NR1204

New 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).

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