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Calgary, Alberta – Jan. 5, 2011 –
NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
New Millennium Capital Corp. (“NML” or “the Company”) (TSX VENTURE:NML) announced today that it has received project release, subject to a number of customary terms and conditions, from the Government of Newfoundland and Labrador (“GNL”) following the approval of the Company’s Environmental Impact Statement (“EIS”) for Phase 1 of the Direct Shipping Ore (“DSO”) Project. The release will allow completion of the permitting process required to start construction this summer and the expected commencement of iron ore production by the second quarter of 2012. Phase 1 of mining operations includes the Timmins 3N, Timmins 4, Timmins 7 and Fleming 7N deposits in Newfoundland and Labrador.The Canadian Environmental Assessment Agency has also completed its review of the Project. The work done by the various Federal Agencies has confirmed that there are no triggers for a federal level environmental assessment. It has therefore been determined that a federal level Canadian Environmental Assessment is not required.
NML submitted, in September 2010, an EIS to the Government of Quebec for Phase 2 of the DSO Project. This review process is also well advanced with approval expected in the fourth quarter of 2011. Phase 2 of mining operations includes the Goodwood, Sunny 1, Kivivic 3 S and Leroy 1 deposits in Quebec.
Robert Martin, NML’s Chief Executive Officer and President, said, “We are pleased that NML has achieved this significant step towards reaching its goal to become an iron ore producer in 2012. The DSO project will generate important social benefits for the Province of Newfoundland and Labrador, especially Labrador West, and for such Aboriginal corporations as the Tshiuetin Rail Transportation Inc. and Air Inuit. It will also provide significant benefits for the Province of Quebec and the affected aboriginal communities in both provinces. We look forward to working with Tata Steels Minerals Canada Ltd (“TSMC”), the joint venture company responsible for the operation of the mine, to expedite the permitting work in order to start construction this summer.
Partha Sengupta, Chairman TSMC, stated” Tata Steel is very pleased that Phase 1 of the DSO Project has been released from further environmental assessment as this is expected to ensure a high quality captive source of raw material for the Company.”
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 27.4% 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 KéMag Project (see news release 08-17, October 1, 2008, news release 09-11, June 30, 2009 and news release 11-01, January 4, 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, July 5 2006 and 07-11, July 17, 2007); KéMag 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.
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.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
For more information, please contact
New Millennium Capital Corp.
President & CEO
New Millennium Capital Corp.
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