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NR1628

12/22/2016

CALGARY, Alberta, Canada (Marketwired – December 22, 2016) – New Millennium Iron Corp. (“NML” or the “Company”) (TSX: NML) today announced that Robert Patzelt, President and Chief Executive Officer since January 2014, will leave the Company as both an officer and director at the end of 2016.

Howard Lutley, Chairman of NML’s Board of Directors, said, “We are fortunate to have had Robert’s services over the past three years.  Against the background of challenging iron ore market conditions, Robert has overseen the completion of important feasibility study work on our taconite properties, a realignment of our interest in Tata Steel Minerals Canada and difficult restructuring initiatives necessary to reduce the Company’s cost base.   As a result of Robert’s efforts, NML is financially stable with a secure portfolio of attractive iron ore assets and the Board is better positioned to consider future strategies for the Company.   The Board thanks Robert and wishes him well as he returns home to Nova Scotia.”

Mr. Patzelt will be succeeded by Ernest Dempsey, currently NML’s Vice President – Marketing and Corporate Affairs, who becomes Chief Executive Officer on an interim basis effective January 1, 2017.  Mr. Dempsey has over forty years of international experience in the iron ore industry, having served in executive roles at Iron Ore Company of Canada, as representative of Rio Tinto’s iron ore businesses in Europe, and with Mitsubishi Development Pty. Ltd. in Australia.  He joined NML in 2011 and has had multiple responsibilities, including day-to-day management, business development and investor and government relations.


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