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Press release from Marketwire

New Millennium Iron Corp. Announces that General (Ret.) Rick Hillier Joins its Board of Directors

Tuesday, December 06, 2011

New Millennium Iron Corp. Announces that General (Ret.) Rick Hillier Joins its Board of Directors07:00 EST Tuesday, December 06, 2011CALGARY, ALBERTA--(Marketwire - Dec. 6, 2011) -NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATESNew Millennium Iron Corp. ("NML" or the "Corporation") (TSX:NML) announced today that General Rick Hillier has joined its Board of Directors. Lee Nichols, Chairman of NML, said, "Our Board is honoured to have General Hillier, a distinguished Canadian leader, as a member. He brings to NML his great knowledge of Canada and his home province of Newfoundland and Labrador. We appreciate having his advice and leadership qualities needed to bring NML's mega projects to production. He will be of great help in the challenges that lie ahead." Dean Journeaux, President and CEO of NML, said, "As NML management, we are so fortunate and excited to have Rick join our Board. Our taconite projects need a team with steely fortitude to succeed. We welcome him as part of that team."General (Ret.) Rick Hillier, CMM, MSC, CD is the former Chief of the Defense Staff of the Canadian Forces. He held this appointment from February 4, 2005 until his retirement on July 1, 2008 and is the highest ranking Newfoundland and Labrador officer in history. His awards include Commander of the Order of Military Merit, Meritorious Service Cross, Canadian Forces Decoration and the United States Legion of Honor.Born in 1955 and raised in Campbellton, Notre Dame Bay, Newfoundland, he graduated from Memorial University of Newfoundland in 1975 with a Bachelor of Science degree.He was posted to his first regiment, the 8th Canadian Hussars in Petawawa, Ontario, in 1976 and subsequently to the Royal Canadian Dragoons in Lahr, Germany. He served as a staff officer at Army Headquarters in Montreal, and at National Defence Headquarters in Ottawa. He commanded 2 Canadian Mechanized Brigade Group from 1997, including deployments for the Red River Valley flood in 1997, and during Operation Recuperation, the Canadian Forces Intervention in the paralyzing ice-storm in Ontario, Quebec and New-Brunswick.Hillier went on to become the first Canadian Deputy Commanding General of III Corps, US Army, Fort Hood, Texas, from 1998 to 2000, and subsequently commanded Multinational Division in Bosnia-Herzegovina during NATO peacemaking operations.He was named Chief of the Land Staff, and Commander, Land Forces on May 30, 2003, and in October 2003, was selected as the Commander of the NATO international and security assistance force in Afghanistan. General Hillier was appointed as Chancellor of Memorial University of Newfoundland and Labrador, his alma mater, effective July 3, 2008 and in addition, supports many other worthwhile initiatives, including project hero, a scholarship program for the children of Canadian Forces personnel killed while on active military duty, the Military Families' Fund, Wreaths Across Canada, Honour House, Women in Defence and Security, True Patriote Love and the Vimy Foundation.On August 14, 2008, Hillier was appointed as Chair of TELUS Atlantic Canada Community Board. He also acts as strategic advisor to TD Bank and the Gowlings Law Firm, and is a member of Provincial Aerospace's Advisory Board. He is also the author of two best seller leadership books describing his career and leadership lessons learned from the school of hard knocks.General Hillier is married to Joyce and they reside in Ottawa with many trips to Newfoundland and Labrador.About New Millennium The 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 Direct Shipping Ore ("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. is the Qualified Person as defined in National Instrument 43-101 who has reviewed and verified the scientific and technical 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. FOR FURTHER INFORMATION PLEASE CONTACT: Dean JourneauxNew Millennium Iron Corp.President & CEO(514) 935-3204ORAndreas CurkovicInvestor Relations(416) 577-9927