New Millennium Iron Corp.

TSX : NML
OTCQX : NWLNF


New Millennium Iron Corp.

December 19, 2013 06:00 ET

New Millennium Iron Announces the Appointment of Mr. Robert Patzelt as President and CEO, and to the NML Board of Directors, and the Appointment of Mr. Dean Journeaux as Executive Vice-Chairman

CALGARY, ALBERTA--(Marketwired - Dec. 19, 2013) - New Millennium Iron Corp. ("NML" or the "Corporation") (TSX:NML)(OTCQX:NWLNF) announced today that Mr. Robert Patzelt, Q.C., will join NML effective January 13, 2014 as President and Chief Executive Officer and a Director of the Corporation. He will be based primarily in NML's executive office in St. John's NL and spend considerable time in the NML office in Montreal.

The Corporation controls the emerging Millennium Iron Range, located in the Province of Newfoundland and Labrador and in the Province of Quebec, which holds one of the world's largest undeveloped magnetic iron ore deposits. Tata Steel Limited ("Tata Steel"), one of the largest steel producers in the world, and the Corporation are jointly making a feasibility study on the taconite project. In the same area, Tata Steel Minerals Canada Limited ("TSMC"), jointly owned by Tata Steel and the Corporation, is advancing a Direct Shipping Ore ("DSO") Project to the commercial production stage.

Dean Journeaux, the current President and CEO, will remain on the Board and will be appointed effective the same date as Executive Vice-Chairman of the Board. He will assist Mr. Patzelt in the transition to his new position, as well as continue to work with the NML technical team in the furtherance of the Taconite project and support of TSMC with the DSO project.

Mr. Patzelt was previously Senior Vice-President, Corporate Development of Scotia Investments Limited based in Halifax Nova Scotia. He has over 25 years of experience and leadership in the operations, deal making, legal, governmental affairs, governance and risk management of this large privately owned diversified industrial business, involved in both the manufacturing and natural resources (forestry) sectors. He holds a Masters degree in law from Dalhousie University and Commerce and Arts degrees from the University of Alberta. He has established an exemplary volunteer record with both industry associations and the not for profit sector earning several prestigious awards, most recently the Queen's Diamond Jubilee Medal.

Lee Nichols, Non-Executive Chairman of NML, commented, "I am pleased that NML was able to recruit Robert as President and Chief Executive Officer and I welcome him to NML. Our careful and rigorous search for a replacement for Dean Journeaux has led to Robert. He is an accomplished and successful business executive. At the same time, I want to thank Dean Journeaux for his leadership as President and CEO since July 2011. He will continue with NML in a new role as Executive Vice-Chairman of the Board. While ensuring that Robert has the support and advice to seamlessly make the transition in the shortest time, Dean will focus on leading the Corporation's effort towards development of the Taconite Project and continued monitoring of the progress of TSMC's DSO project."

Dean Journeaux said, "I am very pleased to have Robert join NML. As part of the Board's selection committee, I can say that we chose Robert because he has the energy, enthusiasm, experience and leadership qualities needed to lead NML to new heights in its development. NML is fortunate in having a strong team with iron ore mining, project development, operations, marketing and technical expertise. I am confident that Robert will lead and complement this team. I am also pleased that the NML Board has asked me to continue as Executive Vice-Chairman with the objective of furthering NML's development of the Taconite Project, focusing on the world-wide search for additional partners to complement the NML and Tata Steel teams already in place."

About New Millennium

The Corporation controls the emerging Millennium Iron Range, located in the Province of Newfoundland and Labrador and in the Province of Quebec, which holds one of the world's largest undeveloped magnetic iron ore deposits. In the same area, the Corporation and Tata Steel Limited ("Tata Steel"), one of the largest steel producers in the world, have advanced a Direct Shipping Ore ("DSO") Project to the production stage, from which commercial sales will soon begin. Tata Steel owns approximately 26.3% of New Millennium and is the Corporation's largest shareholder and strategic partner.

Tata Steel exercised its exclusive option to participate in the DSO Project and has a commitment to take the resulting production (see news release 10-16 dated September 14, 2010). The DSO Project is owned and operated by Tata Steel Minerals Canada Limited ("TSMC"), which in turn is 80% owned by Tata Steel and 20% owned by NML. The DSO Project contains 64.1 million tonnes of Proven and Probable Mineral Reserves at an average grade of 58.8% Fe, 21.0 million tonnes of Measured and Indicated Mineral Resources at an average grade of 59.2% Fe, 10.3 million tonnes of Inferred Resources at an average grade of 58.3% Fe and about 25.0 - 30.0 million tonnes of historical resources that are not currently in compliance with NI 43-101 (see news release 09-03 dated February 11, 2009, news release 09-05 dated March 4, 2009, news release 09-16 dated December 9, 2009, news release 10-12 dated July 8, 2010 and news release 12-14, dated May 31, 2012). A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves, the Corporation is not treating the historical estimate as current mineral resources or mineral reserves and the historical estimate should not be relied upon.

The Millennium Iron Range currently hosts two advanced projects: LabMag contains 3.5 billion tonnes of Proven and Probable reserves at a grade of 29.6% Fe plus 1.0 billion tonnes of Measured and Indicated resources at an average grade of 29.5% Fe and 1.2 billion tonnes of Inferred resources at an average grade of 29.3% Fe (see news release 06-13 dated July 5, 2006 and news release 07-11 dated July 17, 2007); KéMag contains 2.1 billion tonnes of Proven and Probable reserves at an average grade of 31.3% Fe, 0.3 billion tonnes of Measured and Indicated resources at an average grade of 31.3 % Fe and 1.0 billion tonnes of Inferred resources at an average grade of 31.2% Fe (see news release 09-01 dated January 16, 2009). Tata Steel also exercised its exclusive right to negotiate and settle a proposed transaction in respect of the LabMag Project and the KéMag Project (see news release 11-09 dated March 6, 2011).

The Millennium Iron Range now hosts other taconite deposits. The first is the Lac Ritchie property located at the north end of the Range. The initial 2011 drilling of 40 holes in this property revealed Indicated Resources of 3.330 billion tonnes at an average grade of 30.3% Fe, and Inferred Resources of 1.437 billion tonnes at an average grade of 30.9% Fe (see news release NR 12-11, dated April 02, 2012).

Two other taconite deposits are located south of the LabMag deposit in the Millennium Iron Range. The initial 2012 drilling of 23 holes in the Sheps Lake property and of 50 holes in the Perault Lake property revealed Indicated Resources of 3.580 billion tonnes at an average grade of 31.22%, and Inferred Resources of 795 million tonnes at an average grade of 30.56% (see news release NR 13-04, dated February 11, 2013).

The Howells Lake - Howells River North deposit is located between the LabMag and KéMag deposits, and evidences mineral continuity in the Range. The 2011 and 2012 drilling of 11 holes in the Howells River North property and of 45 holes in the Howells Lake property, revealed Indicated Resources of 7.631 billion tonnes at an average grade of 30.39% Fe, and Inferred Resources of 3.310 billion tonnes at an average grade of 29.83% Fe (see news release NR 13-15, dated May 23, 2013).

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.NMLiron.com, www.tatasteel.com, www.tatasteelcanada.com, and www.tatasteeleurope.com.

Dean Journeaux, Eng., and Thiagarajan Balakrishnan, P. Geo., are the Qualified Persons as defined in National Instrument 43-101 who have reviewed and verified the scientific and technical mining disclosure contained in this news release.

Forward-Looking Statements

This news release contains certain forward-looking statements and forward-looking information (collectively referred to herein as "forward looking statements") within the meaning of applicable Canadian securities laws. All statements other than statements of present or historical fact are forward looking statements. Forward-looking information is often, but not always, identified by the use of words such as "could", "should", "can", "anticipate", "expect", "believe", "will", "may", "projected", "sustain", "continues", "strategy", "potential", "projects", "grow", "take advantage", "estimate", "well positioned" or similar words suggesting future outcomes. In particular, this news release may contain forward looking statements relating to future opportunities, business strategies, mineral exploration, development and production plans and competitive advantages.

The forward-looking statements regarding the Corporation are based on certain key expectations and assumptions of the Corporation concerning anticipated financial performance, business prospects, strategies, regulatory developments, exchange rates, tax laws, the sufficiency of budgeted capital expenditures in carrying out planned activities, the availability and cost of labour and services and the ability to obtain financing on acceptable terms, the actual results of exploration and development projects being equivalent to or better than estimated results in technical reports or prior activities, and future costs and expenses being based on historical costs and expenses, adjusted for inflation, all of which are subject to change based on market conditions and potential timing delays. Although management of the Corporation consider these assumptions to be reasonable based on information currently available to them, they may prove to be incorrect.

By their very nature, forward-looking statements involve inherent risks and uncertainties (both general and specific) and risks that forward looking statements will not be achieved. Undue reliance should not be placed on forward looking statements, as a number of important factors could cause the actual results to differ materially from the beliefs, plans, objectives, expectations and anticipations, estimates and intentions expressed in the forward looking statements, including among other things: inability of the Corporation to continue meet the listing requirements of stock exchanges and other regulatory requirements, general economic and market factors, including business competition, changes in government regulations or in tax laws; general political and social uncertainties; commodity prices; the actual results of exploration, development or operational activities; changes in project parameters as plans continue to be refined; accidents and other risks inherent in the mining industry; lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting the Corporation; timing and availability of external financing on acceptable terms; conclusions of, or estimates contained in, feasibility studies, pre-feasibility studies or other economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Readers are cautioned that the foregoing list is not exhaustive.

The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward looking statements included in this news release are made as of the date of this news release and the Corporation does not undertake and is not obligated to publicly update such forward looking statements to reflect new information, subsequent events or otherwise unless so required by applicable securities laws.

With respect to the disclosure of historical resources in this news release that are not currently in compliance with National Instrument 43-101, a qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves, the Corporation is not treating the historical estimate as current mineral resources or mineral reserves and the historical estimate should not be relied upon.

Contact Information

  • New Millenium Iron Corp.
    Dean Journeaux
    (514) 935-3204

    New Millenium Iron Corp.
    Andreas Curkovic
    Investor Relations
    (416) 577-9927
    www.NMLiron.com