New Millennium Capital Corp.

New Millennium Capital Corp.

January 08, 2008 09:00 ET

New Millennium Releases Initial Results for the 2007 KeMag Drill Program

- Results Extend KeMag Mineralization

CALGARY, ALBERTA--(Marketwire - Jan. 8, 2008) -


New Millennium Capital Corp. ("NML" or "the Company") (TSX VENTURE:NML) provided results today on 29 (2,344 metres) of its 42 hole 2007 diamond drilling program at its 100% owned Lac Harris Iron Ore Property (the "KeMag Property") in Quebec, approximately 18 km north of its LabMag property in Newfoundland and Labrador and 50 km northwest of Schefferville, Quebec.

On February 6, 2007, results of the 2006 KeMag drill program comprising 29 holes (2,224.7 metres) were announced that established estimates of 1.349 billion tonnes of Indicated Mineral Resources and an additional 992 million tonnes of Inferred Mineral Resources. A total of 71 holes (5,687.5 metres) have now been drilled on the KeMag property with results reported for 58 holes (4,568.7 metres). Complete results and an updated resource estimate are expected to be published by April, 2008.

The attached Table 1 "Summary of Drill Core Stratigraphy with Davis Tube Weight Recoveries ("DTWR") Head and Concentrate Analysis" summarizes the results. In addition eight cross-sections and a property map with drill hole and cross-section locations are included.

Robert Martin, President and CEO of New Millennium, said, "By extending the mineralization at KeMag and demonstrating that the deposit remains open to the north and the south, we have established the potential for a significant additional resource. With the increased resource and complementary locations in two provinces, we have great flexibility to maximize operational efficiencies. To create shareholder value as quickly as possible, NML continues to fast track the development of KeMag by embarking on a 2008 winter drilling program to define the extent of mineralization under Lac Harris. A summer program of in-fill drilling is also planned. The objective is to complete all drilling this year and establish final reserves and resources, according to NI 43-101 rules, by early 2009."

The KeMag resource, which is situated on the same iron formation band as the LabMag Property, is a geological continuation of that deposit. Its known strike length is approximately 9 kilometers long, its dip ranges from 6 to 12 degrees and its chemical physical and metallurgical characteristics continue to appear to be similar to the LabMag deposit.

Development of this iron range contemplates pelletizing KeMag ore, in Quebec at Sept-Iles. Both the KeMag and LabMag properties, owing to their significant size and geological characteristics, are world class resources and together represent a significant new potential source of supply for the global steel industry.

Mr. Dean Journeaux, 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.

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 195 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 tons of direct shipping quality ore.

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

To view KeMag Property Maps and Results please click here:

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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