New Millennium Capital Corp.
TSX VENTURE : NML

New Millennium Capital Corp.

October 13, 2010 07:00 ET

New Millennium Capital Corp. Announces Appointment of Tata Steel's Managing Director to the Board

CALGARY, ALBERTA--(Marketwire - Oct. 13, 2010) -

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

New Millennium Capital Corp. ("NML" or "the Company") (TSX VENTURE:NML) announced today that Mr. H. M. Nerurkar, Managing Director of Tata Steel Limited ("Tata Steel"), Mumbai, India, has been appointed director of NML.

Mr. Nerurkar, Managing Director of Tata Steel since October 1, 2009, has a Bachelors degree in Metallurgy and has held various senior executive positions since joining Tata Steel in 1982. Prior to assuming his current position as the Managing Director of Tata Steel, Mr. Nerurkar was Executive Director of India and South East Asia of Tata Steel. With more than 35 years' experience in the steel industry, Mr. Nerurkar is an executive with multifaceted experience ranging from project execution, manufacturing, quality control, supply chain and marketing.

Robert Martin, NML CEO and President, said "We are very pleased to have Tata Steel's Managing Director, Mr. Nerurkar, join the New Millennium Board. The appointment is a testament to the close working relationship we have developed with Tata Steel. It, also demonstrates the importance that Tata places upon having a strategically located, long-term supply of raw materials for its European Operations. Mr. Nerurkar's support during Tata Steel's review of the DSO Project investment opportunity was invaluable. We look forward to his continued contributions as a member of the Company's Board." 

Mr. H. M. Nerurkar said, "I look forward to sitting on the New Millennium board and further strengthening the relationship between Tata Steel and New Millennium as we advance our DSO Project to production." 

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 the world's largest undeveloped magnetic iron ore deposits. In the same area, the Corporation is also advancing to near term production its DSO (Direct Shipping Ore) Project. Tata Steel, one of the top 10 steel producers of the world, owns 27.4% of New Millennium and is the Corporation's largest shareholder and strategic partner.

Tata has exercised its exclusive option to participate in the DSO Project and has a commitment to take the resulting production, and has an exclusive right to negotiate and settle a proposed transaction in respect of the LabMag Project and the KéMag Project (see news release 08-17, October 1, 2008 and news release 09-11, June 30, 2009). 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, July 5 2006 and 07-11, 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, January 15, 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, February 11, 2009 and news release 09-05, March 4, 2009, news release 09-16, 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 and the historical estimate should not be relied upon.

The Company'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.nmlresources.com, www.tatasteel.com and www.tatasteeleurope.com.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Contact Information

  • New Millennium Capital Corp.
    Robert Martin
    President & CEO
    (514) 935-3204
    www.nmlresources.com
    or
    Investor Relations
    Andreas Curkovic
    (416) 577-9927