New Millennium Provides Corporate and Project Update

New Millennium Provides Corporate and Project Update 
CALGARY, ALBERTA -- (Marketwired) -- 05/13/13 -- New Millennium Iron
Corp. ("NML" or the "Company") (TSX:NML) (OTCQX:NWLNF) announced
today corporate and project updates.  
DSO Project Update:  
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 construction of the processing complex and ancillary facilities
is progressing well. Commissioning of the process plant and first
production are planned for Q4, 2013 with the ramping up to full
capacity to occur over the course of 2014. TSMC is planning to resume
seasonal production from its mobile dry crushing and screening plant
in June, 2013.  
Taconite Project Feasibility Study:  
Following the receipt of a preliminary report, NML and TSMC are
jointly working with the Study Manager to finalize the report before
presenting it to their respective Boards.  
CEO Succession Planning:  
In July 2011, Bob Martin stepped down as President and Chief
Executive Officer ("CEO"). Dean Journeaux, a co-founder of NML,
replaced him. As part of the Company's orderly succession plan, NML
has searched privately for a Chief Operating Officer ("COO") with the
capability to become CEO. To expand the search for candidates for
CEO, NML has recently appointed a worldwide executive search agency.
Internal and external candidates are being considered. Following his
successor being hired and his retirement, Mr. Journeaux will continue
contributing to NML in a senior capacity. 
Mr. Journeaux, President and CEO stated, "I am pleased that we are
well on our way to achieve our current goals. TSMC is fully committed
to bring the DSO Project into its full production capacity by the end
of 2014 and tremendous progress has been made to ensure the start of
shipping of the product this summer. Regarding our Taconite
Feasibility Study, we are taking the time necessary to optimize its
technical and economic viability and that we fully benefit from the
Taconite Project's high product quality, long life and operating
advantages. As an important shareholder, I will enjoy contributing to
this success as I continue to play an active role in the company to
oversee an orderly transition and project development." 
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 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 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., 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 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. 
Contacts:
New Millennium Iron Corp.
Dean Journeaux
President & CEO
(514) 935-3204 
Investor Relations
Andreas Curkovic
(416) 577-9927
 
 
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