CALGARY, ALBERTA, Feb. 2, 2011 (Marketwire) --

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

New Millennium Capital Corp. ("New Millennium") (TSX VENTURE:NML) today announced that it has entered into an agreement with Jennings Capital Inc. and Credit Suisse Securities (Canada), Inc. pursuant to which the underwriters have agreed to purchase from New Millennium, on a "bought deal" basis, an aggregate of 14,285,715 common shares ("Common Share") at a price of $3.50 per Common Share for gross proceeds to New Millennium of $50 million.

New Millennium has agreed to grant the underwriters an over-allotment to purchase an additional 15% of the offering, which option shall be exercisable for 30 days following the closing of the offering to cover over-allotments and for market stabilization purposes.

Tata Steel Global Minerals Holdings Pte Ltd. ("Tata Steel") has a pre-emptive right (the "Pre-emptive Right") in the event of a financing by the Company to maintain its pro-rata interest in the Company, which is currently approximately 27.2% of the total basic shares outstanding. To the extent that Tata Steel exercises the Pre-emptive Right, the Underwriters shall be entitled to act as agents in placing with Tata Steel on a best efforts basis the Common Shares issuable in connection with the Pre-emptive Right, unless Tata agrees on terms acceptable to the Company to accept receipt of the Tata Shares under a private placement.

In connection with the offering, New Millennium intends to file a short form prospectus in each of the provinces of Canada other than Quebec. The offering is expected to close on or about February 24, 2011. The transaction is subject to the receipt of all necessary regulatory approvals, including the acceptance and approval of the TSX Venture Exchange. The net proceeds from the offering will be used to advance the Taconite Project and for general working capital purposes.

The securities being offered have not been, nor will they be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States.