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New Millennium Iron Corp. Announces Tata Steel Minerals Canada's Execution of Definitive Agreements for a Joint Venture on the

New Millennium Iron Corp. Announces Tata Steel Minerals Canada's Execution of 
Definitive Agreements for a Joint Venture on the Howse
Deposit and Rail Access for Its Direct Shipping Ore Project 
CALGARY, ALBERTA -- (Marketwired) -- 09/18/13 -- New Millennium Iron
Corp. ("NML" or the "Corporation") (TSX:NML) (OTCQX:NWLNF) announced
today that Tata Steel Minerals Canada Limited ("TSMC"), in which NML
has a 20% interest, has signed a number of inter-related definitive
agreements with certain parties, including Labrador Iron Mines
Holdings Limited ("LIM"), that favourably impacts the Direct Shipping
Ore ("DSO") Project owned and operated by TSMC.  
These agreements formalize the earlier framework agreement in
principle between TSMC and LIM signed on March 12, 2013 (see news
release NR 13-07). These agreements provide for the acquisition by
TSMC of up to 70% of the Howse deposit, the formation of a joint
venture to develop the Howse deposit, as well as access by rail of
iron ore products from TSMC's DSO operation to LIM's Silver Yard
facility, for further transport to the port in Sept-Iles. TSMC
expects to enjoy the benefit of cost synergies from the
rationalization of various aspects of the respective iron ore
operations of TSMC and LIM. 
Dean Journeaux, President and CEO of NML, said, "We are pleased that
the earlier framework agreement is now formalized so that TSMC can
now proceed with the related activities that were proposed. These
activities would lead to improvements in operating efficiencies for
the DSO Project. TSMC now stands to achieve substantial savings by
taking advantage of synergies made possible through co-operation with
LIM. The acquisition of up to 70% of the Howse deposit will result in
a net addition of resources located only about four kilometers from
the year-round TSMC processing plant site in the Timmins area." 
Summary of Project Development Activities:  
Based on the agreement, TSMC is proceeding with the necessary work in
order to benefit from the joint venture and rail agreements
summarized below: 


 
--  Under the terms of the joint venture agreement (the "Agreement"), TSMC
    and LIM have agreed to form an unincorporated joint venture (the "Joint
    Venture") pursuant to which Howse Minerals Limited, a wholly owned
    subsidiary of TSMC ("HML"), has acquired an initial 51% participating
    interest in the 39 staked mineral claims identified as License Numbers
    021314M and 021315M that together comprise the Howse Deposit (the
    "Property") for a total cash consideration of $30 million. NML is
    required to make its' pro rata contribution of C$6 million for this
    payment, of which $4.7 million has been contributed to date. TSMC shall
    be the initial operator of the Joint Venture (the "Operator"). 
--  LIM will conduct a C$5 million exploration program over the course of
    the 2013 calendar year. The exploration program will comprise drilling a
    targeted 70 holes of reverse circulation and diamond drilling with up to
    10,000 meters of drilling. The objective of the drill program is to
    convert the historical resources to National Instrument 43-101 (NI 43-
    101) compliant mineral resources by spring 2014 and to collect
    metallurgical, geotechnical, hydrogeological, and hydrology information
    to advance Howse towards production. The feasibility study is expected
    to be completed by July 2014 with a target for commencement of mine
    development in 2015 and commercial production in 2016. 
--  In order to increase its interest in the Howse joint venture to 70%,
    TSMC is required to invest an additional C$23.5 million in expenditures
    to the joint venture. Once TSMC has contributed this amount, TSMC and
    LIM will be required to contribute their respective pro-rata share of
    additional required contributions. Considerable savings are expected to
    be achieved in the TSMC mining plan due to the accessibility of the
    Howse deposit to the TSMC processing plant. 
--  After TSMC has earned its 70% participating interest in the Property,
    each Party shall be obligated to contribute funds in response to any
    cash call by the Operator that is approved by the management committee
    established pursuant to the Agreement to oversee the activities of the
    Joint Venture and the Operator (the "Management Committee") in
    proportion to their respective participating interests in the Property.
    To the extent that a Party does not fund as required by a cash call, its
    participating interest will be reduced accordingly. If a Party's
    interest becomes less than 10%, such Party shall be deemed to have
    withdrawn from the Joint Venture and shall be deemed to have transferred
    its entire participating interest to the other Party. 
--  The Management Committee established pursuant to the Agreement will
    consist of between two and four members, with one to two members
    appointed by each of LIM and TSMC. The chairman of the Management
    Committee shall be appointed by the Party having the greater
    participating interest. Certain decisions shall require the approval of
    85% or more of the participating interests. 
--  If the Property is not in commercial production by June 1, 2017, LIM
    shall have the right, subject to certain stated conditions, to require
    TSMC to sell to LIM such portion of TSMC's participating interest such
    that each of the Parties would own a 50% participating interest, and LIM
    shall replace TSMC as the Operator. 
--  The Operator shall commence a feasibility study as directed by the
    Management Committee, which will set forth a plan for the optimization
    by the Operator of the costs and logistics in connection with the
    mining, processing and transportation of iron ore product from the
    Property. 
--  The Parties will negotiate in good faith an agreement for the
    beneficiation of the iron ore produced by the Joint Venture at TSMC's
    plant located at the Timmins Area and such agreement would be on
    mutually agreed terms on an arm's length basis. 
--  The construction of a rail link between TSMC's Timmins Area processing
    plant to LIM's Silver Yard is well underway to establish access to the
    TSH main line. Considerable savings are expected to be realized due to
    utilization of certain existing rail infrastructure and more direct
    access to Silver Yard that the agreements permit. The final surface
    rights and construction permits required by the parties from the
    Government of Newfoundland and Labrador were recently received to permit
    construction of the last portion of the rail link to Silver Yard.

 
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 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 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 and technical mining disclosure
contained in this news release. 
About Labrador Iron Mines Holdings Limited (LIM)  
Labrador Iron Mines (LIM) is Canada's newest iron ore producer with a
portfolio of DSO iron ore operations and projects located in the
prolific Labrador Trough. Initial production commenced at the James
Mine in June 2011, and through 2012, iron ore sales have totalled 2.0
million dry tonnes in 13 shipments into the Chinese spot market.  
Now in its third year of operations, LIM is targeting the sale of 1.7
million tonnes of iron ore products in 10 shipments in 2013. 
The James Mine is connected by a direct rail link to the Port of
Sept-Iles, Quebec. The operation also benefits from established
infrastructure including the town, airport, hydro power and railway
service. Starting with the James Mine and leading to the development
of the expanding Houston flagship project, LIM's objective is to
provide shareholders with long-term value with a plan to increase
production towards five million tonnes per year from its iron ore
deposits in Labrador and Quebec, all within 50 kilometres of the town
of Schefferville. 
LIM is currently the only independently-owned Canadian iron ore
producer listed on the Toronto Stock Exchange and trades under the
symbol LIM. 
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
www.NMLiron.com