New Millennium Capital Corp.

New Millennium Capital Corp.

September 24, 2007 16:05 ET

New Millennium Capital Corp. Announces Terms for Private Placement Financing

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


New Millennium Capital Corp. ("NML" or "the Corporation") (TSX VENTURE:NML) is pleased to announce the size and pricing for the brokered private placement announced on September 20, 2007. NML will offer from treasury (i) $1.0 million of common shares (the "Common Shares") at $0.62 per Common Share and (ii) $4.0 million of flow-through shares (the "Flow-Through Shares") at $0.75 per Flow-Through Share. Each Flow-Through Share will be comprised of one Common Share issued as a "flow-through share" within the meaning of the Income Tax Act (Canada).

The closing of the Financing is expected to occur on or about October 4, 2007 and is subject to receipt of normal course regulatory approvals. 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.

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.

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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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