New Millennium Capital Corp.
TSX VENTURE : NML

New Millennium Capital Corp.

July 09, 2008 12:37 ET

New Millennium Responds to Unusual Market Activity

CALGARY, ALBERTA--(Marketwire - July 9, 2008) -

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

New Millennium Capital Corp. ("NML" or "the Corporation") (TSX VENTURE:NML), advises in response to unusual trading activity in the common shares of the Corporation on the TSX-V, that there are no corporate developments undertaken by the Corporation which explain this activity.

As previously announced, the Corporation, with the assistance of its financial advisors Credit Suisse and Miller Mathis, is actively seeking investment and offtake commitments from potential strategic partners that will permit the Corporation to develop one or more of its iron ore projects located in the provinces of Quebec and Newfoundland and Labrador, Canada. The Corporation advises that it is continuing to work with a number of parties to achieve agreements. This process is ongoing and the Company still hopes to achieve its stated objective of obtaining a strategic partner for both its Direct Shipping Ore ("DSO") & KeMag Projects by the end of Q3 2008.

All of these potential strategic parties have signed confidentiality agreements pursuant to which public disclosure by the parties and the Corporation of, among other matters, the identity of the parties and status of the negotiations is prohibited. Accordingly, in keeping with its obligations, the Corporation does not and will not comment on such matters until definitive agreements have been concluded.

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 interest in 306 DSO claims in Quebec and Labrador that, based on historical estimates that are not in compliance with NI 43-101, contain in excess of 100 million tonnes 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 www.nmlresources.com.

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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