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 based on its ongoing evaluation of historical drill results
incorporating recent airborne magnetic survey data it has identified another
high priority target. The target coincides with drill hole HR179D drilled on the
strike extension of the taconite formation connecting the LabMag and KeMag
deposits. This zone extends for approximately 18 km from the north end of the
LabMag Deposit to the south end of the KeMag Deposit. The taconite band in this
area coincides with NL-1 and NL-2 airborne magnetic anomalies outlined (Refer to
Figure 1) based on the Airborne Magnetic survey conducted in 2010 (refer to
NR11-03).


Hole HR1279D was drilled in 2006 as an exploratory hole to check the taconite
extension north west of the LabMag deposit. The hole was drilled to a depth of
105 m intersecting all economic stratigraphic units. Although the results of the
testing and analysis were encouraging no additional drilling was carried out as
NML decided to concentrate its efforts on KeMag and LabMag. However, the
Airborne Magnetic survey conducted in 2010 indicated the presence of groups of
magnetic anomalies over the taconite extension between LabMag and KeMag deposits
(Figure 2). Recent analysis by the Corporation demonstrates a strong connection
between the drill hole results and certain anomalies that support further
exploration. NML will conduct an initial drilling program this fall, comprising
at least five or six holes, to outline the extent of a potential additional
deposit. 


Dean Journeaux, NML's President and CEO, said: "The results of our ongoing
studies suggest the possibility of a continuity between the LabMag and KeMag
deposits and warrant further investigation. Based on the complementary evidence
of the test hole and magnetic survey, we have now decided to further explore
anomalous area NL1, which is 100% owned by NML. This next development target
further underscores the additional resource potential of the Millennium Iron
Range and demonstrates further potential value for our shareholders beyond the
Taconite Project."


The following Table shows the results of the tests and analysis of the HR1279D
drill cores.


Table 1

HR1279D



----------------------------------------------------------------------------
Unit                                    Concentrate  Concentrate      Total 
                  Length (m)      DTWR%          Fe%      SiO(2)%        Fe%
----------------------------------------------------------------------------
LC                     15.1      30.03        69.14         3.79      30.73 
----------------------------------------------------------------------------
JUIF                    6.4      17.50        69.97         2.15      34.59 
----------------------------------------------------------------------------
GC                      3.9      15.00        70.83         1.85      22.05 
----------------------------------------------------------------------------
URC                     2.4      28.50        70.27         1.97      40.35 
----------------------------------------------------------------------------
PGC                    13.0      39.19        70.29         2.25      33.96 
----------------------------------------------------------------------------
LRGC                   35.1      34.71        70.20         2.12      32.30 
----------------------------------------------------------------------------
Total/Average          75.9      31.89        70.02         2.46      32.19 
----------------------------------------------------------------------------



The average grade of HR 1279D in comparison with the deposit averages of LabMag
and KeMag (Table 2).


Table 2



----------------------------------------------------------------------------
Deposit         Proven & Probable          Concentrate  Concentrate   Total 
                  (million tonnes)   DTWR%          Fe%      SiO(2)%     Fe%
----------------------------------------------------------------------------
Taconite                                                                    
 Project:                                                                   
----------------------------------------------------------------------------
LabMag                      3,545   25.79        69.98         2.17    29.6 
----------------------------------------------------------------------------
KeMag                       2,141   27.00        69.10         2.70    31.3 
----------------------------------------------------------------------------
Taconite Other:                                                             
----------------------------------------------------------------------------
HR1279D(i)                          31.89        70.02         2.46   32.19 
----------------------------------------------------------------------------



(i)Note: higher Davis Tube Weight Recovery (DTWR) for this hole.

Other NML Activities: 

KeMag Bulk Sampling for Pilot Scale Testing

The collection of Bulk Samples for testing is nearing completion. Approximately
70 t out of 75 t were collected to date and being sent to MRC Laboratory,
Nashwauk, Minnesota, USA for processing. The laboratory has received
approximately 65 t of the samples. Sample preparation and analytical work are
well underway.


Airborne Magnetic Anomaly, Lac Ritchie

Two diamond drills are being moved to Lac Ritchie to start the first phase of
drilling to check the magnetic anomaly. A third drill will be added to the fleet
when the drilling for Bulk Sampling is completed at the KeMag deposit.


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 the Figure 1 map, click the following link:
http://media3.marketwire.com/docs/NMIC_Figure1.pdf


To view the Figure 2 map, click the following link:
http://media3.marketwire.com/docs/NMIC_Figure2.pdf
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