New Millennium Capital Corp.
TSX VENTURE : NML

New Millennium Capital Corp.

March 26, 2009 09:29 ET

New Millennium Capital Corp. Announces Filing of Technical Report on DSO Mineral Resource Estimate

CALGARY, ALBERTA--(Marketwire - March 26, 2009) -

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 the filing today on SEDAR of the technical report stating the results of the Mineral Resource estimate from 2008 drilling of its 100% owned DSO Project ("Project") located near Schefferville, Quebec. The estimate of Mineral Resources was established by SGS Geostat Ltd ("Geostat") of Montreal, Quebec. The study was reviewed by others with expertise critical to some aspects of the Project.

As announced on February 11, 2009 (see news release 09-03), a summary of the Mineral Resource estimates, based on current drill results, are reported in Table 1. This demonstrates approximately 56.0 million tonnes of Measured and Indicated Mineral Resources at an average grade of 59.0% Fe on a dry basis plus an additional 5.8 million tonnes of Inferred Mineral Resources.



Table 1

Summary of Resource Estimate based on 2008 drilling
(Using cut-off grades of Fe+Mn greater than or equal to 50%, SiO2 less
than 18% and Mn less than 3.5%)

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Resource Tonnes (in % Fe % SiO2 % Mn
Classification millions)
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Measured 22.4 59.79 6.03 0.13
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Indicated 33.6 58.42 8.79 0.67
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Total M+I 56.0 58.97 7.68 0.45
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Inferred 5.8 55.76 9.23 0.93
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NML announced on March 4, 2009 (see news release 09-05) the positive results of the Pre-Feasibility Study on the Project.

Mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral resource estimates do not account for mineability, selectivity, mining loss and dilution. These mineral resource estimates include inferred mineral resources that are normally considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. There is also no certainty that these inferred mineral resources will be converted to measured and indicated mineral resource categories through further drilling, or into mineral reserves once economic considerations are applied.

About New Millennium

New Millennium 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, the world's sixth largest steel corporation, owns 19.9% of New Millennium and is the Corporation's largest shareholder and strategic partner. Tata has an exclusive option to fund the DSO Project, a commitment to take the resulting production, and an exclusive right to negotiate and settle a proposed transaction in respect of the LabMag Project (see news release 0817, October 1, 2008). The Millennium Iron Range currently hosts two advanced projects: LabMag contains 3.5 billion tonnes of Proven and Probable reserves plus 1.0 billion tonnes of Measured and Indicated resources and 1.2 billion tonnes of Inferred resources; KeMag contains 2.1 billion tonnes of Proven and Probable reserves, 0.3 billion tonnes of Measured and Indicated resources and 1.0 billion tonnes of Inferred resources.

The Corporation's DSO project contains 52.5 million tonnes of Proven and Probable Mineral Reserves, 3.5 million tonnes of measured and indicated Mineral Resources, 5.8 million tonnes of Inferred Resources and about 40.0 million tonnes of historical resources that are not currently in compliance with NI 43-101.

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.nmlresources.com, www.tatasteel.com and www.corusgroup.com.

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.

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.

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