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 Tata Steel Minerals Canada ("TSMC"), the company that
operates the NML and Tata Steel joint venture for the direct shipping ore
("DSO") project, will start hydrogeological as well as exploration drilling at
several DSO deposits. TSMC has engaged the services of Forages Lbm Inc of
Victoriaville, Quebec ("the Contractor") to undertake about 4000 meters of
reverse circulation drilling.


TSMC owns 25 DSO deposits located near Schefferville, Quebec. The deposits are
located in two areas: Areas 2 & 3 and 4 as shown in the attached Figure 1.
Exploration drilling will be carried out in three deposits namely, Kivivic 1C,
Kivivic 2 and Leroy 1, all located in Area 4. It is estimated that these three
deposits contain around 25 million tonnes of historical resources. Based on the
drilling results, the resource estimate will be upgraded to conform to the
requirements of NI43-101 regulations. Historical resources are not currently in
compliance with NI 43-101. 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.


Hydrological drilling will be carried out to establish ground water profiles and
pattern for deposits located in both areas. The information is required to
satisfy certain pre-conditions that were part of the approval of the
Environmental Impact Statement ("EIS") for Area 3 by the Government of
Newfoundland and Labrador ("GNL"). The collected information will also be used
to support the on-going EIS review for the Area 4 by the Government of Quebec as
well as further hydrological information required for the operation of the
mines. 


Dean Journeaux, NML's President and CEO, said: "TSMC's preparation to commence
mining in 2012 continues to progress well. The hydrogeological drilling is
another step toward production in that area. The data will provide valuable
information to plan mining and tailings disposal operations. We are also looking
forward to the drilling results of Kivivic 1C, Kivivic 2 and Leroy deposits.
Based on our past experience, we expect to have additional tonnages of NI 43-101
compliant resources. This will increase the life of the project beyond 12 years
assumed in the feasibility study".


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 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 a map of the DSO deposits, click the following link:
http://media3.marketwire.com/docs/nml_fig1.pdf

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

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