New Millennium Announces Financial Results for the Third Quarter Ended September 30, 2013

New Millennium Announces Financial Results for the Third Quarter Ended 
September 30, 2013 
CALGARY, ALBERTA -- (Marketwired) -- 11/13/13 -- New Millennium Iron
Corp. (TSX:NML)(OTCQX:NWLNF) ("NML", "Company" or the "Corporation")
announced today its financial results for the third quarter ended
September 30, 2013. 
The following review of the Company's financial performance is based
on the unaudited Condensed Interim Consolidated Financial Statements
("financial statements") and Management's Discussion and Analysis,
which have been filed on the SEDAR website at www.sedar.com. 
Progress continued in the Third Quarter on NML's major iron ore
project initiatives, which are being carried out with strategic
partner and shareholder Tata Steel Global Minerals Holdings PTE Ltd.
("Tata Steel"). 
The Direct Shipping Ore Project ("DSO Project") through a 20%
ownership interest in Tata Steel Minerals Canada Ltd. ("TSMC"),
operator of the Project: (1) Commencement of commercial sales; (2)
Progress on construction of the covered ore processing plant and
ancillary facilities; (3) Joint venture agreement with Labrador Iron
Mines Holdings Limited on Howse Deposit and rail access; and (4)
Cooperation Agreement with NunatuKavut Community Council. 
On NML's Taconite Project, final review stage for feasibility study
report by NML and Tata Steel in preparation for presentation to NML
and Tata Steel Limited boards of directors. 
At the general NML corporate level: (1) Investment in new multi-user
dock at Sept-Iles, Quebec; and (2) Resignation of Ms. Cathy Bennett
from NML Board of Directors. 
For the three months ended September 30, 2013, the Company realized a
net loss of $1,856,000 ($0.01 per share) compared to a net loss of
$3,086,000 ($0.02 per share) for the comparative period in 2012. This
loss represents expenses of $2,060,000 (2012 - $3,489,000), net of
investment income of $142,000 (2012 - $247,000) and service fee
revenue of $62,000 (2012 - $149,000). The most significant expense
items were stock based compensation of $922,000 (2012 - $1,112,000),
office and administrative expenses of $660,000 (2012 - $1,779,000),
market development expenses of $134,000 (2012 - $209,000) and
professional fees of $266,000 (2012 - $244,000). During the quarter,
NML recorded an amount of $239,000 received from 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. NML's general and administrative expenses for
the third quarter in 2012 included an adjustment for these option
payments from Tata Steel relating to prior periods such that the net
result for the quarter was that general of administrative expenses
increased by $568,000. 
The Company's working capital at September 30, 2013 is $37,063,000
(December 31, 2012 - $63,040,000).The net loss for the nine months
ended September 30, 2013, is $6,112,000 ($0.03 per share) compared to
a net loss of $6,876,000 ($0.04 per share) for the comparative period
in 2012. This loss represents general and administrative expenses of
$6,881,000 (2012- $8,330,000) partially offset by service fee revenue
of $203,000 (2012 - $586,000), investment income of $563,000 (2012 -
$863,000) and other income of $2,000 (2012 - $6,000). Again, the most
significant components of the general and administrative expenses
were: stock based compensation of $3,294,000 (2012 - $3,843,000),
office and administrative expenses of $1,978,000 (2012 - $2,491,000),
professional fees of $764,000 (2012 - $791,000), and market
development expenses of $519,000 (2012 - $670,000). During the nine
months ended September 30, 2013, NML recorded an amount of $1,339,000
(2012 - $500,000) received from Tata Steel in relation to its option
on the LabMag Project and KeMag Project as a reduction of general and
administrative expenses on its statement of comprehensive income. 
As described in detail in Note 10 of the financial statements, at
September 30, 2013, the Company's mineral exploration and evaluation
assets increased to $60,024,000 from $54,141,000 as of December 31,
2012, or by $5,883,000. The components of mineral properties at
September 30, 2013, were: mineral licences of $2,965,000, drilling of
$34,869,000, resource evaluation of $35,848,000, environmental of
$17,760,000, and amortization of property and equipment of $119,000,
net of tax credits and mining duties of $12,972,000 and the Tata
Steel payments of $18,565,000. 
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 ("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 and 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 contain
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 
Investor Relations
Andreas Curkovic
(416) 577-9927
 
 
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