By The Canadian Press

MONTREAL - Consolidated Thompson Iron Mines Ltd. (TSX:CLM) reported a net loss of $22.6 million in the third quarter as it continues to develop its Bloom Lake iron ore property in Quebec.

The net loss, equivalent to 12 cents a share, compares with earnings of $1.3 million or one cent a share in the comparable 2008 quarter.

With the exception of interest income, the company has reported no revenue for the last eight quarters, according to company documents.

As of Sept. 30, over $400 million has been spent on the development of the Bloom Lake mine, the company said in a news release.

"Mine site development is progressing according to budget . . . (and) production is expected to begin in December 2009 and shipment in the first quarter of 2010," it said.

Consolidated Thompson's shares were up three cents at $4.73 in afternoon trading on the Toronto Stock Exchange.