New Millennium Capital Corp.

New Millennium Capital Corp.

October 03, 2005 09:15 ET

New Millennium Capital Corp. Announces Progress of Drilling Activities and Other Project Related Activities at the LabMag Iron Ore Project in Labrador

CALGARY, ALBERTA--(CCNMatthews - Oct. 3, 2005) - New Millennium Capital Corp. (TSX VENTURE:NML) ("NML") is pleased to announce the progress of its 2005 drilling activities on NML's LabMag Iron Ore Property. This year, Heath & Sherwood Drilling mobilized three drill rigs and commenced drilling on June 29, 2005. Drilling performance has exceeded expectations and by September 30, 2005, 9,200 metres had been drilled. Core sample analysis has commenced at the Midland Research Laboratory (MRL) in Nashwauk, Minnesota and results are expected by the end of November, 2005. This brings the total drilling on this property to about 19,896 metres (by IOC, 6,088 metres and by NML, 13,808 metres).

A 200 tonne bulk sample has been prepared from the seven stratigraphic rock units and is due to be shipped in early October to MRL for pilot plant testing and process flow-sheet confirmation. Pilot plant testing should be complete by the end of November, 2005 with the final report due at the end of February, 2006.

Environmental base-line field studies have been initiated to prepare for the Environment Impact Assessment Reports required for project permitting and approval. Approximately 25 specialists in their fields of expertise, such as social, archaeological and historical sites, air quality, water quality, aquatic inventory, vegetation, mammals and other fauna, have been mobilized to plan the detailed program and collect data.

Work on the pre-feasibility study has commenced with an experienced team of approximately ten experts in the development of iron ore projects with completion scheduled for March 31, 2006.

Exploration and mapping on several claim groups by two senior geologists along with a team of four field geologists has been completed on the various taconite and soft iron-bearing claims held by NML. The results are being compiled and an assessment report is due by December 15, 2005.

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. NML does not assume any obligation to update any forward looking information contained in this news release.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy of adequacy of this release.

Contact Information

  • New Millennium Capital Corp.
    Robert Martin
    President and Chief Executive Officer
    (514) 935-3204
    New Millennium Capital Corp.
    Dean Journeaux
    Project Director
    (514) 935-3204