New Millennium Iron Corp. Announces That Tata Steel Minerals Canada Limited Signed a Cooperation Agreement With the NunatuKavut

New Millennium Iron Corp. Announces That Tata Steel Minerals Canada Limited 
Signed a Cooperation Agreement With the NunatuKavut Community
Council 
CALGARY, ALBERTA -- (Marketwired) -- 08/16/13 -- New Millennium Iron
Corp. ("NML", the "Company" or "Corporation") (TSX:NML)(OTCQX:NWLNF)
announced today that Tata Steel Minerals Canada Limited ("TSMC") and
the NunatuKavut Community Council ("NCC") signed a Cooperation
Agreement for the Direct Shipping Ore ("DSO") Project. 
TSMC is a joint venture between Tata Steel Limited and NML, which
have 80% and 20% interests, respectively. TSMC is developing iron ore
deposits in the Canadian provinces of Quebec and Newfoundland and
Labrador. TSMC is part of Tata Steel Group of companies. Tata Steel
Group is among the top ten global steel companies with crude steel
capacity of over 26.5 million tonnes per annum (mtpa). Tata Steel has
over 80,000 employees across five continents and is a Fortune 500
company. 
NCC stated in a press release dated August 14, 2013, "NCC is the
aboriginal organization representing the Southern Inuit of Labrador.
The Southern Inuit of Labrador number approximately 6,000 and have
asserted Land Rights to a vast area of Labrador. The aboriginal
organization from Labrador and the mining company have been in
negotiations for many months to form an agreement that addresses
issues of concern for NCC and provides socio-economic benefits to NCC
and its people. The agreement covers environmental protection,
employment, and business opportunities including financial benefits.
It also commits TSMC to make every reasonable effort to ensure that
contractors hired to work on the DSO Project also comply with the
agreement where warranted." 
"Companies know they have to deal with our real concerns," says Todd
Russell, NCC President, in the same press release. "This is another
indication that we can do so in an air of mutual respect." Russell
adds "It's about building right relationships, and this agreement
will work to achieve just that." 
Rajesh Sharma, Chief Executive Officer & Managing Director of TSMC,
said, "We are very happy to sign this agreement with NunatuKavut
Community Council, which attests our desire to continue building
positive relations with the communities. This is in line with the
Tata Group's philosophy of considering the community as an integral
part of its business. The signing of this agreement is an important
milestone in the journey of TSMC." 
Dean Journeaux, President and Chief Executive Officer of NML, said,
"NML is happy to see that TSMC has made this agreement with NCC. It
is a continuation of the many steps that contribute to achieving
NML's stated vision and goal of further developing and benefitting
the people living in its project areas. The Millennium Iron Range
projects will benefit from the availability of qualified local people
for operating and management roles." 
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 project ("DSO Project") to
the production stage, from which commercial sales will soon begin.
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 Tata Steel Minerals Canada ("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 Howells Lake - Howells River North deposit is located between the
LabMag and KeMag 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., and Thiagarajan Balakrishnan, P. Geo., are the
Qualified Persons as defined in National Instrument 43-101 who have
reviewed and verified the scientific a
nd 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 contains 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. 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.
Contacts:
New Millennium Iron Corp.
Dean Journeaux
President & CEO
(514) 935-3204 
New Millennium Iron Corp.
Andreas Curkovic
Investor Relations
(416) 577-9927
 
 
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