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NR1619

06/28/2016

CALGARY, Alberta, Canada (Marketwired – June 28, 2016) – New Millennium Iron Corp. (“NML” or the “Company”) (TSX: NML) announced today that it has received a Notice of Contribution of Future Amounts (the “Notice”) from Tata Steel Minerals Canada Ltd. (“TSMC”) pursuant to the October 2015 settlement (the “Settlement”) between the parties regarding the issue of cash calls stemming from NML’s investment in TSMC (See NR 15-13 dated October 5, 2015), that has been responded to by the Company.

The Notice states that NML is provided with 30 days’ notice to contribute its pro-rata share of future amounts, of which NML’s share is approximately C$9.97 million, failing which NML’s equity interest in TSMC will be reduced from 6% to 5.1456%. 

NML has sent a response to the Notice to TSMC advising that TSMC has not complied with its obligations under the Settlement and that neither Tata nor TSMC may take action as contemplated by the Notice while such obligations remain outstanding.


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