New Millennium Capital Corp.
TSX VENTURE : NML

New Millennium Capital Corp.

November 26, 2009 15:06 ET

New Millennium Announces Financial Results for the Third Quarter Ended September 30, 2009

CALGARY, ALBERTA--(Marketwire - Nov. 26, 2009) -

NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

New Millennium Capital Corp. ("NML" or the "Company") (TSX VENTURE:NML) announced today its financial results for the third quarter ended September 30, 2009.

The following discussion of the Company's financial performance is based on the Interim Consolidated Financial Statements and the accompanying Management's Discussion and Analysis (MD&A).

The Company's results of operations for the three months ended September 30, 2009, is a net loss of $572,000 or $0.00 per share compared to a net loss of $414,000 or $0.00 per share for the corresponding period in 2008. This loss represents expenses of $840,000 (2008 - $688,000) net of investment income of $13,000 (2008 - $32,000) and future income taxes recoverable of $255,000 (2008 - $242,000). The most significant expense items were general and administrative of $423,000 (2008 - $324,000), professional fees of $295,000 (2008 - $228,000) and market development of $115,000 (2007 - $128,000). While the current period's comprehensive loss equalled its net loss, the corresponding period in 2008 had a reduction in fair value of the long-term investment of $370,000 for a comprehensive loss of $784,000.

The net loss for the nine-month period ended September 30, 2009 was $2,490,000 or $0.02 per share compared to a net loss of $1,822,000 or $0.02 per share for the corresponding period in 2008. This loss represents expenses of $3,017,000 (2008 - $2,545,000) and change in fair value of long-term investments of $180,000 (2008 - Nil) net of investment income of $112,000 (2008 - $137,000) and future income taxes recoverable of $595,000 (2008 - $585,000). Again, the most significant expense items were general and administrative of $2,070,000 (2008 - $1,309,000), professional fees of $665,000 (2008 - $715,000) and market development of $179,000 (2008 - $493,000). While the current period's comprehensive loss equalled its net loss, the corresponding period in 2008 had a reduction in fair value of the long-term investment of $370,000 for a comprehensive loss of $2,193,000.

As at September 30, 2009, the carrying value of mineral properties increased to $41,429,000 from $35,667,000 as of December 31, 2008 or by $5,762,000. The main components of this increase were mineral licenses ($91,000), resource evaluation ($3,399,000), drilling ($1,982,000) and environmental ($1,629,000) net of tax credits and mining duties ($1,339,000).

The significant events, all of which occurred subsequent to the September 30, 2009, and are fully described in the Company's Third Quarter Report are: (1) the signing of an asset exchange and rail co-operation agreement with Labrador Iron Mines Ltd ("LIM"); (2) the signing of a joint venture agreement (1) with Tata Steel's wholly owned subsidiary Tata Steel Global Minerals Holdings Pte Ltd, of Singapore ("Tata Steel") for the Direct Shipping Ore ("DSO") project; and (3) the update on feasibility study status for the DSO project.

About New Millennium

New Millennium controls the emerging Millennium Iron Range, located in the Province of Newfoundland and Labrador and in the Province of Quebec, which holds the world's largest undeveloped magnetic iron ore deposits. In the same area, the Corporation is also advancing to near term production its DSO Project. Tata Steel, the world's sixth largest steel corporation, owns 19.9% of New Millennium and is the Corporation's largest shareholder and strategic partner. Tata has an exclusive option to participate in the DSO Project, a commitment to take the resulting production, and an exclusive right to negotiate and settle a proposed transaction in respect of the LabMag Project and the KeMag Project (see news release 08-17, October 1, 2008 and news release 09-11, June 30, 2009). 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, July 5 2006 and 07-11, 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, January 15, 2009).

The Corporation's DSO Project contains 52.5 million tonnes of Proven and Probable Mineral Reserves at an average grade of 58.9% Fe, 3.5 million tonnes of measured and indicated Mineral Resources at an average grade of 59.0% Fe, 5.8 million tonnes of Inferred Resources at an average grade of 55.8% Fe and about 40.0 million tonnes of historical resources that are not currently in compliance with NI 43-101 (see news release 09-03, February 10, 2009 and news release 09-05, March 4, 2009). A qualified person has not done sufficient work to classify the historical estimate as current mineral resources and the historical estimate should not be relied upon.

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.nmlresources.com, www.tatasteel.com and www.corusgroup.com.

Forward-Looking Statements

This document may contain "forward-looking statements" within the meaning of Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements are made as of the date of this document and the Corporation does not intend, and does not assume any obligation, to update these forward-looking statements.

Forward-looking statements relate to future events or future performance and reflect management of the Corporation's expectations or beliefs regarding future events and include, but are not limited to, statements with respect to the estimation of mineral reserves and resources, the realization of mineral reserve estimates, the timing and amount of estimated future production, costs of production, capital expenditures, success of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative of these terms or comparable terminology. By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, risks related to actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of resources; possible variations in ore reserves, grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities; 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, all of which are filed and available for review on SEDAR at www.sedar.com. Although the Corporation has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.

Accordingly, readers should not place undue reliance on forward looking statements.

(1) Tata Steel will control the prospective joint venture Company due to their 80% ownership interest.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Contact Information