New Millennium Capital Corp.

New Millennium Capital Corp.

November 24, 2008 08:00 ET

New Millennium Capital Corp. Appoints New Directors and Interim CFO and Tata Steel Names Chief Executive - Canada Projects

CALGARY, ALBERTA--(Marketwire - Nov. 24, 2008) -


New Millennium Capital Corp. ("NML" or "the Company") (TSX VENTURE:NML) announced today that Mr. Arun Das Baijal and Mr. N.K. Misra of Tata Steel Limited ("Tata Steel"), Mumbai, India, have been appointed directors of NML.

Mr. Arun Das Baijal, Group Director, Global Minerals, Tata Steel Group, has worked in various capacities in Tata Steel over the past 37 years in Iron and Steel making, R&D, Project Management, Refractory, Raw Materials and also in various associated companies. In his current position, Mr. Baijal is responsible for spearheading the process of ensuring raw material security for the Tata-Corus combined entity and has been instrumental in Tata Steel's participation in the Mozambique Coal Project, the Ivory Coast Iron Ore Project, the Oman Limestone Project and also the Coking Coal Project in Australia. As Vice President - Raw Materials, Iron and Coke Making, his breakthrough improvements in mineral and coal beneficiation resulted in significant improvements in Blast Furnace productivity. He is the recipient of distinguished National Metallurgist Award '1986 and many other national awards. Mr. Baijal holds the position of Chairman of Tata Sponge Iron Ltd.

Mr. Misra, Group Head (Mergers and Acquisitions) is responsible for the planning and execution of Tata Steel Group's merger and acquisitions, joint ventures, new businesses and divestments. Prior to his current position, Mr. Misra served as Chief, Strategy and was responsible for providing strategic direction to the company. Mr. Misra is a Chartered Accountant and joined Tata Steel in 1981. In addition to the NML Board, Mr. Misra also serves as a Director of several other Tata Steel Group companies and joint ventures.

Robert Martin, NML CEO and President, said "We are pleased to welcome Mr. Baijal and Mr. Misra to the New Millennium Board. We have worked very closely with these gentlemen during the negotiations leading to the formation of NML's strategic partnership with Tata Steel. Their outstanding professional experience, deep knowledge of the Tata Steel organization and expertise in the iron ore and steel businesses will be extremely valuable in successfully guiding New Millennium through this new strategic relationship. We look forward to their contributions as Board members as the Company positions itself to reach its ultimate goal of producing iron ore from its world class resources."

NML would also like to extend its sincere thanks to its departing Board member and Chief Financial Officer, Mr. William (Bill) Almdal, who has recently resigned due to health reasons. Bill was a founding member of NML and has made significant contributions to the Company during his term of office.

Mr. Mark Freedman, C.A., Partner of the Montreal based accounting firm of Roll Harris & Associates has been appointed Interim CFO. Mark obtained his diploma in Chartered Accountancy from McGill University, Montreal and is a member of the Ordre des comptables agrees du Quebec.

NML is also pleased to welcome Mr. Suren Rao, who has recently been appointed as Tata Steel's Chief Executive - Canada Projects. Mr. Rao has 34 years experience with Tata Steel and was formerly Chairman, NatSteel Middle East, Dubai, United Arab Emirates. In his new position, Mr. Rao will initially be responsible for managing Tata Steel's interests in NML's DSO and LabMag Projects. He will be assisted by other members of the Tata Steel staff all of whom will take up residence in Montreal for close interaction with NML's team. Mr. Rao has a Bachelor's degree in Engineering.

"We are fortunate to have a senior executive like Suren and his experienced team to work with us during this critical period when Tata Steel will be evaluating its options to advance NML's DSO and LabMag Projects," said Robert Martin. "Tata Steel's input will be extremely valuable to successfully conclude the DSO Feasibility Study. We look forward to Suren leading, subject to Tata Steel electing to proceed, the DSO Joint Venture through its construction and operations period; and, to the production of high quality raw materials to feed Corus' steelmaking operations".

About New Millennium

New Millennium controls the emerging Millennium Iron Range, which holds the world's largest undeveloped iron ore deposits in the Province of Newfoundland and Labrador and in the Province of Quebec. In the same area, the Company is also advancing to near term production its DSO Project. Tata Steel, the world's sixth largest steel company, owns 19.9% of New Millennium and is the Company's largest shareholder and strategic partner. Tata has an exclusive option to fund the DSO Project and a commitment to take the resulting production and an exclusive right to negotiate and settle a proposed transaction in respect of the LabMag Project (see news release 08-17, October 1, 2008). The Millennium Iron Range currently hosts two advanced projects: LabMag contains 3.5 billion tonnes of reserves, 4.6 billion tonnes of Measured and Indicated resources and 1.1 billion tonnes of Inferred resources; KeMag contains 2.3 billion tonnes of Measured and Indicated resources and 1 billion tonnes of Inferred
resources (see news releases 07-11, July 17, 2007 and 08-06, February 27, 2008).

The Company's DSO project contains, based on historical estimates that are not in compliance with NI 43-101, in excess of 100 million tonnes of direct shipping quality ore (see news release 08-05, February 5, 2008). The historical estimates contained in this news release of quantities of direct shipping quality ore are not in accordance with the mineral resources or mineral reserves classifications contained in the CIM Definition Standards on Mineral Resources and Mineral Reserves, as required by National Instrument 43-101 ("NI 43-101"). Accordingly, NML is not treating these historical estimates as current mineral resources or mineral reserves as defined in NI 43-101 and such historical estimates should not be relied upon. A qualified person has not done sufficient work to date to classify the historical estimates as current mineral resources or mineral reserves., and is not to be misconstrued as representing current economic viability. The term "ore" in this release is being used in a descriptive sense for historical accuracy and is not to be misconstrued as representing current economic viability. A feasibility study has not been completed in respect of the DSO properties and there is no certainty the proposed operations will be economically viable.

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, and

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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