New Millennium Capital Corp.

New Millennium Capital Corp.

March 21, 2006 19:34 ET

New Millennium Announces Further Drill Core Analysis Results

CALGARY, ALBERTA--(CCNMatthews - March 21, 2006) - New Millennium Capital Corp. (TSX:VENTURE:NML) ("NML") is pleased to provide an update on the final results received from drill core analysis for Block "A" for the 2005 drilling program completed in September 2005, on its 80% owned LabMag Iron Ore Project near Howells River in Labrador ("the Property").

The objective of the ongoing drill program is to demonstrate the existence of a minimum resource of iron ore, sufficient to operate the planned facilities for a minimum of 20 years with the objective of increasing the indicated and measured resource beyond a 20 year life.

NML is integrating the drill core analysis results into a geological block model for resource determination and classification by Geostat Systems International Inc., a geo-statistical specialist.

NML has again retained Watts, Griffis, McOuat (WGM) to act as an Independent Qualified Person to complete an updated resource estimate of the Property based on previous drilling done and the 2005 program. This report is expected to be received by March 31, 2006.

The present news release reports the results of 40 holes with a combined drilled length of 2,668.1 metres that were drilled on eight section lines traversing block "A". These latest results, as did the previous results in 2005, continue to indicate that a high quality Davis Tube ("DT)" concentrate, containing more than 69% Fe and less than 3% silica, can be made from the rock represented by these diamond drill cores. For the 2005 program, NML has now reported on 4400.1 metres in 64 drill holes which completes the core analyzed for Block "A".

These partial analysis results from the 2005 drill hole program are reported in Table 1 - Core Analysis - Statistical Results. In addition, a plan view of all the diamond drill holes, with those drilled in 2005 identified separately, and the 8 cross-sections are attached. The results for the 2005 Block "B" drilling are expected to be reported by March 30, 2006.

NML has decided to postpone a previously announced 9 hole drill program planned for April 2006 and include this program in the summer drill program currently planned to start in June 2006.

Dean Journeaux, Eng., is the Qualified Person as defined in National Instrument 43-101 who has reviewed and verified the scientific and technical mining disclosure contained in this news release.

The Corporation holds an 80% interest in the Howells River taconite resource which is located in the province of Newfoundland and Labrador ("NL") about 220 km north of Labrador City and 30 km northwest of Schefferville, Quebec. The development of this resource, which is called the LabMag Iron Ore Project, is the Corporation's main focus. The development contemplates the construction and operation of a mine, crusher, concentrator, slurry pipeline, pellet plant, shiploading facilities and related infrastructure. Subject to positive feasibility studies and project financing, it is expected that the final pellet product would be shipped by ocean vessels to markets in Canada, the United States, Western Europe and Asia.

There are maps and tables regarding the LabMag Iron Ore Project available on CCNMatthews' website at:

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. NML does not assume any obligation to update any forward looking information contained in this news release.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release.

Contact Information

  • New Millennium Capital Corp.
    Robert Martin
    President and Chief Executive Officer
    (514) 935-3204
    New Millennium Capital Corp.
    Dean Journeaux
    Project Director
    (514) 935-3204