New Millennium Announces Signing by TSMC of an Impact and Benefit Agreement with the Innu Nation of Labrador.

CALGARY, ALBERTA--(Marketwire - Nov. 15, 2011) -

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New Millennium Iron Corp. ("NML" or the "Corporation") (TSX VENTURE:NML) announced today the signing of an Impact and Benefit Agreement (IBA) between Tata Steel Minerals Canada (TSMC), a joint venture between NML and Tata Steel, and Innu Nation (IN) of Labrador. The "life of mine" agreement promotes and governs a mutually beneficial development of TSMC's direct shipping iron ore (DSO) project located in western Labrador and north eastern Quebec, near Schefferville, Quebec.

The IBA establishes the processes and sharing of benefits that will ensure an ongoing positive relationship with all affected First Nations. In return for their consent and support of TSMC's DSO project, IN will benefit through training, employment, business opportunities and financial participation in the project. The IBA also commits TSMC to implement the project in a manner that safeguards the environment and provides the IN with social and cultural protection.

The IBA was signed in Montreal by IN Chief Joseph Riche and Rajesh Sharma, Managing Director and CEO of TSMC. NML's President and CEO Dean Journeaux was also present. The agreement with IN is the third one of four such IBAs that are in the process of being concluded. An IBA with the Naskapi Nation was announced on June 10, 2010 and with the Nation Innu Matimekush-Lac John (NIMLJ) on June 8, 2011. TSMC has also signed an Agreement in Principle (AIP) with Innu Takuaikan Uashat mak Mani Utenam (ITUM) of Sept-Iles, Quebec.

Partha Sengupta, Chairman of TSMC, said "This IBA is the result of a continuous dialogue with the Innu Nation over several years by TSMC and its partner NML. The parties have worked diligently to arrive at a mutually beneficial agreement by respecting each other's cultures and aspirations. We appreciated the support provided by the Government of Newfoundland and Labrador and the Federal Ministry of Indian and Northern Affairs to set the stage for the agreements."

Dean Journeaux, NML's President and CEO, said, "We are pleased that we now have agreements with all affected First Nations, with whom we have cultivated excellent relationships. NML and Tata Steel are currently working on the Feasibility Study for the Taconite project. We are looking forward to continue our good working relationship with First Nations to achieve their aspirations."

About New Millennium

The Corporation controls the emerging Millennium Iron Range, located in the Province of Newfoundland and Labrador and in the Province of Quebec, which holds one of the world's largest undeveloped magnetic iron ore deposits. In the same area, the Corporation is also advancing its DSO Project to near term production. Tata Steel Limited, one of the largest steel producers in the world, owns approximately 27% of New Millennium and is the Corporation's largest shareholder and strategic partner.

Tata Steel has exercised its exclusive option to participate in the DSO Project and has a commitment to take the resulting production (see news release 10-16 dated September 14, 2010). Tata Steel also has exercised its exclusive right to negotiate and settle a proposed transaction in respect of the LabMag Project and the KéMag Project (see news release 11-09 dated March 6, 2011).

The Millennium Iron Range currently hosts two advanced projects: LabMag contains 3.5 billion tonnes of Proven and Probable reserves at a grade of 29.6% Fe plus 1.0 billion tonnes of Measured and Indicated resources at an average grade of 29.5% Fe and 1.2 billion tonnes of Inferred resources at an average grade of 29.3% Fe (see news release 06-13 dated July 5 2006 and news release 07-11 dated July 17, 2007); KéMag contains 2.1 billion tonnes of Proven and Probable reserves at an average grade of 31.3% Fe, 0.3 billion tonnes of Measured and Indicated resources at an average grade of 31.3 % Fe and 1.0 billion tonnes of Inferred resources at an average grade of 31.2% Fe (see news release 09-01 dated January 16, 2009).

NML's DSO project contains 64.1 million tonnes of Proven and Probable Mineral Reserves at an average grade of 58.8% Fe, 8.1 million tonnes of Measured and Indicated Mineral Resources at an average grade of 58.8% Fe, 7.2 million tonnes of Inferred Resources at an average grade of 56.8% Fe and about 40.0 - 45.0 million tonnes of historical resources that are not currently in compliance with NI 43-101 (see news release 09-03 dated February 11, 2009, news release 09-05 dated March 4, 2009, news release 09-16 dated December 9, 2009 and news release 10-12 dated July 8, 2010). A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves, the Corporation is not treating the historical estimate as current mineral resources or mineral reserves and the historical estimate should not be relied upon.

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.NMLiron.com, www.tatasteel.com and www.tatasteeleurope.com.

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

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.