New Millennium Announces Financial Results for the First Quarter Ended March 31, 2014

New Millennium Announces Financial Results for the First Quarter Ended March 
31, 2014 
NEWS RELEASE TRANSMITTED BY Marketwired 
FOR: New Millennium Iron Corp. 
TSX SYMBOL:  NML
OTCQX SYMBOL:  NWLNF 
MAY 15, 2014 
New Millennium Announces Financial Results for the First Quarter Ended March
31, 2014 
CALGARY, ALBERTA--(Marketwired - May 15, 2014) - New Millennium Iron Corp.
("NML" or the "Corporation") (TSX:NML) (OTCQX:NWLNF) today
announced its financial results for the first quarter ended March 31, 2014. 
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 ("MD&A"), which have been filed on the SEDAR website at
www.sedar.com. 
Progress continued in the first quarter in NML's principal areas of
activity, two of which involve projects being carried out with strategic
partner and shareholder Tata Steel Limited. 
The Direct Shipping Ore Project through a 20% ownership interest in Tata Steel
Minerals Canada Ltd. ("TSMC"), operator of the Project: (1) Progress
on construction of the covered ore processing plant and ancillary facilities;
and (2) positive results from the 2012 drilling program showing a 23.45%
increase in indicated resource estimate. 
On NML's Taconite Project, announcement of Feasibility Study results and
techno-economic viability of the Taconite Project, along with implementation
plan, and, subsequent to the quarter, filing on the SEDAR website of the NI
43-101 compliant Technical Reports on the Feasibility Study results. 
At the general NML corporate level, Mr. Robert Patzelt, Q.C. succeeding Mr.
Dean Journeaux as President and CEO of the Corporation, and, subsequent to the
quarter, adoption of an advance notice by- law regarding nominations of persons
for election as a director of the Corporation 
The Company's working capital at March 31, 2014 is $32,978,000 (December
31, 2013 - $35,291,000).The net loss for the three months ended March 31, 2014,
is $1,735,000 ($0.01 per share) compared to a net loss of $2,001,000 ($0.01 per
share) for the comparative period in 2013. This loss represents general and
administrative expenses of $2,034,000 (2013- $2,303,000) partially offset by
service fee revenue of $17,000 (2013 - $106,000), investment income of $282,000
(2013 - $194,000) and other income of nil (2013 - $2,000). The most significant
components of the general and administrative expenses were: stock based
compensation of $645,000 (2013 - $1,203,000) and professional fees of $427,000
(2013 - $219,000). During the quarter, NML recorded $338,000 (2013 - $664,000)
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. The investment income increased due to the higher
interest rate being earned on a loan to TSMC (see Note 8 to the Financial
Statements). The service fee revenue decreased as TSMC is utilizing less of
NML's resources as they continue to build up their own team. 
As at March 31, 2014, the Company's mineral exploration and evaluation
assets increased to $62,069,000 from $61,138,000 as of December 31, 2013, or by
$931,000. The components of mineral properties at March 31, 2014, were: mineral
licences of $2,968,000, drilling of $35,360,000, resource evaluation of
$38,206,000, environmental of $18,441,000, and amortization of property and
equipment of $158,000, net of tax credits and mining duties of $13,669,000 and
the Tata Steel payments of $19,395,000. 
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 ("DSO") Project to the production stage, from
which trial shipments have begun. Tata Steel owns approximately 26.2% 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 Limited ("TSMC"), which in turn is 80% owned by Tata
Steel and 20% owned by NML. The DSO Project contains 98.9 million tonnes of
Measured and Indicated Mineral Resources at an average grade of 59.3% Fe, 6.7
million tonnes of Inferred Resources at an average grade of 56.7% Fe and about
20.0 - 25.0 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, news release 12-14, dated May 31, 2012
and news release 14-02 dated February 24, 2014). 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. 
LabMag contains 3.9 billion tonnes of Proven and Probable reserves at a grade
of 29.7% Fe plus 376 million tonnes of Measured and Indicated resources at an
average grade of 29.6% Fe and 891.0 million tonnes of Inferred resources at an
average grade of 29.3% Fe. KeMag contains 2.4 billion tonnes of Proven and
Probable reserves at an average grade of 30.6% Fe and 1.0 billion tonnes of
Inferred resources at an average grade of 31.7% Fe (See Tables 2, 3 & 4 in
news release 14-04 dated March 27, 2014). Tata Steel also exercised its
exclusive right to negotiate and settle a proposed transaction in respect of
development of either or both the LabMag and the KeMag deposits (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., Moulaye Melainine, 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; 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, along with the Corporation's annual information form,
all of which are filed and available for review on SEDAR at www.sedar.com.
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. 
-30-
FOR FURTHER INFORMATION PLEASE CONTACT: 
New Millennium Iron Corp.
Robert Patzelt
President & Chief Executive Officer
(709) 770-2635 or (514) 935-3204 ext. 370
or
New Millennium Iron Corp.
Ernest Dempsey
Vice-President, Investor Relations and Corporate Affairs
(514) 935-3204 ext. 349
or
New Millennium Iron Corp.
Andreas Curkovic
Investor Relations
(416) 577-9927 
INDUSTRY:  Manufacturing and Production - Mining and Metals 
SUBJECT:  ERN 
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-0- May/15/2014 20:49 GMT
 
 
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