and international experience in economic geology. He has worked in over 15 countries and acted as a consultant for organizations such as the United Nations, the World Bank, the Commonwealth Secrateriat, the Asian Development Bank, Banco Interamericano, the Canadian International Development Agency and Quebec's Ministry of Natural Resources. Since 1981 he has been working as president and/or vice president of mining companies. He sits on the board of directors of several mining companies including Novicourt Inc. (Noranda Group) and Glamis Gold. He is currently president of Decamine Inc, of Montreal, geoscience consultants.

The Bloom Lake Property

The Bloom Lake Property of Consolidated Thompson Lundmark Gold Mines, staked in 1951 and drilled in 1952 and throughout the 1960's and 1970's contains a Measured and Indicated Resource (calculated by Watts Griffis and McOuat (WGM) in 1998) of 638 million tonnes grading 29.76% total iron and 10.54% Magnetite using a 15% iron cut-off. Consolidated Thompson has not done the work necessary to verify the classification of the resource estimate calculated by WGM and therefore is not treating the estimate as a 43-101 defined resource verified by a qualified person. Investors are cautioned that this historical estimate should not be relied upon.

The Bloom Lake Property is located approximately 570 km north by road from Baie Comeau Quebec and lies within 9 km of Quebec Cartier Mining Company (QCM)'s Mont- Wright Mine and Concentrator which is connected by a rail line approximately 416 km to QCM's pelletizing and loading facilities in Port Cartier Quebec.

Edward G. Thompson, P.Eng., the President of the Company is the qualified person responsible for preparing the technical disclosure in this release.

Completion of the transaction is subject to final approval of the Board of Directors of Consolidated Thompson and the approval of the TSX Venture Exchange.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy of this news release.

Consolidated Thompson-Lundmark Gold Mines Limited (TSX VENTURE:CLM)