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New Millennium Iron Corp. ("NML" or the "Corporation") (TSX VENTURE:NML)
announced today the signing of an Impact and Benefit Agreement (IBA) between
Tata Steel Minerals Canada (TSMC), a joint venture between NML and Tata Steel,
and Innu Nation (IN) of Labrador. The "life of mine" agreement promotes and
governs a mutually beneficial development of TSMC's direct shipping iron ore
(DSO) project located in western Labrador and north eastern Quebec, near
Schefferville, Quebec. 


The IBA establishes the processes and sharing of benefits that will ensure an
ongoing positive relationship with all affected First Nations. In return for
their consent and support of TSMC's DSO project, IN will benefit through
training, employment, business opportunities and financial participation in the
project. The IBA also commits TSMC to implement the project in a manner that
safeguards the environment and provides the IN with social and cultural
protection. 


The IBA was signed in Montreal by IN Chief Joseph Riche and Rajesh Sharma,
Managing Director and CEO of TSMC. NML's President and CEO Dean Journeaux was
also present. The agreement with IN is the third one of four such IBAs that are
in the process of being concluded. An IBA with the Naskapi Nation was announced
on June 10, 2010 and with the Nation Innu Matimekush-Lac John (NIMLJ) on June 8,
2011. TSMC has also signed an Agreement in Principle (AIP) with Innu Takuaikan
Uashat mak Mani Utenam (ITUM) of Sept-Iles, Quebec.


Partha Sengupta, Chairman of TSMC, said "This IBA is the result of a continuous
dialogue with the Innu Nation over several years by TSMC and its partner NML.
The parties have worked diligently to arrive at a mutually beneficial agreement
by respecting each other's cultures and aspirations. We appreciated the support
provided by the Government of Newfoundland and Labrador and the Federal Ministry
of Indian and Northern Affairs to set the stage for the agreements."


Dean Journeaux, NML's President and CEO, said, "We are pleased that we now have
agreements with all affected First Nations, with whom we have cultivated
excellent relationships. NML and Tata Steel are currently working on the
Feasibility Study for the Taconite project. We are looking forward to continue
our good working relationship with First Nations to achieve their aspirations."


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 the 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 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.


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 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.


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