New Millennium Reports Initial 3.58 Billion Tonnes Resources at Sheps Lake and Perault Lake

New Millennium Reports Initial 3.58 Billion Tonnes Resources at Sheps Lake and 
Perault Lake 
CALGARY, ALBERTA -- (Marketwire) -- 02/11/13 --  
NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR DISSEMINATION IN THE
UNITED STATES 
New Millennium Iron Corp. (TSX:NML) today announced the resource
estimation for its 80%(1) owned Sheps Lake and 100% owned Perault
Lake properties in Newfoundland and Labrador. Data collected from its
23-hole (1,920.1 meter) in Sheps Lake and 50-hole (3,890.8 meter) in
Perault Lake, 2012 drilling program have resulted in NI 43-101
compliant mineral resource estimates, at a cut-off grade of 18% DTWR,
of 3.58 billion tonnes of Indicated Mineral Resources and an
additional 795 million tonnes of Inferred Mineral Resources as shown
in Table 1 below. 
Dean Journeaux, President & CEO of NML, said ""Once again New
Millennium has discovered another significant deposit after an
initial work program. This further bolsters the status of the still
largely unexplored Millennium Iron Range as one of the most
prolifically mineralized iron ore districts in the world. New
Millennium has always planned long-term and these new resources will
add to our unrivalled opportunity to create long term value. Our vast
and growing resource base of iron ore would provide the ability to
support several producing mines to satisfy the projected global
demand growth. More importantly, with a large and varied resource
base we have the utmost flexibility to plan our expansion." 
The Sheps Lake property, which is 6.0 km long and 1.25 km wide, is
located south of the LabMag deposit and the Perault Lake deposit
occurs immediately to its south and is approximately 9.0 km long and
1.25 km wide. These properties form part of the 210-km long
Millennium Iron Range, one of Canada's largest iron ore areas, which
is controlled by NML. Results are now available from two other
promising properties where drilling has been completed and currently
SGS is preparing a mineral resource estimate in compliance with NI
43-101: Howells Lake and Howells River North. Results from these
properties are expected to be published in Q2 this year, providing
further evidence of the potential of the Millennium Iron Range. 
Mineral Resource Estimate by SGS 
NML engaged SGS Canada Inc. to model the ir
on ore deposits based on
available drill hole results from 2012 and to complete a mineral
resource estimate in compliance with NI 43-101. The geological model
was used as the basis for a categorized block model resource estimate
to complete a "Mineral Resource Estimation" for the property
described in Appendix 1. NML will integrate these results into its
own geological software system for future open pit design and mine
planning. 


 
Table 1: Summary of Sheps Lake and Perault Lake Properties                  
Mineral Resources Estimate (DTWR greater than = 18%)                        
----------------------------------------------------------------------------
                                 Tonnes                                     
              Resource               in  Total       Concentrate Concentrate
Property      Classification   millions    Fe% DTWR%         Fe%       SiO2%
----------------------------------------------------------------------------
Sheps Lake(i) Indicated           1,967  32.72 25.13       70.63        1.46
              --------------------------------------------------------------
              Inferred              289  32.62 25.46       70.47        1.53
----------------------------------------------------------------------------
Perault Lake  Indicated           1,612   29.4 23.30       70.50        1.34
              --------------------------------------------------------------
              Inferred              507  29.39 22.16       70.51        1.47
----------------------------------------------------------------------------
Total         Indicated           3,580  31.22 24.31       70.57        1.41
              --------------------------------------------------------------
              Inferred              795  30.56 23.36       70.49        1.49
----------------------------------------------------------------------------

 
(1) Naskapi LabMag Trust through LabMag Limited Partnership (LLP)
owns the other 20%. 
Mineral Resources are concentrations or occurrences of minerals in
such form and quantity and of such grade or quality such that they
have reasonable prospects for economic extraction. . While New
Millennium has historically used a cut-off of 18% DTWR to meet this
test, previous studies (2012 NI 43-101 report on the Lac Ritchie
deposit, 2009 NI 43-101 report on the KeMag deposit) have shown that
the marginal cut-off for Davis Tube weight recovery to meet this test
could be lower than 18%. SGS Canada Inc. built pit shells for the
Sheps Lake and Perault Lake properties based on the economic
parameters described in the Lac Ritchie NI 43-101 technical report.
According to those parameters, the resulting cut-off grade was 4.7%
DTWR. This cut-off grade is significantly lower than the usual 18%,
and SGS Canada Inc. considers it reasonable to use a cut-off grade of
15% DTWR for the delineation of Mineral Resources. 
Table 2 indicates the effect of a lower DTWR cut-off. At a cut-off of
15% DTWR, the Mineral Resources of Sheps Lake and Perault Lake
increase from 3.580 to 4.070 billion tonnes of Indicated Resources
(at an average of 23.38% DTWR) and from 795 to 1,006 million tonnes
of Inferred Resources (at an average of 21.95% DTWR). 


 
Table 2: Summary of Sheps Lake and Perault Lake Properties                  
Mineral Resources Estimate (DTWR greater than = 15%)                        
----------------------------------------------------------------------------
                                 Tonnes                                     
              Inventory              in  Total       Concentrate Concentrate
Property      Classification   millions   Fe% DTWR%          Fe%       SiO2%
----------------------------------------------------------------------------
Sheps Lake(i) Indicated           2,039  32.54 24.83       70.60        1.47
              --------------------------------------------------------------
              Inferred              310  32.16 24.84       70.42        1.58
----------------------------------------------------------------------------
Perault Lake  Indicated           2,031  28.77 21.91       70.43        1.34
              --------------------------------------------------------------
              Inferred              695  28.73 20.65       70.42        1.49
----------------------------------------------------------------------------
Total         Indicated           4,070  30.66 23.38       70.52        1.41
              --------------------------------------------------------------
              Inferred            1,006  29.79 21.95       70.42        1.52
----------------------------------------------------------------------------

 
Mr. Maxime Dupere geo. is the independent Qualified Person
responsible for the Mineral Resource Estimate and the preparation of
the technical report in compliance with NI 43-101. Dean Journeaux,
Eng., and Moulaye Melainine, 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. 
A Technical Report in respect of the mineral resource estimates
disclosed in this news release is required under NI 43-01 to be filed
on SEDAR within 45 days. The effective d
ate of these mineral resource
estimates is February 7, 2013. 
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, one of the largest steel producers in the world, are
advancing a DSO Project to near term production. Tata Steel Limited
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 TSMC, which in turn is 80% owned by Tata Steel
and 20% owned by NML. The DSO project contains 64.1 million tonnes of
Proven and Probable Mineral Reserves at an average grade of 58.8% Fe,
21.0 million tonnes of Measured and Indicated Mineral Resources at an
average grade of 59.2% Fe, 10.3 million tonnes of Inferred Resources
at an average grade of 58.3% Fe and about 25.0 - 30.0 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 and news release 12-14, dated
May 31, 2012). 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 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). Tata Steel also 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 now hosts another taconite deposit, Lac
Ritchie located at its north end. 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 1.437 billion tonnes of
Inferred Resources at 30.9% Fe (see news release NR 12-11, dated
April 02, 2012)  
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.  
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. 
APPENDIX 1 
Sheps Lake and Perault Lake Mineral resource Estimate 
The effective date of this mineral resource estimate is February 7,
2013 
The resources of the Sheps Lake and Perault Lake deposits are
estimated using the same methodology used for the Lac Ritchie deposit
approximately 135 km to the north. The estimation was done using
block modeling methodology with Inverse Distance interpolation of the
drill hole composites. Each stratigraphic unit ("Seam") was estimated
independently. Within the Sheps Lake and Perault Lake Properties, the
iron formation is generally northwest-southwest striking and dipping
50 to 100 to northeast. Folds where present are monoclinic to gently
inclined and rolling. 
To carry out the resource estimation SGS has used all the diamond
drill hole data available to construct a computerized resource block
model. 
Drill cores were delivered by helicopter on a daily basis for
logging, splitting and collecting samples for testing. The core
logging procedure begins with the recording of the overburden depth
and identification of the stratigraphic units based on the
mineralogical assemblage. The overall thickness, magnetism, texture,
color of the chert bands and structural features such as bedding
thickness, banded and or massive nature of the units, fault zones are
all determined and described. Rock Quality Designation ("RQD")
logging, core recovery percentage and core loss intervals are also
recorded. 
Each stratigraphic unit is sampled separately with sample lengths
varying from 1.0 m to a maximum of 8.0 m. All iron formation units
are sampled. The cores are split using a hydraulic core splitter. The
split half core samples are collected in canvas bags with a tag
showing the sample number and the required analysis. The split half
save of the core is placed on the original core trays and stored. 
The samples were sent to the Midland Research Center (MRC) located at
Nashwauk, Minnesota, USA. Each sample was tested for DTWR and assayed
Fe in head, Fe in concentrate and SiO2 in concentrate. Check samples
were randomly selected which were actually the second half of the
original core sample. At MRC, those samples were subjected to same
Davis Tube testing as the original half core of the same intervals.
SGS verified the QA-QC data and found that the duplicated data
reproduced compare reasonably well with the original data. 
SGS visited the site in August, 2012 and collected drill hole samples
corresponding to NML's original samples which were made of the
remaining half core. Check samples were sent to the SGS Lakefield lab
for preparation and Davis Tube testing with a protocol similar to
that of the MRC lab. 
The drilling at Sheps Lake and Perault Lake is on an approximate 1000
X 450m grid (The spacing between holes on section lines varied from
600m to 300m). The rectangular block chosen is 25m across the strike
and 50m along the strike and 15m high. This block grid covers the
entire drilled area. Each block within the grid is interpolated for
the surrounding composites. The block model has been interpolated by
Inverse Distance. All elements had been interpolated with a power of
2 applied to distance weighing. Each seam is interpolated
independently from one another. The geological continuity of the
mineralized units is evident from the results of the 73 drill holes.
In all of them the stratigraphic sequence LC, GC, JUIF, URC, PGC, LRC
and LRGC can be recognized by its geochemical and mineralogical
signature with similar thickness data. Based on the geological and
grade continuity between the 73 holes, the mineralization in the
drilled area has been classified as Indicated Resources. As was done
in Lac Ritchie deposit a fringe of Inferred material has been added
all around the drill hole lay out to the north, east and south. Since
it is reasonable to expect the iron formation extends beyond the
limits of drilling, a fringe of 250m (across strike) and 500m (along
strike) was added.
Contacts:
New Millennium Iron Corp.
Dean Journeaux
President & Chief Executive Officer
(514) 935-3204 
New Millennium Iron Corp.
Investor Relations
Andreas Curkovic
(416) 577-9927
www.NMLiron.com
 
 
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