New Millennium Iron Corp. (“NML” or the “Corporation”) (TSX-V: NML) announced today that it has extended the current contract with George Downing Estate Drilling Ltd of Grenville-sur-la-Rouge (the “Contractor”) to add a third drill and include drilling of the taconite exploration targets at Lac Ritchie and Perault Lake (see news release NR 11-18). The drill is in the process of mobilization. The collection of the KéMag Bulk sample is progressing well and the Contractor is expected to move its equipment from the KéMag deposit to Lac Ritchie before the end of July. NML estimates undertaking about 5,000 meters of drilling in those two targets.
Based on the results of the Airborne Magnetic survey undertaken in 2010, NML selected two of the several promising targets for further exploration (refer to the attached Figure 1). Following the evaluation of drill results, NML intends to undertake a scoping study with the objective of providing an estimate of NI43-101 compliant resources.
Dean Journeaux, NML’s President and CEO, said: “Now that our first two projects are firmly on development and production paths we feel that it is opportune to further explore and demonstrate the potential of our vast landholdings. Although our Taconite Project holds the largest undeveloped iron ore deposits of its type in Canada, it comprises only about ten percent of the Millennium Iron Range (MIR) taconite belt (Figure 1). Based on our Geophysicist Consultant’s analysis the Millennium Iron Range has the potential to hold resources to rival the KéMag and LabMag deposits. Our goal is to be in a position by mid-2012 to consider development of another project to take advantage of the robust iron ore market and especially the continuing booming demand from Asia.”
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