Concerned Shareholders of New Millennium Iron Corp.

March 15, 2016 14:25 ET

Concerned Shareholders Receive Over 71% Approval for Change From Minority Shareholders Who Voted- But Tata Defeats the Will of Minority Shareholders

- Concerned Shareholders will consider all their options

TORONTO, ONTARIO--(Marketwired - March 15, 2016) - Susan Milton and Greg Chorny, the Concerned Shareholders of New Millennium Iron Corp. ("NML" or the "Company"), wish to thank the minority shareholders for the overwhelming support shown for the strategic plan of the Concerned Shareholders at the special meeting of shareholders of NML which was held today.

At the meeting, NML reported that shareholders holding 71.64% of the shares that voted at the meeting (excluding Tata Steel and other insiders), or 65.38% of the shares that voted at the meeting (excluding Tata), voted in favour of the Concerned Shareholders. There can no longer be any doubt that minority shareholders of NML (who collectively hold more shares than Tata) have lost confidence in management and the board of NML.

We will continue to speak out on behalf of the shareholders of NML and will carefully review and consider the actions of NML and Tata going forward. We would ask all shareholders to remain engaged so as to ensure that our voices and wishes are heard and ultimately followed by NML and Tata.

We also wish to thank those shareholders who were present at the meeting and for their kind words. We will keep the website live, and for those shareholders who wish to speak to us, please do not hesitate to contact us. We look forward to seeing shareholders at the 2016 AGM of NML.

As previously reported, NML has refused to allow us to inspect proxies or raise technical issues with respect to proxies prior to or at the meeting. We will be reviewing the proxies voted at the meeting in the near future and will report back to shareholders if we uncover any anomalies.

Forward-Looking Statements

Certain statements contained in this press release constitute "forward-looking information" as such term is defined in applicable Canadian securities legislation. The words "may", "would", "could", "should", "potential", "will", "seek", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions as they relate to the Concerned Shareholders, the intentions of the Concerned Shareholders, and the success of the Concerned Shareholders, are intended to identify forward-looking information. All statements other than statements of historical fact may be forward-looking information. Such statements reflect the Concerned Shareholders' current views and intentions with respect to future events, and current information available to the Concerned Shareholders, and are subject to certain risks, uncertainties and assumptions. Material factors or assumptions were applied in providing forward-looking information. Many factors could cause the actual results, performance or achievements that may be expressed or implied by such forward-looking information to vary from those described herein should one or more of these risks or uncertainties materialize. Should any factor affect NML in an unexpected manner, or should assumptions underlying the forward-looking information prove incorrect, the actual results or events may differ materially from the results or events predicted. Any such forward-looking information is expressly qualified in its entirety by this cautionary statement. Moreover, the Concerned Shareholders do not assume responsibility for the accuracy or completeness of such forward-looking information. The forward-looking information included in this press release are made as of the date of this press release and the Concerned Shareholders undertake no obligation to publicly update or revise any forward-looking information, other than as required by applicable law.

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