New Millennium Capital Corp.
TSX VENTURE : NML

New Millennium Capital Corp.

June 24, 2009 09:00 ET

New Millennium Capital Corp. Reports Progress of DSO Project

CALGARY, ALBERTA--(Marketwire - June 24, 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) and its strategic partner, Tata Steel, announced today the commencement of the Direct Shipping Ore ("DSO") Feasibility Study ("Study") and the formation of a Joint Steering Committee to monitor Study progress.

The Company is on track to complete the Study in Q3, 2009. NML, working closely with Tata Steel, has completed optimization studies that were designed to maximize the commercially desirable characteristics of the product. These relate specifically to the project's assumptions and criteria for mine blending and wash plant design. Based on the results of pilot scale tests carried out at various test labs and vendor facilities, the wash plant flowsheet has been developed to ensure that the product can be tailored to meet the quality requirements of Tata Steel's European subsidiary Corus Group for hot metal production in the blast furnace.

Robert Martin, President and CEO of NML, commented on overall progress, "I am extremely pleased how we have worked together with Tata Steel to identify optimal solutions to meet the quality control requirements of the Corus Group. Tata Steel's personnel have shown an in-depth understanding of the complex ore bodies and offered constructive ideas based on their experience with similar processes. I am confident that we have identified many opportunities to improve an already good project in order to better suit Tata's requirements. As a consequence, NML is on its way to significantly advance the DSO Project toward production."

The Steering Committee is comprised of three members from each of NML and Tata Steel. The Committee's mandate is to monitor the progress of the Study and provide the necessary direction to ensure its timely completion. NML is in the process of engaging various consultants to conduct engineering and capital cost estimates for the project. The Study is designed to have an accuracy of +\-15% and is expected to serve as the basis for a final decision by financial institutions to finance the development of the project. NML's own technical team will work closely with engineers from Tata's Global Mining Services and Research & Development (R&D) Centre, both located in Jamshedpur, India. Inputs related to the process design and product quality will also be provided by Tata's Corus Group.

Mr. Suren Rao, Tata's CEO - Canada Projects, will oversee participation of Tata Steel personnel during the preparation of the Study. In order to expedite the large volume of activity, he is being assisted by two Tata Steel engineers, both of whom will be based in NML's Montreal office.

Additional work is currently being performed to confirm these optimization improvements and to complete the Study in Q3, 2009. Subject to a positive Study, NML expects Tata Steel's approval in Q4 2009 and the commencement of production in Q2, 2011.

The following activities are scheduled to optimize the results of the Feasibility Study:

- Drilling of 3,260 meters at the Kivivic 4 and Sunny 1 deposits located in Area 4 in order to upgrade these historical resources to NI-43-101 compliant resources. The Study will include additional resources to increase the project life.

- Six bulk samples will be collected for additional pilot plant tests. While the process flowsheet will be based on the available test results, bulk samples will be used to fine tune the plant design and produce product samples in a pilot plant for metallurgical testing.

Other interrelated and contingent key DSO milestones for 2009 are summarized as follows:

1) Complete the DSO joint venture agreement ("JVA") with Tata in Q-2

2) Obtain DSO road, railway and power line permits in Quebec in Q-3

3) Complete the Study in Q-3

4) Obtain DSO environmental approval from the Government of Newfoundland and Labrador in Q-4

5) Obtain DSO project approval by Tata Steel in Q-4

6) Order early stage DSO track material, camp and equipment in Q-4

Jean-Charles Bourassa, Eng. and Moulaye Melainine, Eng. are the Qualified Persons as defined in NI 43-101 who have reviewed and verified the scientific and technical mining disclosure contained in this news release on behalf of NML.

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 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 fund 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 (see news release 0817, October 1, 2008). The Millennium Iron Range currently hosts two advanced projects: LabMag contains 3.5 billion tonnes of Proven and Probable reserves plus 1.0 billion tonnes of Measured and Indicated resources and 1.2 billion tonnes of Inferred resources; KeMag contains 2.1 billion tonnes of Proven and Probable reserves, 0.3 billion tonnes of Measured and Indicated resources and 1.0 billion tonnes of Inferred resources.

The Corporation's DSO project contains 52.5 million tonnes of Proven and Probable Mineral Reserves, 3.5 million tonnes of measured and indicated Mineral Resources, 5.8 million tonnes of Inferred Resources and about 40.0 million tonnes of historical resources that are not currently in compliance with NI 43-101.

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.

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.

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