New Millennium Capital Corp.
TSX VENTURE : NML

New Millennium Capital Corp.

April 14, 2010 09:00 ET

New Millennium Capital Corp. Announces Board Changes

CALGARY, ALBERTA--(Marketwire - April 14, 2010) -

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 that Mr. Partha Sengupta of Tata Steel Limited ("Tata Steel"), Mumbai, India, has been appointed a director of NML.

Mr. Sengupta was recently appointed Vice-President, Raw Materials at Tata Steel Ltd, after 28 years of service. As VP Raw Materials, Mr. Sengupta is in charge of Global Minerals, Natural Resources Division, Raw Materials Strategy Group and S&T Mining Project. He is a metallurgist from Banaras Hindu University, one of India's premier Institutes of Technology, who also attended the executive training program at INSEAD in France. Mr. Sengupta has been assigned to many posts in ever increasing responsibility within Tata Steel and most recently held the post of Vice President, Corporate Services.

Mr. Sengupta replaces Mr. A. Baijal, a Tata representative leaving the Board of Directors. Mr. Baijal served on the Board since November 24, 2008. Mr. Baijal has made very important contributions including the development of the Joint Venture Agreement between NML and Tata. His mining and mineral processing experience has led to many important suggestions for the DSO mining program, process development, transportation, and shipping including financial improvements.

Robert Martin, NML CEO and President, said "We are pleased to welcome Mr. Sengupta to the New Millennium Board to continue the spirit of teamwork and excellence that Mr. Baijal has brought to our Board since Tata invested in our company in 2008. We wish to thank Mr. Baijal for his valuable contribution in forming and fostering the relationship between Tata and NML and look forward to working with Mr. Sengupta in 2010 and beyond as NML moves into the development and production phases of our projects."

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 (Direct Shipping Ore) Project. Tata Steel, the world's eighth largest steel corporation, owns 19.65% 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 if the option is exercised, and an exclusive right to negotiate and settle a proposed transaction in respect of the LabMag Project and the KéMag 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); KéMag 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 64.1 million tonnes of Proven and Probable Mineral Reserves at an average grade of 58.8% Fe, 4.6 million tonnes of Measured and Indicated Mineral Resources at an average grade of 58.9% Fe, 7.15 million tonnes of Inferred Resources at an average grade of 55.9% Fe and approximately 40.0 million tonnes of historical resources that are not currently in compliance with NI 43-101 (see news release 09-03, February 11, 2009, news release 09-05, March 4, 2009 and news release 09-16, December 9, 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.

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