New Millennium Capital Corp.

New Millennium Capital Corp.

February 27, 2008 17:04 ET

New Millennium Capital Corp. Provides Project Update- Increases KeMag Measured Plus Indicated Resources by 71.5%

CALGARY, ALBERTA--(Marketwire - Feb. 27, 2008) -


New Millennium Capital Corp. ("NML" or "the Corporation") (TSX VENTURE:NML) provided an update today of its estimated Mineral Resources as a result of the completion of the latest 45 hole (totaling 4,885 metres) diamond drilling program in 2007 on its 100% owned KeMag Iron Ore Property (the "KeMag Property") in Quebec.

The objective of the 2007 KeMag drill program was to upgrade and expand the resource base. These results show that 991 million tonnes are in the Measured Resources category. The tonnages of Indicated and Inferred Mineral Resources remain around the same level (See Table below). The total estimated Mineral Resources as a result of the 2006 and 2007 KeMag drill programs is 2,314 million tonnes of Measured and Indicated Resources and 1,034 million tonnes of Inferred Resources. Based on the previously reported(1) Mineral Resources(2) of 1,349 million tonnes of Indicated Resources and 992 million tonnes of Inferred Resources, this represents total increase of 71.5% in Measured and Indicated Resources and 4% in Inferred Resources.

Summary of Mineral Resource Estimate - 2006 and 2007 Drilling (Tonnes in
millions)(using a Davis Tube Weight Recovery ("DTWR") cut-off grade of 18%)

Tonnage Tonnage
(Millions) (Millions)
Resource classification 2006 2006-2007 DTWR % Fe % Fe % SiO2
Drilling Drilling % Head Conc Conc
Measured 0 991 27.4 31.0 69.0 3.0
Indicated 1,349 1,323 26.1 31.5 69.8 2.5
Total Measured + Indicated 1,349 2,314 26.7 31.3 69.5 2.7
Inferred 992 1,034 27.0 31.4 69.3 2.8

Robert Martin, President and CEO of NML said, "We are pleased to announce that the 2007 drilling results on the KeMag deposit further confirm the world-class significance of the KeMag resource. The Millennium Iron Range NI 43-101 Resources have increased dramatically to 6.9 billion tonnes of Measured and Indicated Resources, plus an additional 2.2 billion tonnes of Inferred Resources. As previously reported, this does not include an estimated 100 million tonnes of direct quality shipping ore from 300 claims in Quebec and Labrador, which are based on historical estimates that are not in compliance with NI 43-101. The Millennium Iron Ore Range is now recognized as the largest undeveloped resource of its type in the world - a feature that is drawing world wide attention to our project by companies searching for a large, low operating cost, high quality, captive source of iron ore in a stable country."

The Corporation engaged Geostat Systems International Inc. ("Geostat") to model the iron ore deposits using results from the 2006 and 2007 drill holes. The geological model was used as the basis for a categorized block model resource estimate to complete a "Mineral Resource Certification" for the KeMag Property.

NML intends to integrate these results into its own geological software system for future open pit design and mine planning.

Two technical reports were filed on SEDAR concerning the KeMag Resources.

On March 23, 2007, the Corporation filed on SEDAR an independent technical report (as defined by NI 43-101) dated March 20, 2007 and prepared by Geostat Systems Inc. about Mineral Resources.

On September 20, 2007, the Corporation filed on SEDAR an independent technical report (as defined by NI 43-101) dated September 19, 2007 and prepared by Watts, Griffis and McOuat Limited and BRASS Engineering International, LLC which provided, among other things, a Mineral Resource estimate for the KeMag Property. Since the updated Mineral Resource estimates contained herein do not disclose a 100% or greater change in total Mineral Resources from that report, the Corporation does not intend to prepare a further independent technical report in respect of the KeMag Property at this time.

These Mineral Resource estimates are provided subject to a number of assumptions including that the KeMag Property is economic and technically feasible, that all regulatory and environmental approvals and permits will be obtained, that sufficient financing can be raised to develop the project and that sufficient markets are available to accept the products produced. There is no assurance that the commercial production of iron ore concentrate or pellets will achieve the test results noted above. Mineral resources which are not classified as reserves do not have demonstrated economic viability.

Mr. Robert de l'Etoile, Eng., of Geostat, is the Independent Qualified Person (as defined in NI 43-101) responsible for the Mineral Resource Estimate provided herein. Dean Journeaux, Eng. and Moulaye Melainine, Eng., of NML, are the Qualified Persons (as defined in NI 43-101), who have reviewed and verified the scientific and technical mining disclosure contained in this news release.


The following attachments can be found on the Marketwire website at the following address:

1. KeMag Property Map

2. KeMag magnetic taconite deposit

3. KeMag Mineral Resource Estimate, February 2008

4. Four cross-sections

Spring Drilling Program

NML intends to commence in March 2008 a spring drilling program on the KeMag Property of 27 holes (5,160 metres) for the purposes of further delineating Mineral Resources on the KeMag Property. The most practical way of drilling on Lac Harris is on the ice.

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 Company also has a 100% interest in 303 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

(1) News release 07-03 (February 6, 2007).

(2) Resources estimated using the Inverse Distance (ID) method.

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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