New Millennium Capital Corp.
TSX VENTURE : NML

New Millennium Capital Corp.

April 20, 2011 13:28 ET

New Millennium President and CEO Robert Martin Hands Over Management of Company to Dean Journeaux Effective July 1, 2011

CALGARY, ALBERTA--(Marketwire - April 20, 2011) -

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

New Millennium Capital Corp. (TSX VENTURE:NML) ("NML" or the "Corporation") announced today that co-founder Robert A. Martin has informed the Board of Directors that he will be stepping down from his role as President, Chief Executive Officer and Director of the Corporation, effective July 1st, 2011. NML also announced that Dean Journeaux, currently a Director and Chief Operating Officer, will become President and Chief Executive Officer of the Corporation, effective on the same date. Mr. Martin will remain associated with the Corporation as Chairman of the Strategic Advisory Committee of the Board of Directors, also effective July 1st, 2011, which will report to the Board in respect of long term strategies for the growth and development of NML's business.

"With New Millennium's recent agreement with Tata Steel on the Taconite Project and the Direct Shipping Ore (DSO) Project nearing production, the Corporation is entering into a new stage in its business life cycle. I feel this is a strategic moment for me to hand over the reins of the Corporation," said Robert A. Martin, President and Chief Executive Officer. "I am stepping down with the confidence that New Millennium is in good hands and that the Corporation's projects will continue to move ahead successfully."

"On behalf of the Board of Directors, I wish to express a resounding thank-you to Bob for his persistent efforts in guiding New Millennium throughout this very long journey, from a bare bones, minimally funded capital-pool corporation and through its continuous growth phases. The New Millennium mission and vision statements to become a major world class iron ore producer are well on the road to full accomplishment," said Lee Nichols, Chairman of the Board of Directors of NML. "We sincerely hope that Bob will enjoy his very well-earned retirement," he added.

Dean Journeaux takes over as President and Chief Executive Officer, effective July 1st, 2011. Mr. Journeaux has over four decades of experience in the iron ore mining industry. Prior to co-founding NML with Robert A. Martin in 2003, he held various engineering, operations and management positions with Quebec Cartier Mining Company, and MET-CHEM Canada Inc. before working on international projects as an independent consultant.

"Ever since he first identified what is now referred to as the Taconite iron ore deposit in 1960, Bob has had a vision of the development of the property into an operating mine and beneficiation complex. As this vision is becoming reality, he can be proud of what he has accomplished," said Dean Journeaux, Chief Operating Officer and Director of NML. "I look forward to working in close collaboration with Bob over the next two months just as we have done for the last 8 years to ensure a smooth transition, and with other members of our executive team to continue implementing New Millennium's vision," Mr. Journeaux concluded.

NML will initiate a process both internally and externally to recruit a new Chief Operating Officer. The Corporation also announced today that Mark Freedman, C.A., currently acting as interim Chief Financial Officer of the Corporation, has now been confirmed as Chief Financial Officer.

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 the world's largest undeveloped magnetic iron ore deposits. In the same area, the Corporation is also advancing its DSO Project to near term production. Tata Steel, one of the top 10 steel producers of the world, owns approximately 27.1% of New Millennium and is the Corporation's largest shareholder and strategic partner.

Tata Steel has 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). Tata Steel also has 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 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).

NML's DSO project contains 64.1 million tonnes of Proven and Probable Mineral Reserves at an average grade of 58.8% Fe, 8.1 million tonnes of Measured and Indicated Mineral Resources at an average grade of 58.8% Fe, 7.2 million tonnes of Inferred Resources at an average grade of 56.8% Fe and about 40.0 - 45.0 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 and news release 10-12 dated July 8, 2010). A qualified person has not done sufficient work to classify the historical estimate as current mineral resources and the historical estimate should not be relied upon. NR1112 2 (2)

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, www.tatasteel.com and www.tatasteeleurope.com.

Dean Journeaux, Eng., is the Qualified Person as defined in National Instrument 43-101 who has reviewed and verified the scientific and technical mining disclosure contained in this news release.

Forward-Looking Statements

This document may contain "forward-looking statements" within the meaning of Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995 These forward-looking statements are made as of the date of this document and the Corporation does not intend, and does not assume any obligation, to update these forward-looking statements.

Forward-looking statements relate to future events or future performance and reflect management of the Corporation's expectations or beliefs regarding future events and include, but are not limited to, statements with respect to the estimation of mineral reserves and resources, the realization of mineral reserve estimates, the timing and amount of estimated future production, costs of production, capital expenditures, success of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative of these terms or comparable terminology. By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, risks related to actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of resources; possible variations in ore reserves, grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities; as well as those factors detailed from time to time in the Corporation's interim and annual financial statements and management's discussion and analysis of those statements, all of which are filed and available for review on SEDAR at www.sedar.com. Although the Corporation has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking statements.

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Contact Information

  • New Millennium Capital Corp.
    Roch Landriault
    Media
    514-843-2345
    rlandriault@national.ca

    New Millennium Capital Corp.
    Andreas Curkovic
    Investor Relations
    416-577-9927