History

Robert Martin first discovered the large iron ore deposit alongside Howells River in Labrador, Canada, in the 1960s. In 2003, he started New Millennium Capital Corp. (NML) and gathered together an experienced team with the shared vision of developing the deposit into a world-class iron ore project. In 2006, exploration by NML on an adjacent property at Lac Harris in Quebec indicated the vast extent of the deposit, which was named the Millennium Iron Range.

About New Millennium

New Millennium controls the emerging Millennium Iron Range, which holds the world’s largest undeveloped iron ore deposits in the Province of Newfoundland and Labrador and in the Province of Quebec. In the same area, the Company is also advancing to near term production its DSO Project. Tata Steel, the world’s sixth largest steel company, owns 19.9% of New Millennium and is the Company’s largest shareholder and strategic partner. Tata has an exclusive option to fund the DSO Project and a commitment to take the resulting production and an exclusive right to negotiate and settle a proposed transaction in respect of the LabMag Project (see news release 08-17, October 1, 2008). The Millennium Iron Range currently hosts two advanced projects: LabMag contains 3.5 billion tonnes of reserves, 4.6 billion tonnes of Measured and Indicated resources and 1.1 billion tonnes of Inferred resources; KéMag contains 2.3 billion tonnes of Measured and Indicated resources and 1 billion tonnes of Inferred resources (see news releases 07-11, July 17, 2007 and 08-06, February 27, 2008). The Company’s DSO project contains, based on historical estimates that are not in compliance with NI 43-101, in excess of 100 million tonnes of direct shipping quality ore (see news release 08-05, February 5, 2008). The historical estimates contained in this news release of quantities of direct shipping quality ore are not in accordance with the mineral resources or mineral reserves classifications contained in the CIM Definition Standards on Mineral Resources and Mineral Reserves, as required by National Instrument 43-101 ("NI 43-101"). Accordingly, NML is not treating these historical estimates as current mineral resources or mineral reserves as defined in NI 43-101 and such historical estimates should not be relied upon. A qualified person has not done sufficient work to date to classify the historical estimates as current mineral resources or mineral reserves. The term "ore" in this release is being used in a descriptive sense for historical accuracy, and is not to be misconstrued as representing current economic viability. A feasibility study has not been completed in respect of the DSO properties and there is no certainty the proposed operations will be economically viable.

Mission Statement

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.