New Millennium Capital Corp.
TSX VENTURE : NML

New Millennium Capital Corp.

August 24, 2007 16:40 ET

New Millennium Capital Corp. Announces Financial Results for the Second Quarter Ending June 30, 2007

CALGARY, ALBERTA--(Marketwire - Aug. 24, 2007) -

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

New Millennium Capital Corp. ("NML" or "the Company") (TSX VENTURE:NML) is pleased to announce its financial results for the second quarter ending June 30, 2007.

The following discussion of the Company's financial performance is based on the Interim Consolidated Financial Statements and the Management's Discussion and Analysis (MD&A).

The Company's results of operations for the three months ended June 30, 2007 is a net loss of $430,046 or a loss of $0.01 per share compared to a net loss of $206,856 or a loss of less than $0.01 per share for the corresponding period in 2006. This loss represents expenses of $758,071 (2006 - $618,169) net of interest revenue of $59,977 (2006 - $56,554) and future income taxes recoverable of $268,048 (2006 - $354,759). The most significant expense items were general and administrative of $377,000 (2006 - $259,000), professional fees of $190,000 (2006 - $123,000), stock based compensation of $80,000 (2006 - $115,000) and market development of $100,000 (2006 - $108,000).

The net loss for the six month period ended June 30, 2007 was $825,505 or $0.01 loss per share compared to a net loss of $604,158 or $0.01 loss per share for the corresponding period in 2006. This loss represents expenses of $1,360,766 (2006 - $1,248,081) net of interest revenue of $106,270 (2006 - $149,371) and future income taxes recoverable of $428,991 (2006 - $494,552). Again, the most significant expense items were general and administrative of $612,000 (2006 - $542,000), professional fees of $363,000 (2006 - $269,000), stock based compensation of $196,000 (2006 - $204,000) and market development of $166,000 (2006 - $161,000).

As at June 30, 2007, the carrying value of mineral properties increased to $22,649,281 from $21,414,762 as of December 31, 2006 or by $1,234,519. The main components of this increase were mineral licences ($57,682), resource evaluation ($823,652), drilling ($243,138), environmental ($248,565), exploration ($9,155) and field labour and supplies ($72,101) net of tax credits and mining duties ($219,774).

During the second quarter, 389,000 agent warrants were exercised resulting in gross proceeds of $194,500.

The significant second quarter event, which is fully described in the Company's Second Quarter Report under the heading of Management's Discussion and Analysis ("MD&A"), is a private placement financing announced on May 28 and May 29, 2007, that was successfully completed on June 12, 2007 for gross proceeds of $8,999,800, which includes $2,000,000 of flow-through common shares. Through June 30, 2007, NML has expended approximately $365,000 of Canadian Exploration Expenses related to these flow-through common shares and expects to expend the remaining $1,635,000 by December 31, 2007. 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 significant activities subsequent to the second quarter were: 1) The update provided by NML on July 17, 2007, about several corporate initiatives and activities, including the increase of LabMag Resources by 25% and the ability to produce DR Pellets; 2) The announcement by NML on July 19, 2007, of the engagement of Credit Suisse Securities (Canada) Inc. as its lead financial advisor with respect to the commercial development of its world class LabMag and KeMag properties; 3) The announcement by NML on July 30, 2007, of the results of the Preliminary Assessment undertaken on its 100% owned KeMag property, and its intention to advance the KeMag Project feasibility and environmental studies; and, 4) The announcement by NML of its exposure to the asset-backed commercial paper market through its investment of $4.4 million in short term notes managed by Coventree Capital Group Inc. which are due and payable on September 13, 2007.

About New Millennium

New Millennium holds a 100% interest in the KeMag Property (Quebec) and an 80% interest in the LabMag Property (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.

Subject to the completion of positive feasibility studies, project financing and project construction, the concentrate from the KeMag Project would be pumped from the property through a slurry pipeline, about 750 kilometers, to Pointe-Noire, near the Port of Sept-Iles, QC, where it would be both pelletized and sold as concentrate. The concentrate from the LabMag Project would be pumped from the property through a slurry pipeline, about 230 kilometers, to Emeril, NL where it would be pelletized prior to rail transportation via an existing railroad about 390 km to Pointe-Noire, near the Port of Sept-Iles.

These projects envision the construction and operation of ship loading facilities and related infrastructure at the Pointe-Noire terminus from where the various iron ore products would be shipped by ocean vessels to markets in Canada, the United States, Western Europe, North Africa, the Middle East and Asia.

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 to the world's iron and steel industries.

For further information, please visit www.nmlresources.com.

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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