New Millennium Capital Corp. (“NML” or “the Company”) (TSX-V: NML) is pleased to announce that the Company and Tata Steel have negotiated an extension to Tata Steel’s exclusivity regarding the LabMag and KéMag projects. NML and Tata Steel have mutually agreed to extend the period from December 31, 2010 to February 28, 2011. To facilitate the extension, Tata Steel has committed to pay NML a facilitation fee of $600,000.
Tata Steel and NML shall continue to work toward negotiating a binding agreement, for the development and operation of the LabMag and KéMag projects.
Robert Martin, President and CEO of NML, stated “Based on positive negotiations and discussions between NML and Tata Steel, we have extended the exclusivity period. We are pleased that Tata Steel has shown its desire to negotiate a binding agreement by committing to a facilitation fee. Negotiations continue with the intent of finalizing a successful agreement by February 28, 2011.”
Mr. H.M. Nerurkar, Managing Director of Tata Steel, said “Tata Steel is happy to affirm its commitment to negotiate a binding agreement with NML for further studies and development of the Taconite deposits. Tata Steel intends to finalise the understanding with NML and secure approvals of the Tata Steel Board by February 28, 2011.”
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