NML New Millennium Iron Corp.

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New Millennium Capital Corp. (TSX VENTURE:NML) ("NML" or the "Corporation")
announced today that co-founder Robert A. Martin has informed the Board of
Directors that he will be stepping down from his role as President, Chief
Executive Officer and Director of the Corporation, effective July 1st, 2011. NML
also announced that Dean Journeaux, currently a Director and Chief Operating
Officer, will become President and Chief Executive Officer of the Corporation,
effective on the same date. Mr. Martin will remain associated with the
Corporation as Chairman of the Strategic Advisory Committee of the Board of
Directors, also effective July 1st, 2011, which will report to the Board in
respect of long term strategies for the growth and development of NML's
business.


"With New Millennium's recent agreement with Tata Steel on the Taconite Project
and the Direct Shipping Ore (DSO) Project nearing production, the Corporation is
entering into a new stage in its business life cycle. I feel this is a strategic
moment for me to hand over the reins of the Corporation," said Robert A. Martin,
President and Chief Executive Officer. "I am stepping down with the confidence
that New Millennium is in good hands and that the Corporation's projects will
continue to move ahead successfully."


"On behalf of the Board of Directors, I wish to express a resounding thank-you
to Bob for his persistent efforts in guiding New Millennium throughout this very
long journey, from a bare bones, minimally funded capital-pool corporation and
through its continuous growth phases. The New Millennium mission and vision
statements to become a major world class iron ore producer are well on the road
to full accomplishment," said Lee Nichols, Chairman of the Board of Directors of
NML. "We sincerely hope that Bob will enjoy his very well-earned retirement," he
added.


Dean Journeaux takes over as President and Chief Executive Officer, effective
July 1st, 2011. Mr. Journeaux has over four decades of experience in the iron
ore mining industry. Prior to co-founding NML with Robert A. Martin in 2003, he
held various engineering, operations and management positions with Quebec
Cartier Mining Company, and MET-CHEM Canada Inc. before working on international
projects as an independent consultant. 


"Ever since he first identified what is now referred to as the Taconite iron ore
deposit in 1960, Bob has had a vision of the development of the property into an
operating mine and beneficiation complex. As this vision is becoming reality, he
can be proud of what he has accomplished," said Dean Journeaux, Chief Operating
Officer and Director of NML. "I look forward to working in close collaboration
with Bob over the next two months just as we have done for the last 8 years to
ensure a smooth transition, and with other members of our executive team to
continue implementing New Millennium's vision," Mr. Journeaux concluded. 


NML will initiate a process both internally and externally to recruit a new
Chief Operating Officer. The Corporation also announced today that Mark
Freedman, C.A., currently acting as interim Chief Financial Officer of the
Corporation, has now been confirmed as Chief Financial Officer. 


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. NR1112 2 (2) 


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. 


Dean Journeaux, Eng., is the Qualified Person as defined in National Instrument
43-101 who has reviewed and verified the scientific and technical mining
disclosure contained in this news release.


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.

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