New Millennium Capital Corp.

New Millennium Capital Corp.

April 29, 2008 21:51 ET

New Millennium Capital Corp. Announces the Filing of the Project Notice for Its Direct Shipping Ore Project With the Governments of Canada, Quebec and Newfoundland and Labrador

CALGARY, ALBERTA--(Marketwire - April 29, 2008) -


New Millennium Capital Corp. ("NML" or "the Corporation") (TSX VENTURE:NML) announced today that it has filed the Project Notice with the Government of Quebec for its Direct Shipping Ore Project at Schefferville. The Project Description for the Government of Canada and the Project Registration for Newfoundland and Labrador will be filed later this week.

This step initiates the process for the environmental approvals required from Governments and will trigger the issuance of the guidelines under which the Environmental Assessment Statement will be prepared.

Robert Martin, NML's President and CEO, commented:

"We are pleased to announce this important step toward the development of the DSO Project in addition to other preparatory works as we announced on February 5, 2008. The Environmental Impact Statement if required is planned to be sent to the appropriate governmental authorities by the end of October. Government review and approval is expected for Area 2 and Area 3 by the end of March 2009".

Information sessions continue with all of the concerned First Nations. Discussions with the Tshiuetin Railway, are underway to plan the railway transportation agreements required to move the ore from the mine sites near Schefferville to the Port of Sept-Iles. Discussions with The Port Authority of Sept-Iles are continuing.

Detailed planning, contracts and equipment rental for the drilling and bulk sampling is being completed with field work intended to begin in June. A Preliminary Feasibility Study will be initiated once the summer program is completed and the sample analysis results start to arrive. An interim report and financial analysis is scheduled for completion by the end of December 2008 and the Feasibility Study is expected by the end of May 2009.

Moulaye Melainine, Eng. is the Qualified Person as defined in NI 43-101 who has reviewed and verified the scientific and technical mining disclosure contained in this news release on behalf of NML.

About New Millennium

New Millennium holds a 100% interest in the KeMag Property (Quebec) and an 80% interest in the LabMag Property (Newfoundland and Labrador). Both properties are located within the Millennium Iron Range, the centre of which is located approximately 230 km north of Labrador City, NL and 40 km northwest of Schefferville, QC. The Company also has a 100% interest in 300 DSO claims in Quebec and Labrador that contain, based on historical estimates that are not in compliance with NI 43-101, in excess of 100 million tonnes of direct shipping quality ore. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources. The Company is not treating the historical estimate as current mineral resources and the historical estimate should not be relied upon.

Subject to the completion of positive feasibility studies, project financing and project construction, the concentrate from the KeMag Project would be pumped from the property through a slurry pipeline, about 750 kilometres, to Pointe-Noire, near the Port of Sept-Iles, QC, where it would be both pelletized and sold as concentrate. The concentrate from the LabMag Project would be pumped from the property through a slurry pipeline, about 230 kilometres, to Emeril, NL where it would be pelletized prior to rail transportation via an existing railroad about 390 km to Pointe-Noire, near the Port of Sept-Iles. DSO products are envisioned to be transported by rail to a Port at Pointe-Noire.

These projects envision the construction and operation of ship loading facilities and related infrastructure at the Pointe-Noire terminus from where the various iron ore products would be shipped by ocean vessels to markets in Canada, the United States, Western Europe, North Africa, the Middle East and Asia.

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

This release may contain forward looking statements within the meaning of the "safe harbor" provisions of US laws. These statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward looking statements. New Millennium does not assume any obligation to update any forward looking information contained in this news release.

No regulatory authority has approved or disapproved the content of this release. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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