New Millennium Capital Corp.
TSX VENTURE : NML

New Millennium Capital Corp.

August 18, 2008 15:36 ET

New Millennium Capital Corp. Announces Financial Results for the Second Quarter Ending June 30, 2008

CALGARY, ALBERTA--(Marketwire - Aug. 18, 2008) -

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, 2008.

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).

For the three months ended June 30, 2008, NML realized a net loss of $735,000 or a loss of $0.01 per share compared to a net loss of $430,000 or a loss of $0.01 per share for the corresponding period in 2007. This loss represents expenses of $936,000 (2007 - $758,000) net of investment income of $45,000 (2007 - $60,000) and future income taxes recoverable of $156,000 (2007 - $268,000). The most significant expense items were general and administrative of $477,000 (2007 - $457,000), professional fees of $258,000 (2007 - $190,000) and market development of $191,000 (2007 - $100,000).

The net loss for the six month period ended June 30, 2008 was $1,409,000 or $0.01 loss per share compared to a net loss of $826,000 or $0.01 per share for the corresponding period in 2007. This loss represents expenses of $1,856,000 (2007 - $1,361,000) net of investment income of $104,000 (2007 - $106,000) and future income taxes recoverable of $343,000 (2007 - $429,000). Again, the most significant expense items were general and administrative of $985,000 (2007 - $808,000), professional fees of $487,000 (2007 - $363,000) and market development of $366,000 (2007 - $166,000).

As at June 30, 2008, the carrying value of mineral properties increased to $30,008,000 from $26,414,000 as of December 31, 2007 an increase of $3,594,000. The main components of this increase were resource evaluation ($924,000), drilling ($2,053,000), environmental ($386,000) and field labour and supplies ($215,000).

The significant second quarter events, which are fully described in the Company's Second Quarter Report under the heading of Management's Discussion and Analysis ("MD&A"), were: (1) the appointment of a senior consultant to oversee NML's rail transportation and port handling activities for the Direct Shipping Ore ("DSO") project; (2) the appointment of a Vice President, Mining with special responsibility for the DSO project; and (3) the filing of the DSO Project Notice to start the environmental approval process with the federal and provincial governments.

The significant activities subsequent to the second quarter, also described in the Second Quarter MD&A, were: (1) work related to the DSO 2008 Summer/Fall exploration programs; Impact and Benefit Agreements, and environmental programs; and (2) the execution of a non-binding Letter of Intent with Al-Tuwairqi for the sale of 30 million tonnes of DR (direct reduction) pellets at an annual rate of 3 million tonnes per year.

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). The remaining 20% interest is held by the Naskapi Nation of Kawawachikamach. Both properties are located within the Millennium Iron Range, the centre of which is located approximately 230 km north of Labrador City, NL and 40 km northwest of Schefferville, QC. The Company also has a 100% interest in 271 DSO claims and an 80% interest in 35 DSO claims in Quebec and Labrador that contain, based on historical estimates that are not in compliance with NI 43-101, in excess of 100 million tons of direct shipping quality ore. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources. The Company is not treating the historical estimate as current mineral resources and the historical estimate should not be relied upon.

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 kilometres, 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 kilometres, 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. DSO products are envisioned to be transported by rail to a Port at Pointe-Noire.

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 for 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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