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 
CALGARY, ALBERTA -- (Marketwired) -- 05/15/14 --   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. 
Contacts:
New Millennium Iron Corp.
Robert Patzelt
President & Chief Executive Officer
(709) 770-2635 or (514) 935-3204 ext. 370 
New Millennium Iron Corp.
Ernest Dempsey
Vice-President, Investor Relations and Corporate Affairs
(514) 935-3204 ext. 349 
New Millennium Iron Corp.
Andreas Curkovic
Investor Relations
(416) 577-9927
 
 
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