New Millennium Capital Corp.
TSX VENTURE : NML

New Millennium Capital Corp.

November 27, 2007 16:15 ET

New Millennium Capital Corp. Announces Financial Results for the Third Quarter Ending September 30, 2007

CALGARY, ALBERTA--(Marketwire - Nov. 27, 2007) -

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

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

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

The Corporation's results of operations for the three-month period ended September 30, 2007 is a net loss of $1,339,969 or a loss of $0.01 per share compared to a net loss of $661,905 or a loss of $0.01 per share for the corresponding period in 2006. This loss represents expenses of $1,645,925 (2006 - $919,549) net of interest revenue of $54,682 (2006 - $73,304) and future income taxes recoverable of $251,274 (2006 - $184,340). The most significant expense items were unrealized loss on impairment of asset backed commercial paper of $880.000 (2006 - Nil), general and administrative of $440,666 (2006 - $643,667), professional fees of $207,918 (2006 - $201,546) and market development of $106,049 (2006 - $61,059).

The net loss for the nine-month period ended September 30, 2007 was $2,165,474 or $0.03 loss per share compared to a net loss of $1,266,063 or $0.02 loss per share for the corresponding period in 2006. This loss represents expenses of $3,006,691 (2006 - $2,167,630) net of interest revenue of $160,952 (2006 - $222,675) and future income taxes recoverable of $680,265 (2006 - $678,892). Again, the most significant expense items were unrealized loss on impairment of asset backed commercial paper of $880,000 (2006 - Nil), general and administrative of $1,248,965 (2006 - $1,389,625), professional fees of $570,583 (2006 - $470,317) and market development of $272,069 (2006 - $221,611).

As at September 30, 2007, the carrying value of mineral properties increased to $25,411,968 from $21,414,762 as of December 31, 2006 or by $3,997,206. The main components of this increase were mineral licenses ($88,210), resource evaluation ($1,409,150), drilling ($2,685,057), environmental ($402,313), exploration ($47,766) and field labour and supplies ($212,001) net of tax credits and mining duties ($847,291).

Through September 30, 2007, NML has fulfilled its Canadian Exploration Expenses spending requirements relating to the June 12, 2007 issuance of $2,000,000 flow through shares.

NML's management has made an assessment of the fair value of the long-term asset backed commercial paper (ABCP). This assessment takes into account available public information on the age of certain assets which underlie the ABCP and public statements of the consortium that the maturity date of the long-term note, if the investment was to be converted, would be the termination date of the underlying assets. The assessment uses assumptions as to the long-term interest rate to be received on the potential long-term note compared to the short-term interest rate currently being accrued by the Corporation. The outcome of the assessment was that an impairment loss of $880,000 has been recognized in the Interim Consolidated Earnings for the three-month and nine-month periods ended September 30, 2007. Due to the uncertainty of when or if the Corporation will receive the interest earned to date, the Corporation has not accrued any interest as of September 30, 2007.

The significant third quarter events, which is fully described in the Corporation's Third Quarter Report under the heading of Management's Discussion and Analysis ("MD&A"), are: 1) The update provided by NML on July 17, 2007, about several corporate initiatives and activities, including the increase of estimated LabMag mineral resources by 25% and the Corporation's 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; 4) The reporting by NML on August 23, 2007 and the update on September 14, 2007, of the Corporation's exposure to the asset-backed commercial paper market, with its $4,400,283 investment in Structured Investment Trust III, Series A ("SIT"), administered by Coventree Capital Group Inc. ("Coventree") which was due but not paid on September 13, 2007; and 5) The announcement by NML on September 20, 2007 of a proposed private placement financing and the update on the placement's terms on September 24, 2007.

The significant activities subsequent to the third quarter were: 1) the successful completion of a private placement financing on October 4, 2007 for gross proceeds of $5,000,000; 2) the announcement on October 29 that NML had begun an internal review of its Direct Shipping Ore properties near Schefferville, QC; and 3) the appointment of a new director, Mr. Pierre Seccareccia on November 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, NL and 40 km northwest of Schefferville, QC. The Corporation also has a 100% interest in 171 DSO claims in Quebec and Labrador and an 80% interest in 24 DSO claims in 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.

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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