New Millennium Announces Adoption of Advance Notice By-Law
CALGARY, ALBERTA--(Marketwired - May 5, 2014) - New Millennium
Iron Corp. ("NML" or the "Corporation") (TSX:NML)(OTCQX:NWLNF)
today announced that its Board of Directors has approved the
adoption of an advance notice by-law (the "By-law"), which requires
advance notice to the Corporation in circumstances where
nominations of persons for election as a director of the
Corporation are made by shareholders other than pursuant to: (i) a
requisition of a meeting made pursuant to the provisions of the
Business Corporations Act (Alberta) (the "ABCA"); or (ii)
a shareholder proposal made pursuant to the provisions of the
ABCA.
Among other things, the By-law fixes a deadline by which
shareholders must submit a notice of director nominations to the
Corporation prior to any annual general or special meeting of
shareholders where directors are to be elected and sets forth the
information that a shareholder must include in the notice for it to
be valid.
In the case of an annual general or special meeting of
shareholders, notice to the Corporation must be given not less than
35 nor more than 65 days prior to the date of the annual general or
special meeting; provided, however, that in the event that the
meeting is to be held on a date that is less than 50 days after the
date on which the first public announcement of the date of the
meeting was made, notice may be made not later than the close of
business on the 10th day following such public announcement.
Shareholders will be asked to confirm and ratify the By-law at
the Corporation's Annual General and Special Meeting on June 25,
2014 (the "Meeting"). A copy of the By-law has been filed and is
available under the Corporation's profile at www.sedar.com. The
By-Law is effective immediately and will remain in effect until it
is confirmed, confirmed as amended or rejected by shareholders at
the Meeting.
The Corporation believes that adopting the By-law is considered
to be good corporate governance as it provides a clear and
transparent process for all shareholders to follow if they intend
to nominate directors and it ensures that all shareholders receive
adequate notice of director nominations with sufficient information
with respect to all nominees. This allows the Corporation and its
shareholders to evaluate the proposed nominees' qualifications and
suitability as directors, which further allows shareholders to cast
an informed vote for the election of directors.
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 26.2% 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 98.9 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 56.7%
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.
Forward-Looking Statements
This news release contains certain forward looking statements
and forward looking information (collectively referred to herein as
"forward looking statements") within the meaning of applicable
Canadian securities laws. All statements other than statements of
present or historical fact are forward looking statements. Forward
looking information is often, but not always, identified by the use
of words such as "could", "should", "can", "anticipate", "expect",
"believe", "will", "may", "projected", "sustain", "continues",
"strategy", "potential", "projects", "grow", "take advantage",
"estimate", "well positioned" or similar words suggesting future
outcomes. In particular, this news release may contain forward
looking statements relating to future opportunities, business
strategies, mineral exploration, development and production plans
and competitive advantages.
The forward looking statements regarding the Corporation are
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
are subject to change based on market conditions and potential
timing delays. Although management of the Corporation consider
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
differ materially from the beliefs, plans, objectives, expectations
and anticipations, estimates and intentions expressed in the
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
and market factors, including business competition, changes in
government regulations or in tax laws; general political and social
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
acceptable terms; conclusions of, or estimates contained in,
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.
349www.NMLiron.comAndreas CurkovicInvestor Relations(416)
577-9927