NML New Millennium Iron Corp.

NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

New Millennium Capital Corp. ("NML" or "the Company") (TSX VENTURE:NML)
announced today that it has received project release, subject to a number of
customary terms and conditions, from the Government of Newfoundland and Labrador
("GNL") for the Joan Lake area of the Direct Shipping Ore ("DSO") Project. Joan
Lake is part of Phase 2 of the DSO Project, the first phase of which was
released from further environmental assessment by the Government of Newfoundland
and Labrador on January 5, 2011 (NR 11-02). 


The release will allow completion of the permitting process required to start
mining Phase 2 of the DSO Project, scheduled to begin in 2013, of the Kivivic 1,
2, 3N, 4, 5 and the Timmins 8 deposits. It will also be possible to proceed with
the construction of the Labrador portion of the road connecting the processing
complex at the Timmins area to the Phase 2 mines. The Canadian Environmental
Assessment Agency has confirmed that the Joan Lake Project will not trigger a
federal impact assessment.


"This is a significant step that will enable us to develop the DSO Project
according to our plan," said Robert Martin, NML's Chief Executive Officer and
President. "More than 75% of the total resources are located in the Phase 2
deposits, so the project release is important as it will allow a timely
transition of our operation to the Phase 2 mining area. We will continue to work
with Tata Steel Minerals Canada Limited ("TSMC"), the joint venture company
responsible for the operation of the mine, to expedite the permitting in order
to ensure timely completion of this work."


"This is a very positive development," said Partha Sengupta, Chairman of TSMC.
"As we prepare to start construction of the Phase 1 facilities, we are already
planning for the next phase and we can now look forward to reaching full
production by moving to the Phase 2 area by 2013." 


About New Millennium

The Corporation controls the emerging Millennium Iron Range, located in the
Province of Newfoundland and Labrador and in the Province of Quebec, which holds
the world's largest undeveloped magnetic iron ore deposits. In the same area,
the Corporation is also advancing its DSO Project to near term production. Tata
Steel, one of the top 10 steel producers of the world, owns approximately 27.1%
of New Millennium and is the Corporation's largest shareholder and strategic
partner. 


Tata Steel has exercised its exclusive option to participate in the DSO Project
and has a commitment to take the resulting production (see news release 10-16
dated September 14, 2010). Tata Steel also has exercised its exclusive right to
negotiate and settle a proposed transaction in respect of the LabMag Project and
the KeMag Project (see news release 11-09 dated, March 6, 2011).


The Millennium Iron Range currently hosts two advanced projects: LabMag contains
3.5 billion tonnes of Proven and Probable reserves at a grade of 29.6% Fe plus
1.0 billion tonnes of Measured and Indicated resources at an average grade of
29.5% Fe and 1.2 billion tonnes of Inferred resources at an average grade of
29.3% Fe (see news release 06-13 dated July 5 2006 and news release 07-11 dated
July 17, 2007); KeMag contains 2.1 billion tonnes of Proven and Probable
reserves at an average grade of 31.3% Fe, 0.3 billion tonnes of Measured and
Indicated resources at an average grade of 31.3 % Fe and 1.0 billion tonnes of
Inferred resources at an average grade of 31.2% Fe (see news release 09-01 dated
January 16, 2009). 


NML's DSO project contains 64.1 million tonnes of Proven and Probable Mineral
Reserves at an average grade of 58.8% Fe, 8.1 million tonnes of Measured and
Indicated Mineral Resources at an average grade of 58.8% Fe, 7.2 million tonnes
of Inferred Resources at an average grade of 56.8% Fe and about 40.0 - 45.0
million tonnes of historical resources that are not currently in compliance with
NI 43-101 (see news release 09-03 dated February 11, 2009, news release 09-05
dated March 4, 2009, news release 09-16 dated December 9, 2009 and news release
10-12 dated July 8, 2010). A qualified person has not done sufficient work to
classify the historical estimate as current mineral resources and the historical
estimate should not be relied upon.


The Corporation's mission is to add shareholder value through the responsible
and expeditious development of the Millennium Iron Range and other mineral
projects to create a new large source of raw materials for the world's iron and
steel industries. For further information, please visit www.nmlresources.com,
www.tatasteel.com and www.tatasteeleurope.com. 


Forward-Looking Statements 

This document may contain "forward-looking statements" within the meaning of
Canadian securities legislation and the United States Private Securities
Litigation Reform Act of 1995 These forward-looking statements are made as of
the date of this document and the Corporation does not intend, and does not
assume any obligation, to update these forward-looking statements. 


Forward-looking statements relate to future events or future performance and
reflect management of the Corporation's expectations or beliefs regarding future
events and include, but are not limited to, statements with respect to the
estimation of mineral reserves and resources, the realization of mineral reserve
estimates, the timing and amount of estimated future production, costs of
production, capital expenditures, success of mining operations, environmental
risks, unanticipated reclamation expenses, title disputes or claims and
limitations on insurance coverage. In certain cases, forward-looking statements
can be identified by the use of words such as "plans", "expects" or "does not
expect", "is expected", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates" or "does not anticipate", or "believes", or variations
of such words and phrases or statements that certain actions, events or results
"may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or
the negative of these terms or comparable terminology. By their very nature
forward-looking statements involve known and unknown risks, uncertainties and
other factors which may cause the actual results, performance or achievements of
the Corporation to be materially different from any future results, performance
or achievements expressed or implied by the forward-looking statements. Such
factors include, among others, risks related to actual results of current
exploration activities; changes in project parameters as plans continue to be
refined; future prices of resources; possible variations in ore reserves, grade
or recovery rates; accidents, labour disputes and other risks of the mining
industry; delays in obtaining governmental approvals or financing or in the
completion of development or construction activities; as well as those factors
detailed from time to time in the Corporation's interim and annual financial
statements and management's discussion and analysis of those statements, all of
which are filed and available for review on SEDAR at www.sedar.com. Although the
Corporation has attempted to identify important factors that could cause actual
actions, events or results to differ materially from those described in
forward-looking statements, there may be other factors that cause actions,
events or results not to be as anticipated, estimated or intended. There can be
no assurance that forward-looking statements will prove to be accurate, as
actual results and future events could differ materially from those anticipated
in such statements. Accordingly, readers should not place undue reliance on
forward looking statements.

New Millennium Iron Corp. (TSXV:NML)
Historical Stock Chart
From Oct 2024 to Nov 2024

New Millennium Iron Corp. (TSXV:NML)
Historical Stock Chart
From Nov 2023 to Nov 2024