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NR1614

05/27/2016

CALGARY, Alberta, Canada (Marketwired – May 27, 2016) – New Millennium Iron Corp. (“NML” or the “Company”) (TSX: NML) announced today that pursuant to its advance notice bylaw adopted by the Board of Directors effective May 1, 2014 and ratified by the shareholders at the annual meeting held on June 25, 2014, it has received a notice of nomination of directors (the “Notice”) from W. Scott Leckie, a shareholder of the Company, in respect of  three director nominees who are expected to be nominated by Mr. Leckie at the Company’s upcoming annual general and special meeting of shareholders to be held on June 23, 2016 (the “Meeting”).  Mr. Leckie has advised that he intends to put forward himself, Daniel P. Owen and Biswajit Chanda for election as directors of the Company (the “Shareholder Nominees”).

The Notice was received after the Board had approved the management information circular prepared in respect of the Meeting, with proposed nominees for election as directors.  Management of the Company is disappointed that after the special meeting of shareholders held on March 15, 2016, at which resolutions to remove six of the current nine directors and appoint four new directors, which included Mr. Owen, were defeated, the Company will have another potentially divisive and costly contested director election just over three months later.  The Company had recently become aware of the intention for new nominations from Mr. Leckie, and had requested information as to the potential nominees, which was not provided with sufficient time for due and proper consideration by the Corporate Governance and Compensation Committee and the Board.  However, the Company is continuing its Board renewal process and does intend, through its Corporate Governance and Compensation Committee, to consider these nominations after conclusion of the Meeting, along with other existing and new potential director candidates, as part of that process. 

The Company intends to send the management information circular to shareholders during the week of May 30, 2016, which will include information on the Shareholder Nominees and outline the Company’s voting recommendations to shareholders, including with respect to director nominees for election to the Board.


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