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Press release from Marketwire

New Millennium Iron Corp. Reports New Drill Results from its Howells Lake and Perault Lake Taconite Targets in the Millennium Iron Range and Announces 2012 Drill Program

Thursday, January 26, 2012

New Millennium Iron Corp. Reports New Drill Results from its Howells Lake and Perault Lake Taconite Targets in the Millennium Iron Range and Announces 2012 Drill Program11:51 EST Thursday, January 26, 2012CALGARY, ALBERTA--(Marketwire - Jan. 26, 2012) -NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATESNew Millennium Iron Corp. ("NML" or the "Corporation") (TSX:NML) announced today new drill core assay results from its Howells Lake and Perault Lake properties. Before winter, NML completed three drill holes in the Howells Lake area and two drill holes in the Perault Lake area (Refer to Figure 1). NML expects to start additional drilling on those properties by early March, 2012.Dean Journeaux, President and CEO of NML, said, "We continue to be impressed with the results of our new drilling, which are similar to those obtained at LabMag and KéMag. This is particularly exciting since Howells Lake covers the area between the LabMag and KéMag deposits and suggests that the two currently discrete deposits may be connected in a much larger one. Overall, I am very encouraged by the indication of the possible existence of a 90 km long mineralized belt extending from KéMag to Perault Lake. These results give credence to the enormous potential of the Millennium Iron Range (MIR) and NML's objective of expanding the resource potential of one of the largest undeveloped magnetite deposits in the world."Howells Lake and Perault Lake Drilling Results: During the 2011 drilling campaign at Howells Lake area, three holes for a total of 347 m were drilled, where the Howells Lake airborne magnetic anomaly occurs. This area covers the taconite formation connecting the LabMag Deposit (NL) and KéMag Deposit (QC). One hole (06HR1279D) was drilled in 2006 and the results were published in 2011 (NR 11-25).At Perault Lake, two holes for a total of 159 m were drilled. This area occurs south of the LabMag deposit and represents the southern extension of the taconite formation. The Perault Lake airborne magnetic survey anomaly covers a length of approximately 18 km. The core samples were sent to MRC Laboratory for tests and analysis. Table 1 shows the test and the assay results received to date from Howells Lake and Perault Lake areas (for drill locations, refer to Figure 2). Table 1Hole No. AreaStratigraphic UnitInterval mTotal Fe%DTWR%Concentrate Fe%Concentrate SiO2%Howells Lake06HR1279DLC15.130.7330.0369.143.79JUIF6.434.5917.5069.972.15GC3.922.0515.0070.831.85URC2.440.3528.5070.271.97PGC13.033.9639.1970.292.25LRGC35.132.3034.7170.202.12Total75.932.1931.8970.022.4611HR1282DLC14.029.9829.0269.582.98JUIF7.335.1421.2269.682.01GC1.712.486.0070.352.08URC3.035.4027.0070.351.92PGC33.734.1630.4269.313.23LRC4.831.2426.5068.992.14LRGC17.829.3834.1770.002.18Total82.331.9329.3269.582.7211HR1281DLC41.828.7430.3068.523.54JUIF5.932.5833.5068.383.34GC2.720.9611.0070.581.66URC3.432.5328.5070.381.60PGC26.933.5935.9069.822.71LRC5.131.9217.0068.245.18LRGC17.729.7032.9070.111.83Total103.530.4631.2869.222.9911HR1280DLC33.028.0920.5069.003.50JUIF6.034.0114.0070.352.76GC4.024.1617.0069.141.54URC2.537.7137.5070.512.40PGC15.534.8635.7069.522.85LRC2.227.9122.0068.083.02LRGC34.831.5527.8970.012.34Total98.030.8325.4669.552.82Perault Lake11PL1001DLRGC12.133.0026.2869.371.8811PL1002DLC30.028.0324.1070.411.65JUIF6.831.3926.5069.671.84URC4.234.7124.5071.411.14PGC4.527.3921.5071.491.08LRC6.533.5826.0071.111.28LRGC12.031.8422.5070.961.46Total64.030.0625.1170.161.63The drill core samples, half cores, on average 6 meters long, were sent on a regular basis to Midland Research Center Laboratory ("MRC") at Nashwauk, Minnesota, USA (MRC is an independent laboratory) 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. Based on four hole drill core analyzed to date, the Howells Lake Taconite currently averages 31.26% Fe with 29.37% DTWR. The Davis Tube concentrate averages 69.56% Fe and 2.77% SiO2. Two cross-sections, shown in Figure 3 & 4, are based on the Maps 1 & 2 of the Geology of the South Central Labrador Trough, compiled by R.J. Wardle in 1981 and published by the Department of Mines and Natural Resources, Government of Newfoundland & Labrador. The drill holes end within the iron formation and the layers beneath the LRGC (LIF and RS) are not considered economical. The geological interpretation for each section was made by taking the iron formation / quartzite contact point and projecting down-dip in the iron formation, which extends beneath the drill holes.2012 Drilling Program:Three drills are expected to be mobilized in February to start the work by early March, 2012. Approximately 80 holes for a total of 6,500 meters are expected to be drilled at the Howells Lake and Perault Lake areas. In addition, approximately 2,000 m of exploratory drilling will be carried out to evaluate the other airborne magnetic anomalies located in the Millennium Iron Range (MIR) and in other magnetic taconite prospects occurring outside the MIR, all of which are owned 100% by NML.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 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., 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. To view Figures 1-4, please visit the following link: http://media3.marketwire.com/docs/126nml_maps.pdfFOR FURTHER INFORMATION PLEASE CONTACT: Dean JourneauxNew Millennium Iron Corp.President & CEO(514) 935-3204www.NMLiron.comORAndreas CurkovicInvestor Relations(416) 577-9927