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Press release from Marketwire

New Millennium Iron Corp. Announces Initial Drill Core Analysis Results from Its Lac Ritchie Taconite Property

Provides Update on its Drilling at Other Taconite Anomalies and Bulk Sampling Program

Tuesday, October 25, 2011

New Millennium Iron Corp. Announces Initial Drill Core Analysis Results from Its Lac Ritchie Taconite Property07:00 EDT Tuesday, October 25, 2011CALGARY, ALBERTA--(Marketwire - Oct. 25, 2011) -NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATESNew Millennium Iron Corp. ("NML" or the "Corporation") (TSX VENTURE:NML) announced today the initial drill core assay results from its 100% owned Lac Ritchie property and provides an update on its 2011 drilling program for taconite anomalies as well as the processing of KéMag bulk samples for the Taconite Project Feasibility Study. Initial assay results received to date represent 6 out of 40 holes drilled during the summer of 2011. NML is integrating the drill core analysis results into a geological block model for resource determination and classification by SGS Geostat Ltd, Blainville Québec. Two drills have now moved south to drill the Labrador taconite anomalies owned 100% by NML. Dean Journeaux, President and CEO of NML, said, "We are very pleased with the results so far The drilled area covers a huge 31.5 square kilometer area with an average depth of 50 meters. The setting is very favourable as the mineralized area is covered with shallow overburden and will require minimum stripping. It gently dips around 8º towards the north-east. These results are prospective for the discovery of another major taconite deposit. Now that our two major projects are being advanced, we are increasingly focused on demonstrating the potential of our very large but to date lightly explored, mineralized trend." Lac Ritchie Taconite Property The exploration drilling was completed at the Lac Ritchie property after drilling 40 holes for a total of 3,808 m. The holes were drilled on seven sections spaced 1 km apart. Three to seven holes, approximately spaced 500 m apart, were drilled on each section line (Refer to Figure 1). The drill core samples, half cores in average 6 meters long, are being sent on a regular basis to Midland Research Center Laboratory at Nashwauk, Minnesota, USA (which laboratory is independent from NML) for analysis and testing. The core is assayed for Total Iron and the magnetite concentrate is produced using the Davis Tube and given as Davis Tube Weight Recovery percent (DTWR %). The magnetite concentrate is analyzed for iron and silica. Some selected samples will be assayed for other elements. Attached Table 1 provides the test analysis and assay results for each of the stratigraphic layers for the available drill core assays. One section line (13) with four drill holes showing the stratigraphic layers with average test and assay values is given in Figure 2. Test and assay results received to date indicate that the top stratigraphic layer (LC) is the minable unit. Thickness varies between 0 to 87 m, and averages 50 m. This unit shows an average assay results as follows, based on the analysis received to date with DTWR cutoff above 16%.Total samples/metersTotal Fe%DTWR%DT Concentrate Fe%DT Concentrate SiO2%61/36131.4130.1867.984.20Table 2 provides the list of all drill holes with thicknesses of respective LC layers. Drilling in Perault Lake (Anomaly N4) and Anomaly N1 and N2 Areas The drilling has started in both these areas (Figure 3), using one drill in each location during the third week of October. Nine holes for a total of 900 m will be drilled at N1 and N2 area. At the Perault Lake area, 49 holes for a total of 3,500 m are proposed and the drilling will be carried out in two phases. The present program is expected to continue till the end of November, 2011, weather permitting. Drilling is expected to resume in March 2012 to complete the remaining holes. KéMag Bulk Sampling The collected bulk sample from KéMag Deposit has been crushed and blended to the specifications based on the pre-feasibility study mining plan. The total blended sample amounts to 51 tonnes representing seven minable stratigraphic units. Twenty tonnes of the sample were sent to Studien Gesellschaft für Eisenerz-Aufbereitung (SGA), Germany, for conducting pilot scale tests. Pilot plant testing for the flowsheet validation is expected to start in November, 2011.About New MillenniumThe Corporation controls the emerging Millennium Iron Range, located in the Province of Newfoundland and Labrador and in the Province of Quebec, which holds one of 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 Limited, one of the largest steel producers in the world, owns approximately 27% 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 or mineral reserves, the Corporation is not treating the historical estimate as current mineral resources or mineral reserves and the historical estimate should not be relied upon.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.NMLiron.com, www.tatasteel.com and www.tatasteeleurope.com. Dean Journeaux, Eng., and Thiagarajan Balakrishnan, P. Geo., are the Qualified Persons as defined in National Instrument 43-101 who have 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. Table 1 –Test analysis and assay results – Lac RitchieHoleFromToIntervalSampleUnitTot. FeDTWRCon. FeCon. SiO2No.(metres)(metres)(metres)No.(%)(%)(%)(%)11LR1001D03.53.50OB3.508.404.909001LC34.7840.0069.332.508.4014.406.00900222.3419.5069.103.7014.4020.406.00900324.4322.5069.033.3620.4026.406.00900432.8333.5070.382.0026.4032.406.00900527.1321.0067.683.7632.4038.406.00900628.5632.5068.953.4638.4044.406.00900731.1041.5064.917.1844.4050.406.00900827.6635.0064.766.7850.4056.406.00900930.8036.5068.133.1056.4062.406.00901032.5325.5069.702.023.562.458.9029.1230.5968.183.81HoleFromToIntervalSampleUnitTot. FeDTWRCon. FeCon. SiO2No.(metres)(metres)(metres)No.(%)(%)(%)(%)11HL1002D02.52.50OB2.5010.207.709039DOL11.451.0069.20short10.2016.206.009040LC33.4641.0064.465.5816.2022.206.00904129.0132.5068.423.4222.2028.206.00904230.8934.5067.973.4628.2034.206.00904334.2141.5068.873.3234.2040.206.00904432.4038.5068.573.4840.2046.206.00904532.7036.5068.653.4846.2052.206.00904632.2535.5069.322.8252.2058.206.00904731.8725.5069.473.0058.2064.206.00904834.3632.0068.953.6264.2070.206.00904930.4423.5067.514.7870.2076.206.00905030.5927.5067.365.1076.2082.206.00905130.9731.0066.316.3682.2088.206.00905231.3534.0062.699.3288.2092.504.30905330.5931.0068.573.9010.292.582.3031.8233.2267.634.41HoleFromToIntervalSampleUnitTot. FeDTWRCon. FeCon. SiO2No.(metres)(metres)(metres)No.(%)(%)(%)(%)11LR1003D03.53.50OB3.5020.0016.50DOL20.0023.803.80MS23.8030.006.209019LC22.6114.0064.656.4230.0036.006.00902031.6533.0068.124.0236.0042.006.00902136.4736.5070.382.1442.0048.006.00902235.1928.5069.922.2848.0051.003.00902322.5312.0068.272.8651.0052.001.00902418.991.5060.83short52.0058.006.00902529.9131.5066.914.9458.0065.307.30902632.4838.5068.193.8623.865.341.5030.4428.4967.863.87Table 1 –Test analysis and assay results – Lac Ritchie (continued)HoleFromToIntervalSampleUnitTot. FeDTWRCon. FeCon. SiO2No.(metres)(metres)(metres)No.(%)(%)(%)(%)11LR1004D044.00OB4.0010.006.009901LC32.8135.5068.643.2610.0016.006.00990232.0626.5065.866.7816.0022.006.00990338.3824.0068.724.4822.0028.006.00990434.6224.0069.622.8228.0034.006.00990520.7712.0067.594.6434.0040.006.00990637.4023.0068.724.3040.0046.006.00990732.2832.5067.065.1446.0052.006.00990833.2641.5063.448.9652.0058.006.00990932.2134.5069.322.9458.0063.005.00991032.8124.5070.381.9863.0069.006.00991133.6423.0068.124.7846965.0032.7527.4167.914.59HoleFromToIntervalSampleUnitTot. FeDTWRCon. FeCon. SiO2No.(metres)(metres)(metres)No.(%)(%)(%)(%)11LR1005D03.83.80OB3.8013.009.209942DOL13.0019.006.009059LC27.1322.0069.172.6819.0025.006.00906036.9222.0070.681.4825.0031.006.00906133.3820.0070.831.4231.0037.006.00906239.3316.5070.681.7637.0043.006.00906329.6924.5069.173.1443.0049.006.00906430.9731.5068.124.0049.0055.006.00906534.3636.0068.723.5655.0061.006.00906631.2440.0061.9411.5061.0067.006.00906730.1431.0063.909.1867.0072.305.30906832.7032.5069.172.801372.359.3032.5827.5468.234.17HoleFromToIntervalSampleUnitTot. FeDTWRCon. FeCon. SiO2No.(metres)(metres)(metres) No.(%)(%)(%)(%)11LR1007D0.004.004.00OB4.0010.006.009076LC31.6535.0069.103.3810.0016.006.00907726.1522.5068.723.1016.0022.006.00907825.1141.0069.323.1222.0028.006.00907934.3633.0070.082.3228.0034.006.00908037.3719.5069.622.8834.0040.006.00908133.4636.0067.215.6240.0046.006.00908229.6935.0062.849.8246.0052.006.00908329.3936.0068.723.4052.0058.006.00908433.0035.5068.343.7445854.0031.1332.6168.224.15Table 2 – Lean Chert (LC) Drill Hole ThicknessesHoleFromToIntervalNo.(metres)(metres)(metres)11LR1001D3.562.458.9011LR1002D10.292.582.3011LR1003D23.865.341.5011LR1004D46965.0011LR1005D1372.359.3011LR1006D7.263.856.6011LR1007D461.557.5011LR1008D2.548.245.7011LR1009D55348.0011LR1010D417.213.2011LR1012D1.75048.3011LR1013D3.84238.2011LR1014D3.557.353.8011LR1015D2.5012.409.9011LR1016D1.88.97.1011LR1017D2.003.101.1011LR1019D8.979.570.6011LR1021D967.558.5011LR1022D5.526.821.3011LR1023D4.868.563.7011LR1024D36259.0011LR1026D2.568.165.6011LR1027D2.441.539.1011LR1028D4.630.525.9011LR1029D33.593.560.0011LR1030D2.75249.3011LR1031D2.75855.3011LR1032D2.733.731.0011LR1033D11LR1034D344.841.8011LR1035D2.712.710.0011LR1036D69.3139.570.2011LR1037D368.765.7011LR1038D5.56357.5011LR1039D1.657.555.9011LR1040D49.5136.587.00To view Figure 1, please visit the following link: http://www.marketwire.com/library/20111024-1025nml1.jpg To view Figure 2, please visit the following link: http://www.marketwire.com/library/20111024-1025nml2.jpg To view Figure 3, please visit the following link: http://www.marketwire.com/library/20111024-1025nml3.jpg FOR FURTHER INFORMATION PLEASE CONTACT: Dean JourneauxNew Millennium Iron Corp.President & CEO(514) 935-3204ORAndreas CurkovicNew Millennium Iron Corp.Investor Relations(416) 577-9927www.NMLiron.comNEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE