NR1207

New Millennium Iron Corp. (“NML” or the “Corporation”) (TSX: NML) announced today that it has signed a contract with George Downing Estate Drilling Ltd of Grenville-Sur-La-Rouge, QC (the “Contractor”) for its 2012 drilling program on taconite exploration targets at the Perault Lake and Howells Lake properties (see news release 12-04 dated January 26, 2012). Drilling is planned to start at Perault Lake in early March (refer to Figure 1, location map). Three drills are currently being mobilized.

Dean Journeaux, NML’s President and CEO, said: “We are excited to follow up on our demonstration last year of the potential for a 90 km long mineralized zone spanning from KéMag to Perault Lake. We already believe we are Canada’s largest holder of NI 43-101 compliant iron ore resources and we now have the opportunity to expand our resource base to perhaps become one of the largest holders in the world. In addition to advancing our existing projects to production we are aggressively working to fully realize the strategic potential of our vast mineralized holdings. Given the favourable global iron ore conditions, particularly the continuing booming demand from Asia, we want to be in a position to consider development of another large taconite project.” 

Perault Lake:
This area shows a prominent airborne magnetic anomaly (MIR-NL5) which is traced over a distance of 18 km and 1 to 1.5 km wide. In 2011 two holes for a total of 159 m were drilled at the north end of the anomalous area. One hole 11PL1002D drilled near the taconite-Menihek Shale contact intersected all the seven economic stratigraphic layers. The hole averaged 30.06% total Fe with DTWR 25.11%. The Davis Tube concentrate averaged 70.16% Fe and SiO2 1.63%. The second hole was drilled at the western edge of the taconite formation and intersected 12.1m of the bottom LRGC layer. The hole averaged 33.00% total Fe with 26.28% DTWR. The Davis Tube concentrate averaged 69.37% Fe and SiO2 1.88%. Approximately 4,500 m of drilling is expected tol be carried out in the Perault Lake area.. 

Howells Lake:
The taconite formation occurring in this area is believed to be the strike extension of the LabMag deposit, connecting to the KéMag deposit, and is approximately 10 km long. Airborne magnetic anomalies MIR-NL1 and MIR-NL2 cover this area. In 2006 one hole, 06HR1279D, was drilled in this area to check the grade of the iron formation (see news release 11-25 dated August 11, 2011). In 2011 three holes for a total of 347 m were drilled. Based on the four holes drilled to date, the Howells Lake taconite formation averages 31.26% total Fe with 29.37% DTWR. The Davis Tube concentrate averages 69.56% Fe and 2.77% SiO2. Approximately 2,000 m of drilling is planned in this area.

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.