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NR1227

12/20/2012

CALGARY, Alberta, Canada (Marketwire – December 20, 2012) – New Millennium Iron Corp. (“NML” or the “Corporation”) (TSX: NML) announced today the completion of drilling for the year 2012. Drilling was carried out at several of its properties in the Millennium Iron Range (“MIR”) (see Table 1 for details). The program started on March 2 and was completed on October 22, 2012. During this period 153 holes were drilled for a total of 17,312.6 m. The areas drilled in 2012 are shown in Figure 1. Additional drill results of the Howells Lake area (see Table 2), comprising the 100% NML owned Howells Lake property and the 80% owned Howells River North, now confirm that this area is a stratigraphic continuation of the LabMag deposit and connects to the KéMag deposit in Québec. The combined area of Howells River North and Howells Lake is 24.5 km² with varying thicknesses due to a low angle thrust fault in the east side.

[table 1...]

Dean Journeaux, President and CEO of NML, said, “These results are very exciting because they confirm the presence of continuous mineralization from Perault Lake to KéMag, for an impressive strike length of 60 km. Not only is this a significant increase in the extent of mineralization but the quality is high and comparable to that of the LabMag and KéMag mineralization. Our exploration program continues to deliver promising results, and we now see that the Howells Lake area along with Sheps and Perault all have the potential to become major deposits in their own right. That would not only considerably increase our significant resource base, but also provide us with future development and operating options. We have also drilled on the east side of KéMag deposit in order to delineate a larger mineralized zone in that area. We will continue to issue drill results as they become available, and we plan to publish a NI 43-101 compliant resource estimate in Q1, 2013.”

Summary of 2012 Drill Program:

Sheps Lake and Perault Lake area (previously reported in news release NR 12-23, dated October 3, 2012):

The combined total area of both Sheps Lake and Perault Lake is approximately 17.25 km² with an average thickness of 60 m, where the taconite is un-altered giving excellent Davis Tube concentrate (“DTC”) recoveries with very low concentrate silica values (less than 2.00%) and high Fe values (greater than 70.00%). The results from these properties indicate that the taconite is particularly suitable for production of direct reduction (“DR”) grade pellet feed.

Howells River North and Howells Lake (drill hole locations are shown in the attached Figure 2):

The area outlined for drilling, based on the 2010 airborne magnetic survey, is approximately 7.0 km long and 3.5 km wide. In 2006, NML drilled one hole in the central part of the region, which indicated likelihood of the continuity of the stratigraphic units (see news release NR 11-25, dated August 11, 2011). Drill results now confirm that the taconite occurring in this area is a stratigraphic continuation of the LabMag deposit and connects to the KéMag deposit in QC. 

The mineralized material occurs on either side of the Howells River. On the west side of the Howells River, the mineralized material occurs in a single relatively flat lying stratigraphic sequence similar to the LabMag and KéMag. On the east side, the sequence is repeated due to a low angle thrust fault, which pushed up a complete sequence of economic layers (LC to LRGC) and the underlying waste layers of LIF, RF and Quartzite over the LabMag band. Potentially, this has increased the iron bearing strata thickness by 2 to 2.5 times. However, this structural condition requires the removal of additional wastes in this area. Three cross sections 17, 21 and 25 from Howells Lake area with 6, 7 and 8 drill holes respectively are shown in Figures 3, 4 and 5.

KéMag East:

The 2010 airborne magnetic survey outlined an anomaly approximately 13 km long and 1 km wide on the east side of Lac Harris and Lac Gillespie. This area represents a folded and faulted sequence of the taconite formation separated by a thrust fault from KéMag Deposit. Twenty four (24) holes for a total of 3,315.5 m were drilled this fall in this area. The logging and magnetic susceptibility measurements of the drill cores indicate the presence of magnetic taconite of substantial size. The drill core assay results are awaited.

Other Properties

Only a limited amount of drilling was carried out in 2012 to explore the taconite potential at Lac Keough, Lac Thérèse and Wishart Creek. The results of analysis are awaited.

Drill Results:

Table 2 provides the average drill core analysis and assay results received to date. (Refer to Figure 2 - Drill hole location plan). The Table includes drill core results from Howells River North and Howells Lake areas, using a DTWR cut-off of 18.00%.

[table 2...]

The half drill core samples, on average 6 meters in length were sent to Midland Research Center (“MRC”), an Independent Laboratory at Nashwauk, Minnesota, USA for testing and analysis. The core is assayed for total iron. The magnetite concentrate is produced using the Davis Tube method and given as Davis Tube Weight Recovery percent (“DTWR%”). The magnetite concentrate is assayed for iron and silica. Some selected samples will be analyzed for other elements. Based on the drill core analysis received to date, the Howells River North taconite averages 31.09% Fe with 29.56% DTWR. The Davis Tube concentrate averages 69.91% Fe and 2.27% SiO2. The Howells Lake taconite averages 30.38% Fe with 29.89% DTWR. The Davis Tube concentrate averages 69.46% Fe and 2.89% SiO2.


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