New Millennium Capital Corp.

New Millennium Capital Corp.

October 30, 2006 09:30 ET

New Millennium Capital Corp. Announces the Appointment of Micheal F. Harrington, Q.C. to Its Board of Directors

CALGARY, ALBERTA--(CCNMatthews - Oct. 30, 2006) -

Not for distribution to US newswire services or dissemination in the United States

New Millennium Capital Corp. ("NML" or "the Corporation") (TSX VENTURE:NML) announced today that Mr. Michael Harrington Q.C., of St. John's, Newfoundland and Labrador, has been appointed a director of NML. The Corporation also announced that Mr. Gerard E. (Tim) Wood retired from the Board. The Corporation thanks Mr. Wood for his invaluable contributions as a founding director of NML and is pleased to announce that he will be continuing to work with NML in a consulting capacity.

Mr. Harrington obtained his Bachelor of Laws from Dalhousie University in 1972 and has been a partner of Stewart McKelvey, Atlantic Canada's largest law firm, and its predecessor for 30 years. He chairs the Partnership Board of Stewart McKelvey and is a member of the Management Committee of Stewart McKelvey's St. John's office. Mr. Harrington has a very active practice in the natural resources sector in Newfoundland and Labrador and has assisted in providing strategic advice to proponents with respect to new major natural resource developments both onshore and offshore Newfoundland and Labrador. He is also recognized by the Canadian LEXPERT Lawyers' Directory as a leading practitioner in corporate-commercial, construction and professional liability defence litigation as well as a leading practitioner in offshore oil and gas law. Mr. Harrington is listed in The International Who's Who of Oil & Gas Lawyers and is also a Fellow of the American College of Trial Lawyers, whose membership is by invitation only and is limited to 1% of the lawyers in each of the states and provinces of the United States and Canada.

In connection with his appointment, Mr. Harrington has been granted stock options to purchase 250,000 common shares at a price of $0.75 per share for a period of five years. One-half of the options vest immediately based on the publication of a positive pre-feasibility study in respect of the LabMag Project announced on July 5, 2006 and the remaining options shall vest on the publication of a positive feasibility study. The stock option grant is subject to regulatory approval. NML has determined that exemptions from the various requirements of TSX Venture Exchange Policy 5.9 are available for the grant of stock options to Mr. Harrington. The Corporation has further determined that an exemption from the various requirements of Ontario Securities Commission Rule 61-501 is available as the fair market value of the grant of options is less than 25% of the market capitalization of the Corporation.

Robert Martin, NML's President and CEO, commented:

"We are pleased to welcome Mr. Harrington to the NML Board and we look forward to drawing on his excellent reputation and vast experience. We also wish to thank Mr. Wood for his many past contributions to the development of the Corporation and are pleased that we will continue to benefit from his wise counsel in a consulting role."

About New Millennium

New Millennium holds an 80% interest in the LabMag Iron Ore Project, the world's largest known undeveloped magnetite reserve that is currently at an advanced stage of exploration. The project 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 envisions 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 constitute a significant new source of global pellet supply and would be shipped by ocean vessels to markets in Canada, the United States, Western Europe and Asia. For further information, please visit

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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