New Millennium Announces Production Development Update of Its Direct Shipping Ore Project

CALGARY, ALBERTA–(Feb. 5, 2008) –

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 completed the proposed development plans and schedule for its Direct Shipping Ore (“DSO”) Properties in the Schefferville region of Quebec and Newfoundland and Labrador.Mr. Robert Martin, New Millennium CEO and President, said, “We are very pleased to start development of our DSO Project. With our current robust iron ore markets, there have been many inquiries from potential consumers concerning our intentions. Our plan is to establish a brownfield mining operation that can be developed sooner and with less capital than the KeMag deposit. The expedient and cost effective development of the DSO Project can potentially produce substantial cash flow for the Company while the larger KeMag Project is being developed. Successful development of the DSO Project is aided by management’s intimate familiarity with the properties and we are also fortunate in being able to assemble a strong project team with past experience in the Schefferville operations.”

NML’s DSO holdings are contained in 27 deposits that were previously owned by the Iron Ore Company of Canada (“IOC”). These deposits are outlined on the attached map: http://www.ccnmatthews.com/docs/205nml1.pdf. They consist of 145 mineral claims in Quebec covering 6,344 hectares and 155 mineral claims in Labrador covering 3,875 hectares. Based on historical estimates, these claims cover approximately 100 million tonnes of direct shipping quality iron ore. The grade of this ore, based on historical operations as published by the American Iron Ore Association in 1978, is in the order of 60% iron (dry analysis).

The historical estimates contained in this news release of quantities of direct shipping quality ore are not in accordance with the mineral resources or mineral reserves classifications contained in the CIM Definition Standards on Mineral Resources and Mineral Reserves, as required by National Instrument 43-101 (“NI 43-101”). Accordingly, NML is not treating these historical estimates as current mineral resources or mineral reserves as defined in NI 43-101 and such historical estimates should not be relied upon. A qualified person has not done sufficient work to date to classify the historical estimates as current mineral resources or mineral reserves. The term “ore” in this release is being used in a descriptive sense for historical accuracy, and is not to be misconstrued as representing current economic viability. A feasibility study has not been completed in respect of the DSO properties and there is no certainty the proposed operations will be economically viable.

The DSO holdings controlled by NML are sub-divided into four areas designated Area 1, Area 2, Area 3 and Area 4. The Company’s conceptual plan is to consider mining these areas in two phases.

The first phase, which represents about 20% of the Company’s DSO historical estimated resources, includes Area 2 and Area 3. This brownfield phase has semi-developed infrastructure which will permit rapid development. The conceptual plan is to transport the crude ore by haulage truck from the 10 open pit deposits in Area 2 (10 km north of Schefferville) and Area 3 (20 km north of Schefferville) to a wash plant to be built and installed in Area 3. The wash plant is expected to produce two products, a lump ore and a fines product. It is planned to transport these products by rail to a marshalling yard near Schefferville prior to shipment on the main line to Sept Iles.

One of the mines in area 3, Timmins 3, was partially mined and two others, Timmins 4 and Timmins 7 were partially stripped by IOC at the time of closure in 1982. All three would be expected to be reopened by NML.

The second phase, about 75% of NML’s DSO historical estimated resources, will entail mining in Area 4. This area, which is about 50 km north of Schefferville is devoid of infrastructure and, as a consequence, will take longer to develop than Area 2 and Area 3. The conceptual mining plan is to transport the crude ore by haulage truck from the 9 open pit deposits in Area 4 to an overland conveyor for transport to the wash plant in Area 3, then via the phase 1 infrastructure to the Port of Sept-Iles.

NML anticipates the startup of its Phase 1 production (Areas 2 and Area 3) in 2010 and its Phase 4 production (Area 4) in 2013. There are nine Area 1 open pit deposits, about 5% of NML’s DSO historical estimated resources. Seven of these are jointly owned with Labrador Iron Mines (TSX-V: LIR). Seven of these, the James, the Knob Lake 1, the Redmond 5, the Houston 1, the Houston 2S and the Houston 3 would most likely be mined in accordance with the LIR mining schedule which currently plans to commence production in area 1 in 2009. To date there has not been any agreement reached with LIR regarding NML’s claims that partially cover seven of their deposits. As part of this year’s program, NML will attempt to negotiate some mutually satisfactory agreement with LIR regarding the mining of NML’s ore and the possible cost sharing of infrastructure.

NML’s DSO development is being fast-tracked to take advantage of current shortages of iron ore in the world market place. The project is expected to be a relatively low cost capital venture owing to the existence of significant infrastructure in the form of air, rail and hydroelectric links with the Town of Schefferville and, in most cases, road links from Schefferville to the Company’s deposits.

Phase 1 development is currently in progress with the commencement of planning related to geology, mining and resource, metallurgy, environmental and pre-feasibility studies. Negotiations with effected First Nations and the TRT railroad are also in progress.

The Company’s 2008 DSO Project objectives are: 1) to initiate development drilling and trenching in Area 2, Area 3 and Area 4 in order to publish a NI 43-101 compliant resource estimate; 2) to complete metallurgical testing and finalize the wash plant flowsheet; 3) to complete phase 1 environmental assessment; 4) to finalize Impact and Benefit Agreements (“IBA”) with the First Nations, tariff agreements with three railways, land and dock use agreements with the Sept-Iles Port Authority, infrastructure sharing at Pointe Noire with Wabush Mines and the leasing of rolling stock and mining equipment; and, 5) to complete a preliminary feasibility study and financial evaluation.

Approximately 4,000 metres of reverse circulation drilling and 2,000 metres of trenching are scheduled. The drilling and trenching program will be done for twinning purposes. This is expected to supplement and verify the use of the extensive drilling and trenching previously performed on these properties by IOC. It is also expected to upgrade the historical results to current NI 43-101 standards. Results are expected by the end of December 2008.

To complete metallurgical testing, several bulk samples will be taken for crushing and screening tests to determine the amount of lump ore in the run of mine materials along with their respective grades. Samples of both lump and fines will be sent to an outside testing lab for washing and iron recovery tests including product grades which may be expected. This work is expected to be completed by the end of September 2008.

The environmental impact assessment has started and the DSO Project description is currently being prepared. Contracts will be awarded to consultants by the end of March and the Environmental Impact Statement is expected to be sent to the appropriate governmental authorities by the end of October. Government review and approval is expected for Area 2 and Area 3 by the end of March 2009.

IBA meetings have recently started with some of the effected First Nations. Discussions with the Tshiuetin Railway, which requires a major upgrade to its track structure, the QNS&L Railway and the Arnaud Railway will be initiated to plan the railway transportation agreements required to move the ore from the mine sites near Schefferville to the Port of Sept-Iles. Initial discussions with The Port Authority of Sept-Iles have begun and discussions with Wabush regarding the joint use of their ship loading terminal will be scheduled as soon as the Wabush facilities are turned over to its new owner. All agreements are expected to be in place by the end of December 2008.

A Preliminary Feasibility Study will be initiated once the summer program is completed and the sample analysis results start to arrive. The final report and financial analysis is scheduled for completion by the end of December 2008 and the feasibility study is expected by the end of May 2009.

As previously announced, the Corporation, with the assistance of it’s financial advisors Credit Suisse (“CS”) and Miller Mathis (“MM:”), is actively seeking investment and offtake commitments from potential strategic partners that will permit the Corporation to develop one or more of its iron ore projects located in the provinces of Quebec and Newfoundland and Labrador, Canada. This process includes the DSO Properties. While this process continues, no agreements have been achieved in respect of such commitments. However, this process has elicited a number of expressions of interest, and now can be advanced to a further stage where firm offers are solicited.

Moulaye Melainine, Eng. and Bish Chanda, Eng. are the Qualified Persons as defined in NI 43-101 who have reviewed and verified the scientific and technical mining disclosure contained in this news release on behalf of NML.

About New Millennium

New Millennium holds a 100% interest in the KeMag Property (Quebec) and an 80% interest in the LabMag Property (Newfoundland and Labrador). Both properties are located within the Millennium Iron Range, the centre of which is located approximately 230 km north of Labrador City, NL and 40 km northwest of Schefferville, QC. The Company also has a 100% interest in 300 DSO claims in Quebec and Labrador that contain, based on historical estimates that are not in compliance with NI 43-101, in excess of 100 million tons of direct shipping quality ore. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources. The Company is not treating the historical estimate as current mineral resources and the historical estimate should not be relied upon.

Subject to the completion of positive feasibility studies, project financing and project construction, the concentrate from the KeMag Project would be pumped from the property through a slurry pipeline, about 750 kilometres, to Pointe-Noire, near the Port of Sept-Iles, QC, where it would be both pelletized and sold as concentrate. The concentrate from the LabMag Project would be pumped from the property through a slurry pipeline, about 230 kilometres, to Emeril, NL where it would be pelletized prior to rail transportation via an existing railroad about 390 km to Pointe-Noire, near the Port of Sept-Iles. DSO products are envisioned to be transported by rail to a Port at Pointe-Noire.

These projects envision the construction and operation of ship loading facilities and related infrastructure at the Pointe-Noire terminus from where the various iron ore products would be shipped by ocean vessels to markets in Canada, the United States, Western Europe, North Africa, the Middle East and Asia.

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.

This release may contain forward looking statements within the meaning of the “safe harbor” provisions of US laws. These statements are based on management’s current expectations and beliefs and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward looking statements. New Millennium does not assume any obligation to update any forward looking information contained in this news release.

No regulatory authority has approved or disapproved the content of this release. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

For more information, please contact

New Millennium Capital Corp.
Robert Martin
President & CEO
(514) 935-3204 ext. 233
Email: rmartin@nmlresources.com
Website: www.nmlresources.com

or

The Equicom Group Inc.
Martti Kangas
(416) 815-0700 ext. 243
Email: mkangas@equicomgroup.com