NEWS RELEASE TRANSMITTED BY Marketwired
FOR: New Millennium Iron Corp.
TSX SYMBOL: NML
OTCQX SYMBOL: NWLNF
JUNE 26, 2014
New Millennium Announces AGSM Results
CALGARY, ALBERTA--(Marketwired - June 26, 2014) - New Millennium Iron Corp.
(TSX:NML) (OTCQX:NWLNF) today announced the results of the Annual General and
Special Meeting of the shareholders of NML held on June 25, 2014. All matters
put forth for consideration by the shareholders were approved, including the
election of each nominee as a director of the Corporation for the ensuing year,
VOTES FOR VOTES WITHHELD
Lee C.G. Nichols 99.60% 0.40%
Robert Patzelt 96.31% 3.69%
Dean Journeaux 96.23% 3.77%
John Schindler 99.59% 0.41%
Roy Hudson 99.62% 0.38%
Pierre Seccareccia 99.64% 0.36%
General (Ret.) Rick Hillier 99.69% 0.31%
Koushik Chatterjee 99.61% 0.39%
Sandip Biswas 99.55% 0.45%
Dibyendu Bose 99.65% 0.35%
In addition to the annual resolutions, including the re-appointment of Raymond
Chabot Grant Thornton LLP, Partnership of Chartered Professional Accountants,
Montreal, Quebec, as auditors, a resolution was passed adopting and confirming
By-law No. 1A which provides advance notice requirements for the nomination of
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
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.
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
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
New Millennium Iron Corp.
President & Chief Executive Officer
(709) 770-2635 or (514) 935-3204 ext. 370
New Millennium Iron Corp.
Vice-President, Investor Relations and Corporate Affairs
(514) 935-3204 ext. 349
New Millennium Iron Corp.
INDUSTRY: Manufacturing and Production - Mining and Metals
-0- Jun/26/2014 10:00 GMT
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