New Millennium Announces Financial Results for the First Quarter Ended March 31, 2013

New Millennium Announces Financial Results for the First Quarter Ended March 
31, 2013 
CALGARY, ALBERTA -- (Marketwired) -- 05/14/13 -- New Millennium Iron
Corp. ("NML" or the "Corporation") (TSX:NML) (OTCQX:NWLNF) announced
today its financial results for the first quarter ended March 31,
2013.  
The following review of the Company's financial performance is based
on the unaudited Condensed Interim Consolidated Financial Statements
and Management's Discussion and Analysis ("MD&A") for the quarter
ended March 31, 2013, which have been filed on the SEDAR website at
www.sedar.com.  
Progress continued in the First Quarter on NML's three major iron ore
project initiatives, two of which are being carried out with
strategic partner and shareholder Tata Steel Limited.  
The Direct Shipping Ore Project ("DSO Project") through a 20%
ownership interest in Tata Steel Minerals Canada Ltd. ("TSMC"),
operator of the Project: (1) Advancement of the construction phase;
(2) increase in scale of production and planned range of saleable
products; (3) positive, multi-faceted framework agreement with
Labrador Iron Mine Holdings Limited on resource properties and rail
and port logistics; (4) receipt of Quebec Certificate of
Authorization for the Goodwood and Sunny 1 properties; and (5) senior
TSMC management appointment. 
On NML's Taconite Project, ongoing review of preliminary feasibility
study report by NML and TSMC with the Study Manager to finalize the
report for presentation to NML and Tata Steel Boards of Directors.  
On NML's third project, exploration drilling continued at other
Millennium Iron Range taconite properties that are controlled by NML
and which represent potential opportunities for additional strategic
partnerships: (1) Extensive NI 43-101 compliant resource estimates
for 100% owned Perault Lake and 80% owned Sheps Lake and filing of
the related Technical Report; and (2) average drill core analysis and
assay results for 100% owned Howells Lake and 80% owned Howells River
North properties. 
At the general NML corporate level: (1) filing and approval to
conduct a normal course issuer bid through the facilities of the
Toronto Stock Exchange; (2) the appointment of Ms. Cathy Bennett to
the Board of Directors; (3) suspension of the feasibility study by
Canadian National Railway Co. of new rail and terminal facilities to
service the Labrador Trough; and (4) re-confirmation of the
commitment to transportation of slurry concentrate through a
ferroduct system for the Taconite Project. Subsequent to the quarter:
(1) NML listing on the OTCQX; and (2) NML's succession planning
initiative. 
The Company's working capital at March 31, 2013 is $67,099,000
(December 31, 2012 - $63,039,000).The net loss for the three months
ended March 31, 2013, is $2,001,000 ($0.01 per share) compared to a
net loss of $2,192,000 ($0.01 per share) for the comparative period
in 2012. This loss represents general and administrative expenses of
$2,303,000 (2012- $2,797,000) partially offset by service fee revenue
of $106,000 (2012 - $290,000), investment income of $194,000 (2012 -
$315,000) and other income of $2,000 (2012 - Nil). The most
significant components of the general and administrative expenses
were: stock based compensation of $1,203,000 (2012 - $1,780,000),
general and administrative expenses of $511,000 (2010 - $893,000),
professional fees of $219,000 (2012 - $313,000), market development
expenses of $200,000 (2012 - $222,000) and service fee expenses of
$73,000 (2012 - $199,000). During the quarter, NML recorded $664,000
(2012 - $610,000) received from Tata Steel Global Minerals Holdings
PTE Ltd. ("Tata Steel") in relation to its option on the LabMag
Project and KeMag Project as a reduction of general of administrative
expenses on its statement of comprehensive income. 
As at March 31, 2013, the Company's mineral exploration and
evaluation assets increased to $55,742,000 from $54,141,000 as of
December 31, 2012, or by $1,601,000. The components of mineral
properties at March 31, 2013, were: mineral licences of $2,799,000,
drilling of $33,601,000, resource evaluation of $31,382,000,
environmental of $16,236,000, and amortization of property and
equipment of $102,000, net of tax credits and mining duties of
$11,782,000 and the Tata Steel payments of $16,598,000. 
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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