Announces Filing of Technical Report on DSO Mineral Resource Estimate

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Developing iron ore projects in Northern Quebec and Labrador

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Announces Filing of Technical Report on DSO Mineral Resource Estimate

posted on Mar 26, 2009 02:26PM

March 26, 2009

New Millennium Capital Corp. Announces Filing of Technical Report on DSO Mineral Resource Estimate

CALGARY, ALBERTA--(Marketwire - March 26, 2009) -

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

New Millennium Capital Corp. ("NML" or "the Corporation") (TSX VENTURE:NML) announced the filing today on SEDAR of the technical report stating the results of the Mineral Resource estimate from 2008 drilling of its 100% owned DSO Project ("Project") located near Schefferville, Quebec. The estimate of Mineral Resources was established by SGS Geostat Ltd ("Geostat") of Montreal, Quebec. The study was reviewed by others with expertise critical to some aspects of the Project.

As announced on February 11, 2009 (see news release 09-03), a summary of the Mineral Resource estimates, based on current drill results, are reported in Table 1. This demonstrates approximately 56.0 million tonnes of Measured and Indicated Mineral Resources at an average grade of 59.0% Fe on a dry basis plus an additional 5.8 million tonnes of Inferred Mineral Resources.

Table 1

Summary of Resource Estimate based on 2008 drilling
(Using cut-off grades of Fe+Mn greater than or equal to 50%, SiO2 less 
than 18% and Mn less than 3.5%)

----------------------------------------------------------------------------
Resource                           Tonnes (in      % Fe    % SiO2      % Mn
Classification                       millions)
----------------------------------------------------------------------------
Measured                                 22.4     59.79      6.03      0.13
----------------------------------------------------------------------------
Indicated                                33.6     58.42      8.79      0.67
----------------------------------------------------------------------------
Total M+I                                56.0     58.97      7.68      0.45
----------------------------------------------------------------------------
Inferred                                  5.8     55.76      9.23      0.93
----------------------------------------------------------------------------

NML announced on March 4, 2009 (see news release 09-05) the positive results of the Pre-Feasibility Study on the Project.

Mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral resource estimates do not account for mineability, selectivity, mining loss and dilution. These mineral resource estimates include inferred mineral resources that are normally considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. There is also no certainty that these inferred mineral resources will be converted to measured and indicated mineral resource categories through further drilling, or into mineral reserves once economic considerations are applied.

About New Millennium

New Millennium 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 to near term production its DSO (Direct Shipping Ore) Project. Tata Steel, the world's sixth largest steel corporation, owns 19.9% of New Millennium and is the Corporation's largest shareholder and strategic partner. Tata has an exclusive option to fund the DSO Project, 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 0817, October 1, 2008). The Millennium Iron Range currently hosts two advanced projects: LabMag contains 3.5 billion tonnes of Proven and Probable reserves plus 1.0 billion tonnes of Measured and Indicated resources and 1.2 billion tonnes of Inferred resources; KeMag contains 2.1 billion tonnes of Proven and Probable reserves, 0.3 billion tonnes of Measured and Indicated resources and 1.0 billion tonnes of Inferred resources.

The Corporation's DSO project contains 52.5 million tonnes of Proven and Probable Mineral Reserves, 3.5 million tonnes of measured and indicated Mineral Resources, 5.8 million tonnes of Inferred Resources and about 40.0 million tonnes of historical resources that are not currently in compliance with NI 43-101.

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.corusgroup.com.

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