NML New Millennium Iron Corp.

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

New Millennium Iron Corp. ("NML" or the "Corporation") (TSX VENTURE:NML)
announced today that it has extended the current contract with George Downing
Estate Drilling Ltd of Grenville-sur-la-Rouge (the "Contractor") to add a third
drill and include drilling of the taconite exploration targets at Lac Ritchie
and Perault Lake (see news release NR 11-18). The drill is in the process of
mobilization. The collection of the KeMag Bulk sample is progressing well and
the Contractor is expected to move its equipment from the KeMag deposit to Lac
Ritchie before the end of July. NML estimates undertaking about 5,000 meters of
drilling in those two targets. 


Based on the results of the Airborne Magnetic survey undertaken in 2010, NML
selected two of the several promising targets for further exploration (refer to
the attached Figure 1). Following the evaluation of drill results, NML intends
to undertake a scoping study with the objective of providing an estimate of
NI43-101 compliant resources. 


Dean Journeaux, NML's President and CEO, said: "Now that our first two projects
are firmly on development and production paths we feel that it is opportune to
further explore and demonstrate the potential of our vast landholdings. Although
our Taconite Project holds the largest undeveloped iron ore deposits of its type
in Canada, it comprises only about ten percent of the Millennium Iron Range
(MIR) taconite belt (Figure 1). Based on our Geophysicist Consultant's analysis
the Millennium Iron Range has the potential to hold resources to rival the KeMag
and LabMag deposits. Our goal is to be in a position by mid-2012 to consider
development of another project to take advantage of the robust iron ore market
and especially the continuing booming demand from Asia."


Airborne Magnetic Anomaly, Lac Ritchie:

This iron formation is flat lying (dipping 10 to 15 degrees  towards the
northeast (NE) and is very similar to the KeMag deposit in its geological
setting. The aeromagnetic anomaly is comparable to the KeMag deposit anomaly.
The KeMag deposit and its associated magnetic anomaly extend over an area of
13.5 km2 and contain 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). The Lac Ritchie area is about 11.5 km long and 2.3 km wide with an
area of 26.45 km2, almost twice the size of KeMag.


The drilling will be conducted in two phases. The first phase of drilling will
be along the strike of the iron formation with widely spaced holes to obtain the
stratigraphic, mineralogical and grade information. The second phase of the
program is in-fill drilling. The drilling will be between sections drilled
during the first phase and will cover the width of the taconite formation. An
estimated total of 2,500 m will be drilled to evaluate the anomaly area with the
objective of providing an estimate of NI 43-101 compliant resources. 


Dean Journeaux, Eng., and Thiagarajan Balakrishnan P.Geo., are the Qualified
Persons as defined in National Instrument 43-101 who have reviewed and verified
the scientific and technical mining disclosure contained in this news release.


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
one of the world's largest undeveloped magnetic iron ore deposits. In the same
area, the Corporation is also advancing its Direct Shipping Ore ("DSO") Project
to near term production. Tata Steel Limited, one of largest steel producers in
the world, owns approximately 27% 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.NMLiron.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. 


To view Figure 1, please visit the following link:
http://media3.marketwire.com/docs/720nlm_map.pdf.

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