New Millennium Capital Corp.
TSX VENTURE : NML

New Millennium Capital Corp.

April 30, 2007 18:39 ET

New Millennium Announces Financial Results for the Fourth Quarter Ending December 31, 2006

CALGARY, ALBERTA--(CCNMatthews - April 30, 2007) -

NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

New Millennium Capital Corp. ("NML" or "the Company") (TSX VENTURE:NML) is pleased to announce its financial results for the fourth quarter ending December 31, 2006.

The following discussion of the Company's financial performance is based on the audited Consolidated Financial Statements and the Management's Discussion and Analysis (MD&A).

The Company's results of operations for the three months ended December 31, 2006 is a net loss of $765,541 or a loss of $0.01 per share compared to a net loss of $575,460 or a loss of $0.01 per share for the corresponding period in 2005. This loss represents expenses of $1,290,647 (2005 - $820,193) net of interest revenue of $87,446 (2005 - $39,983) and future income taxes recoverable of $437,660 (2005 - $203,469). The most significant expense items were general and administrative of $474,946 (2005 - $328,447), market development of $154,664 (2005 - $216,058) and professional fees of $649,111 (2005 - $179,868).

The net loss for the year ended December 31, 2006 was $2,031,604 or a loss of $0.03 per share compared to a net loss of $1,303,684 or a loss of $0.03 per share for the 2005 fiscal year. This loss represents expenses of $3,458,277 (2005 - $2,029,784) net of interest revenue of $310,121 (2005 - $93,631) and future income taxes recoverable of $1,116,552 (2005 - $632,469). Again the most significant expense items were general and administrative of $1,864,571 (2005 - $961,658), market development of $376,275 (2005 - $540,384) and professional fees of $1,119,428 (2005 - $404,734).

As at December 31, 2006, the value of mineral properties increased to $21,414,762 from $9,606,963 as of December 31, 2005 or by $11,807,799. The main components of this increase were resource evaluation ($4,013,082), drilling ($2,552,712), environmental ($5,023,392), exploration ($290,012) and field labour and supplies ($291,053) net of tax credits and mining duties ($371,378).

The Company has incurred all Canadian Exploration Expenses (CEE) related to the renouncement of $4,000,000 in favour of the purchasers of 2005 issuance of flow-through shares. In addition, the Company has incurred at December 31, 2006 $2,965,000 of the $3,000,000 CEE renounced in favour of the purchasers of the 2006 issuance of flow through shares. The Corporation expects to fulfill the remaining spending commitments by December 31, 2007.

A significant fourth quarter activity, which is fully described in the Company's 2006 Financial Statements under the heading of Management's Discussion and Analysis ("MD&A"), was the announcement of Positive Results of Tests to Produce Direct Reduction Grade Pellets from LabMag Iron Ore (news release 06-24).

A subsequent event that was also reported in the 2006 MD&A was the announcement of the first estimates for NML's new "KeMag" discovery (news release 07-03).

About New Millennium

New Millennium holds a 100% interest in the KeMag Project (Quebec) and an 80% interest in the LabMag Project (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, NF and 40 km northwest of Schefferville, QC.

For further information, please visit www.nmlresources.com.

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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