New Millennium Capital Corp.

New Millennium Capital Corp.

June 12, 2007 10:00 ET

New Millennium Capital Corp. Announces Closing of Private Placement Financing

CALGARY, ALBERTA--(Marketwire - June 12, 2007) -


New Millennium Capital Corp. ("NML" or the "Corporation") (TSX VENTURE:NML) is pleased to announce the private placement previously announced on May 28, 2007 and May 29, 2007, has been completed for gross proceeds of $8,999,800.25. The Corporation issued 11,290,000 common shares of the Corporation (the "Common Shares") at a price of $0.62 per Common Share and 2,666,667 flow-through shares (the "Flow-Through Shares") at $0.75 per Flow-Through Share. The Common Shares and Flow-through Shares are subject to a hold period that expires on October 13, 2007.

As consideration for their services in connection with the financing, Raymond James Ltd. (the "Agent") received a cash commission of 6% of the gross proceeds of the financing and agent's warrants, permitting the Agent to purchase Common Shares representing a number equal to 6% of the Common Shares and Flow-Through Shares issued pursuant to the financing. The agent's warrants are exercisable at $0.75 for a period of 18 months from the closing of the financing.

The net proceeds of the issue will be used primarily to fund exploration and development of the Corporation's iron ore projects and for general working capital purposes. The financing remains subject to TSX Venture Exchange final approval.

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.

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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