New Millennium Capital Corp. Announces Agreement to Extend Taconite Project Exclusivity With Tata Until March 7, 2011

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

New Millennium Capital Corp. ("NML" or "the Corporation") (TSX VENTURE:NML)
announced today that the Company and Tata Steel have negotiated an extension to
Tata Steel's exclusivity regarding the LabMag and KeMag projects. NML and Tata
Steel have mutually agreed to extend the period from February 28, 2011 to March
7, 2011.


Tata Steel and NML shall continue to work toward negotiating a binding agreement
for the development and operation of the LabMag and KeMag projects.


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 to near term production its DSO (Direct
Shipping Ore) Project. Tata Steel, one of the top 10 steel producers of the
world, owns approximately 27.2% of New Millennium and is the Corporation's
largest shareholder and strategic partner. 


Tata has exercised its exclusive option to participate in the DSO Project and
has a commitment to take the resulting production, and has an exclusive right to
negotiate and settle a proposed transaction in respect of the LabMag Project and
the KeMag Project (see news release 08-17, October 1, 2008 and news release
09-11, June 30, 2009). 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, July 5 2006 and 07-11,
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,
January 15, 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, February 11, 2009 and news release 09-05,
March 4, 2009, news release 09-16, 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 Company'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)
Graphique Historique de l'Action
De Avr 2024 à Mai 2024