New Millennium Iron Corp. Announces Positive Results for the
Taconite Project Feasibility Study
CALGARY, ALBERTA--(Marketwired - Mar 27, 2014) - New Millennium
Iron Corp. ("NML" or the "Corporation") (TSX:NML) (OTCQX:NWLNF)
announced today the results of the techno-economic viability of the
Taconite Project Feasibility Study ("the Study"), which was jointly
undertaken by Tata Steel Limited ("Tata Steel") and NML, and
financed by the parties on a 64% - 36% basis, respectively. Under
the Taconite Project Heads of Agreement (the "HOA") dated March 6,
2011, Tata Steel retains the option to participate in the
development in due course, of one or both of the LabMag, and KéMag
deposits. The Study consists of three separate scenarios, one for
the development of KéMag deposit (100% owned by NML), one for
LabMag deposit (80% owned by NML and 20% owned by the Naskapi
Nation of Kawawachikamach) and the third which combines the
development of the LabMag and KéMag deposits simultaneously. The
Study covering all the three scenarios is collectively referred to
as the Taconite Project ("TP"). Only the LabMag and KéMag deposits
will be included in the NI 43-101 Technical Report. The choice of
scenario to be developed will be made at the time of the investment
decision. The Study Manager is a well-known international
consulting firm and, in preparing the Study, was supported by a
number of consultants specialized in their respective fields. The
Capex and Opex details from the Study have been used by the
Corporation to compile the financial summary as noted in Table 1
below. Infrastructure related items in the mine, ferroduct and port
are proposed to be owned by third parties and leased to the
Project. A reputed international accounting firm was engaged to
review the financial model. In preparation for publication of the
highlights of the Study, NML has engaged Met-Chem Canada Inc.,
Montreal, Quebec, to compile a National Instrument 43-101 compliant
Technical Report for each of the LabMag and KéMag projects, which
is required to be filed on SEDAR within 45 days of publication of
this news release.
Project Highlights:
The following table summarizes the financial results for two
standalone cases, LabMag and KéMag.
Table 1 (in CDN $millions unless otherwise noted)
|
|
LabMag |
|
KéMag |
|
|
Capex - Mine & Process 1 |
|
5,012 |
|
|
5,227 |
|
|
Capex - Infrastructure 2 |
|
2,737 |
|
|
3,012 |
|
|
Production cost per tonne of concentrate |
$ |
43.03 |
|
$ |
42.55 |
|
|
Production cost per tonne of pellet 3 |
$ |
52.22 |
|
$ |
51.59 |
|
|
Finance Lease for Infrastructure Cost per tonne of product 4 |
$ |
12.50 |
|
$ |
14.17 |
|
|
Project IRR (before tax, 100% equity) |
|
18.2 |
% |
|
17.5 |
% |
|
Project IRR (after tax, 100% equity) |
|
14.1 |
% |
|
13.2 |
% |
|
IRR on equity (before tax, 30%-70% equity debt ratio) |
|
28.8 |
% |
|
28.0 |
% |
|
IRR on equity (after tax, 30%-70% equity debt ratio) |
|
23.3 |
% |
|
21.9 |
% |
|
Payback before tax at 100% equity (years after production
start) |
|
4.9 |
|
|
4.9 |
|
|
Payback after tax at 100% equity (years after production
start) |
|
5.6 |
|
|
5.7 |
|
|
Payback before tax at 30%-70% equity debt ratio (years after
production start) |
|
3.3 |
|
|
3.3 |
|
|
Payback after tax at 30%-70% equity debt ratio (years after
production start) |
|
3.5 |
|
|
3.5 |
|
|
NPV @ 8% before tax (100% equity) |
|
5,838 |
|
|
5,262 |
|
|
NPV @ 8% after tax (100% equity) |
|
2,849 |
|
|
2,241 |
|
|
NPV @ 8% before tax(30% equity) |
|
5,977 |
|
|
5,397 |
|
|
NPV @8% after tax (30% equity) |
|
3,303 |
|
|
2,697 |
|
|
Proven+Probable Reserves (million tonnes)5 |
|
3,410 |
|
|
1,891 |
|
|
Mine life (estimated years based on total low silica
reserves)6 |
|
39 |
|
|
22 |
|
(1) Costs of major mining equipment and power transmission line
are not included in capex, but servicing costs are in the cash
cost
(2) Consists of slurry transportation ferroduct and product
storage and reclaiming system are to be financed on the basis of
long term debt
(3) Average cash costs per tonne based on a total production of
23 million tonnes of pellets and pellet feed. Conversion cost of
pellets is estimated at $11.12/t.
(4) Cost of servicing the annuity assumed at 7% interest for 25
years
(5) Does not include 523 and 493 million tonnes of proven and
probable reserves in LabMag and KéMag respectively due to higher
silica content at a cut-off of 4%
(6) Mine life increases to 42 years and 25 years for LabMag and
KéMag respectively if additional reserves are included and if mined
concurrently or in succession, to a combined life of 61 years
Project Assumptions:
- Production of 22 million metric tonnes per year ("Mtpy") of
concentrate to produce 17.0 Mtpy of pellets and 6.0 Mtpy of pellet
feed. (Actual total is estimated to be 23 Mtpy due to weight gain
during the pelletizing process).
- Pellet production consists of 12 Mtpy of low silica (2.5% SiO2)
blast furnace ("BF") grade fluxed pellets and 5 Mtpy of direct
reduction ("DR") grade pellets with 1.8% SiO2.
- 6 Mtpy of pellet feed containing > 69.0% Fe and 2.2%
SiO2.
- Product prices are based on a long term price forecast of
US$103 for 62% Fe fines CFR North Chinese ports. This forecast was
developed by World Steel Dynamics, Englewood Cliffs, New Jersey,
USA, marketing consultant for the Study.
- After adjustment for ocean freight and quality factors, the
assumed product prices loaded into ship at the Port are as follows:
Pellet Feed US$90.00 per tonne ("t"), BF grade Pellets US$116.61/t
and DR grade Pellets US$126.86/t.
- Exchange rates used for the cost estimates and revenues in the
financial evaluation are US$0.90 and EUR 0.71 per CAD$1.00.
- Project economics presented are based on a 25 year mine plan
for LabMag and 22 years for KéMag.
- Accuracy of cost estimates is considered to be ±15%.
Implementation Plan
- The shared conclusion is that the Study demonstrates Project
viability and the parties are now proceeding with addressing key
parameters on a timely basis that are expected to lead to an
investment decision by Tata Steel which include, working with
governments on selection of an appropriate scenario; completion of
environmental assessment work; reviewing refined process and models
that would permit a ramp up of production, improve operating
expenditures and reduced initial capital costs; and update robust
financial modelling that would result in making the Project
investor and lender ready.
Robert Patzelt, President and CEO of NML said, "We are very
pleased with the results of this joint study with our strategic
partner, Tata Steel which is amongst the largest steelmakers in the
world. We believe the results present a compelling case for a
profitable, successful, long-term iron ore operation. We have
always believed that New Millennium has the best ore bodies in the
Labrador Trough. The favourable geological and mining
characteristics of the deposits are manifested in the study's
operating cost estimates, which would place our Taconite Project
among the low cost pellet producers. We also want to emphasize that
the project would produce premium products whose supply and demand
balance over the next decade is estimated to be the best for all
iron ore products. It also demands emphasis that we have been very
fortunate in having support and technical expertise of Tata Steel.
We will continue to work with governments at all levels, First
Nations, suppliers, contractors and other stakeholders to advance
the project to the next stage of development."
Project Descriptions:
General: The
Study demonstrates that each of the two project scenario has the
potential to become a significant new source of high quality
pellets to serve the global steel industry. Each project scenario
is based on primary processing consisting of mining and
concentrating at the mine site, a slurry transportation system
("Ferroduct") to the secondary processing consisting of a pellet
plant and product storage and reclaiming for transport to the
terminal. Products will be shipped through a multi-user deep water
dock.
LabMag and KéMag both feature Taconite ore similar to the ore
currently being mined in the Mesabi Iron Range (MIR) in Minnesota,
USA. The MIR Taconites have been a mainstay for the US steel
industry since the early 1950s. The processing is based on
well-proven and established flowsheet designs employed by the
current producers. The Project will be competitive, aiming for a
favourable position on the global cost curve for pellet producers.
Natural advantages include a low stripping ratio and magnetite ore,
which reduces energy costs in the pelletizing process. The
Project's cost structure will also benefit from the use of
large-scale and proven state of the art equipment. The concentrate
will be transported from the mine through the ferroduct to the
pellet plant. This is the most economical and environmentally
friendly mode of transportation to the port, and will enable
implementation of the Project independent of other users. The
pellet plant will utilize the largest size equipment currently in
operation. Shipping will be through a deep water dock capable of
handling today's large-size vessels.
Geology &
Mining: The Project's mining operation will have a total
mining rate of up to a nominal 86 Mtpy of crude ore at an average
Davis Tube ("DT") Weight Recovery ("WR") of between 25 to 27%.
Mining will include all facilities for pre-strip, waste rock and
low grade ore stockpiling, ore delivery and mine rehabilitation.
Mine plans have been considered for each of the three scenarios,
viz. LabMag, KéMag and Combined scenario. The deposits are ideal
for open pit mining with low strip ratio and conventional truck and
shovel mining methods have been selected. Due to the high tonnages
expected to be mined, the trucks and shovels will be the largest
and proven equipment available on the market. For each scenario, an
optimized pit was determined using the 3D Lerchs-Grossman algorithm
and a separate set of cut-off grades were established in order to
ensure the feed ore would consist of better liberating ores that
would allow for producing lower-silica products.
The Mineral Reserves are the portion of the Measured and
Indicated Mineral Resources (refer to Table 2 below) that have been
identified as being economically extractable, which incorporate
mining losses and the addition of waste dilution. The total reserve
base for the LabMag and KéMag deposits are shown respectively in
Table 3 and Table 4 below.
Table 2: LabMag & KéMag Resources (Met-Chem 2013 models)
| Block |
Resource by category |
Million Tonnes |
DTWR % |
Head |
Davis Tube Concentrate |
|
(18% DTWR cut-off) |
%Fe |
%Fe |
%SiO2 |
| LabMag |
Measured |
3,689 |
26.18 |
29.81 |
69.93 |
2.10 |
|
Indicated |
632 |
25.03 |
29.24 |
70.08 |
2.00 |
|
Measured + Indicated |
4,321 |
26.01 |
29.73 |
69.96 |
2.09 |
|
Inferred |
1,063 |
25.22 |
29.64 |
69.88 |
1.85 |
|
|
|
|
|
|
|
|
| KéMag |
Measured |
1,507 |
26.97 |
31.45 |
69.69 |
2.56 |
|
Indicated |
876 |
27.32 |
31.95 |
69.83 |
2.51 |
|
Measured + Indicated |
2,383 |
27.10 |
31.63 |
69.74 |
2.54 |
|
Inferred |
1,007 |
26.97 |
31.56 |
69.31 |
2.65 |
|
|
|
|
|
|
|
|
| Total |
Measured |
5,196 |
26.41 |
30.29 |
69.86 |
2.23 |
|
Indicated |
1,508 |
26.36 |
30.81 |
69.93 |
2.30 |
|
Measured + Indicated |
6,704 |
26.40 |
30.41 |
69.88 |
2.25 |
|
Inferred |
2,070 |
26.07 |
30.57 |
69.60 |
2.24 |
Table-3: LabMag Mineral Reserves
| Category |
Tonnage (Mt) |
DTWR (%) |
Crude Fe (%) |
Davis Tube Concentrate |
|
Fe (%) |
SiO2(%) |
|
Proven |
2,885 |
27.1 |
29.9 |
69.9 |
2.1 |
|
Probable |
525 |
26.2 |
29.3 |
70.0 |
2.0 |
|
Proven & Probable |
3,410 |
27.0 |
29.8 |
69.9 |
2.1 |
Note: Does not include 523 Mt of proven and probable reserves
having higher silica content at a cut off of 4%.
Table-4: KéMag Mineral Reserves
| Category |
Tonnage (Mt) |
DTWR (%) |
Crude Fe (%) |
Davis Tube Concentrate |
|
Fe (%) |
SiO2(%) |
|
Proven |
1,172 |
27.0 |
31.2 |
69.8 |
2.2 |
|
Probable |
718 |
27.9 |
31.4 |
70.1 |
2.1 |
|
Proven & Probable |
1,891 |
27.0 |
31.3 |
69.9 |
2.2 |
Note: Does not include 493 Mt of proven and probable reserves
having higher silica content at a cut off of 4%.
Processing: The
plant design will be the same whether the ore is mined from LabMag
or KéMag because similar blending criteria will be used to achieve
the same liberation index (DT concentrate silica) in the plant
feed. The only differences would be related to terrain topography
and infrastructure which will be specific to the chosen site. The
processing facility is designed with the capacity to produce 22
Mtpy of magnetite concentrate. The process plant involves multiple
crushing and grinding stages followed by a conventional magnetite
recovery circuit with a flotation plant to further reduce the
silica in the concentrate to produce a high grade pellet feed for
the pellet plant and the remainder to be sold as a concentrate.
Traditional taconite concentrators utilize a primary crusher
followed by an autogenous or semi-autogenous grinding mill (SAG) to
reduce the size of the crushed ore before feeding to the magnetic
separation circuit. Based on the results of extensive testing
conducted since 2007, the SAG mill will be replaced with a second
stage of crushing followed by high pressure grinding rolls (HPGR),
which have been utilized in a similar manner in several iron ore
projects around the world. HPGR requires much lower energy and has
lower operating costs than the SAG process. Fine grinding in a ball
mill, as used in traditional concentrators, will be required to
produce a concentrate for the floatation circuit.
Slurry
transportation: The fine grained concentrate, which is ideal
for slurry transport will be pumped from the mine site to the port
through a 28" (711mm) diameter and 600+ km long ferroduct with a
single intermediate pumping station. KéMag and LabMag Projects will
have separate routings. It will have the necessary tools for leak
detection, repair equipment and emergency back-up power. The
ferroduct design slopes will be limited (<10%) to avoid plugs in
valleys even if the ferroduct is shut down full of slurry. Although
the line will be buried almost its entire length, where it is not
possible to bury the ferroduct, an appropriate thickness of
insulation and heat tracing will be provided to prevent freezing.
Ferroducts are used in iron ore projects in Tasmania, Mexico,
Brazil, India and China. One such system is operating in Baotou,
Inner Mongolia, with ambient temperatures as low as -41 degrees C.
Ferroducts are cost effective, ecofriendly and known to be
extremely reliable.
Pelletizing:
Concentrate slurry will be dewatered and filtered. Filtered
concentrate will either be sold as pellet feed or pelletized in two
8.5 Mtpy capacity machines. These are the largest size pelletizing
equipment currently in operation. It is estimated that 16 Mtpy of
magnetic concentrate will be required to produce 17 Mtpy of pellets
because of the weight gain due to flux additives and to the
exothermic reaction during the conversion of the magnetite into
hematite. Magnetite ore has lower pelletizing costs compared to
hematite because of lower energy requirements. Beginning in 2006,
extensive tests were undertaken to develop the design basis for the
pelletizing circuit. The final equipment configuration was tested
at a leading vendor's laboratory and the equipment has been
designed to meet the throughput requirements and product quality
specifications for seaborne pellets.
Product Stockpiling and
Shipping: Concentrate and screened pellets will be
stockpiled in a yard adjacent to the pellet plant at the port.
Products will be reclaimed and sent via a 7.6 km long overland
conveyor to the multi-user deep water dock. The port will be
capable of loading ocean going vessels with a current maximum
capacity of 350,000 DWT. The rated capacity of the dock is 50 Mtpy
and $38.4 million has been invested by NML to reserve 15 Mtpy of
this capacity (refer to NR 12-17 dated July 18, 2012).
Environmental
Assessment: The Project is expected to trigger several
regimes of environmental assessment ("EA"). Discussions with the
applicable governments have been held and it is concluded that a
single environmental impact statement ("EIS") covering all the
components of the Project may be submitted. The Project Description
is a document that activates the various EA regimes and is
currently complete. Much of the baseline data on the Taconite
Project has been collected and has since been analyzed and reports
completed. Intensive field work to collect biophysical baseline
data were conducted in fall 2011 and spring-fall 2012. The data is
currently being analyzed, and most of the field reports have been
reviewed and approved.
Financial Analysis,
Revenues and Sensitivity Analysis: Iron ore prices are based
on a long-term projection of daily spot market prices, as quoted by
an index, CFR Northern Chinese port for 62% Fe sinter fine
products. Based on the supply demand analysis over different steel
cycles, World Steel Dynamics of New Jersey, a noted steel industry
analyst, has projected a long-term base line price of US$103.00 for
62% Fe grade CFR China. With appropriate quality adjustments and
allowing for the freight from the port to China, the revenue
assumptions are based on prices of US$90.00 per tonne of 69.0% Fe
grade pellet feed Applying a US$30 spread between fines and BF
grade pellets over the cycle and adjusting for 66.4% Fe grade in
the pellet, the price of the BF grade fluxed pellet is estimated to
be US$116.61 per tonne. Based on a 7% over the cycle premium for DR
grade pellets compared to BF grades and adjusting for a Fe content
of 67.9%, the price for DR grade pellets would be US$126.86. Long
term exchange rate of US$0.90 equivalent to CAD$1.00 has been
assumed for the Study.
The project economics presented are based on the first 25 year
mine plan for the LabMag and Combined Projects, and 22 years for
the KéMag Project, and consider mining only the proven and probable
reserves (NI 43-101 compliant) with the required liberation
characteristics (DTC silica 2.1%).
The Project financials have been evaluated with capital expenses
excluding certain infrastructure-related capital expenses in the
mine, port and ferroduct, which are identified and proposed to be
owned by third parties and serviced on the basis of long-term
lease. The evaluation is based on two separate cases: one with 100%
equity and the other one with 30% -70% equity ratios. The debt is
assumed to be financed at an interest rate of 7%.
The sensitivity analysis with respect to sales revenue, capital
costs and operating costs for the LabMag Project is illustrated in
Figure 1. The figures are based on 100% equity.
To view the graph associated with this release, click the
following link: http://media3.marketwire.com/docs/935744_c.jpg
Technical Report by Met-Chem Canada Inc.:
An NI 43-101 Technical Report ("Report") is being prepared by
Met-Chem Canada Inc. ("Met-Chem") will be posted on www.sedar.com
within 45 days of this news release. Met-Chem is working on the
Report in collaboration with the Study Manager and other supporting
Consultants with their own Independent Qualified Persons. Met-Chem
is a firm of experienced mining and metallurgical engineering
professionals with expertise in exploration, mining evaluations,
processing and the preparation of mineral resource/reserve
estimates, especially in relation to iron ore. The Report will
include updated mineral resource and reserve estimates which were
prepared respectively by Mr. Schadrac Ibrango, P.Geo., PhD. and Mr.
Jeffrey Cassoff, Eng. of Met-Chem. Both Mr. Ibrango and Mr. Cassoff
are Independent Qualified Persons as defined by NI 43-101. The
Report will consist of summary results from the Study. The Report
is being prepared under the overall direction of Mr. Charles
Cauchon Eng. of Met-Chem and will be reviewed and certified by
individuals who are responsible for their respective portions of
the Report. Mr. Cauchon and all other individuals providing
certifications are Independent Qualified Persons as defined by NI
43-101. The financial analysis will be reviewed and certified by an
Independent Qualified Person.
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 and Tata Steel Limited ("Tata Steel"), one of the
largest steel producers in the world, have advanced a Direct
Shipping Ore ("DSO") Project to the production stage, from which
trial shipments have begun. Tata Steel owns approximately 26.3% of
New Millennium and is the Corporation's largest shareholder and
strategic partner.
Tata Steel 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). The DSO Project
is owned and operated by Tata Steel Minerals Canada Limited
("TSMC"), which in turn is 80% owned by Tata Steel and 20% owned by
NML. The DSO Project contains 98.8 million tonnes of Measured and
Indicated Mineral Resources at an average grade of 59.3% Fe, 6.7
million tonnes of Inferred Resources at an average grade of 56.3%
Fe and about 20.0 - 25.0 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, news
release 10-12 dated July 8, 2010, news release 12-14, dated May 31,
2012 and news release 14-02 dated February 24, 2014). A qualified
person has not done sufficient work to classify the historical
estimate as current mineral resources or mineral reserves, the
Corporation is not treating the historical estimate as current
mineral resources or mineral reserves and the historical estimate
should not be relied upon.
LabMag contains 3.9 billion tonnes of Proven and Probable
reserves at a grade of 29.7% Fe plus 376 million tonnes of Measured
and Indicated resources at an average grade of 29.6% Fe and 891.0
million tonnes of Inferred resources at an average grade of 29.3%
Fe. KéMag contains 2.4 billion tonnes of Proven and Probable
reserves at an average grade of 30.6% Fe and 1.0 billion tonnes of
Inferred resources at an average grade of 31.7% Fe (See Tables 2, 3
& 4 in news release 14-04 dated March 27, 2014). Tata Steel
also exercised its exclusive right to negotiate and settle a
proposed transaction in respect of development of either or both
the LabMag and the KéMag deposits (see news release 11-09 dated
March 6, 2011).
The Millennium Iron Range now hosts other taconite deposits. The
first is the Lac Ritchie property located at the north end of the
Range. The initial 2011 drilling of 40 holes in this property
revealed Indicated Resources of 3.330 billion tonnes at an average
grade of 30.3% Fe, and Inferred Resources of 1.437 billion tonnes
at an average grade of 30.9% Fe (see news release NR 12-11, dated
April 02, 2012).
Two other taconite deposits are located south of the LabMag
deposit in the Millennium Iron Range. The initial 2012 drilling of
23 holes in the Sheps Lake property and of 50 holes in the Perault
Lake property revealed Indicated Resources of 3.580 billion tonnes
at an average grade of 31.22%, and Inferred Resources of 795
million tonnes at an average grade of 30.56% (see news release NR
13-04, dated February 11, 2013).
The Howells Lake - Howells River North deposit is located
between the LabMag and KéMag deposits, and evidences mineral
continuity in the Range. The 2011 and 2012 drilling of 11 holes in
the Howells River North property and of 45 holes in the Howells
Lake property, revealed Indicated Resources of 7.631 billion tonnes
at an average grade of 30.39% Fe, and Inferred Resources of 3.310
billion tonnes at an average grade of 29.83% Fe (see news release
NR 13-15, dated May 23, 2013).
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, www.tatasteelcanada.com, and
www.tatasteeleurope.com.
Dean Journeaux, Eng., Moulaye Melainine, 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.
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based on certain key expectations and assumptions of the
Corporation concerning anticipated financial performance, business
prospects, strategies, regulatory developments, exchange rates, tax
laws, the sufficiency of budgeted capital expenditures in carrying
out planned activities, the availability and cost of labour and
services and the ability to obtain financing on acceptable terms,
the actual results of exploration and development projects being
equivalent to or better than estimated results in technical reports
or prior activities, and future costs and expenses being based on
historical costs and expenses, adjusted for inflation, all of which
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these assumptions to be reasonable based on information currently
available to them, they may prove to be incorrect.
By their very nature, forward looking statements involve
inherent risks and uncertainties (both general and specific) and
risks that forward looking statements will not be achieved. Undue
reliance should not be placed on forward looking statements, as a
number of important factors could cause the actual results to
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forward looking statements, including among other things: inability
of the Corporation to continue meet the listing requirements of
stock exchanges and other regulatory requirements, general economic
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uncertainties; commodity prices; the actual results of exploration,
development or operational activities; changes in project
parameters as plans continue to be refined; accidents and other
risks inherent in the mining industry; lack of insurance; delay or
failure to receive board or regulatory approvals; changes in
legislation, including environmental legislation, affecting the
Corporation; timing and availability of external financing on
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feasibility studies, pre-feasibility studies or other economic
evaluations; and lack of qualified, skilled labour or loss of key
individuals; 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, along
with the Corporation's annual information form, all of which are
filed and available for review on SEDAR at www.sedar.com. Readers
are cautioned that the foregoing list is not exhaustive.
The forward looking statements contained herein are expressly
qualified in their entirety by this cautionary statement. The
forward looking statements included in this news release are made
as of the date of this news release and the Corporation does not
undertake and is not obligated to publicly update such forward
looking statements to reflect new information, subsequent events or
otherwise unless so required by applicable securities laws.
With respect to the disclosure of historical resources in this
news release that are not currently in compliance with National
Instrument 43-101, a qualified person has not done sufficient work
to classify the historical estimate as current mineral resources or
mineral reserves, the Corporation is not treating the historical
estimate as current mineral resources or mineral reserves and the
historical estimate should not be relied upon.
New Millennium Iron Corp.Robert PatzeltPresident & Chief
Executive Officer(709) 770-2635 or (514) 935-3204 ext. 370New
Millennium Iron Corp.Ernest DempseyVice-President, Investor
Relations and Corporate Affairs(514) 935-3204 ext. 349New
Millennium Iron Corp.Andreas CurkovicInvestor Relations(416)
577-9927