News > News Releases

2020 - 2019

CALGARY, Alberta, Canada (Globe Newswire – May 20, 2020) – New Millennium Iron Corp. (the “Company” or “NML”) (TSX: NML) announces that it is relying on the exemptions provided in Alberta Blanket Order 51-518 re Temporary Exemptions from Certain Requirements to File or Send Securityholder Materials of the Alberta Securities Commission and similar exemptions provided by members of the Canadian Securities Administrators in each of the provinces and territories of Canada to delay the filings of its executive compensation disclosure for the year-ended December 31, 2019, and to delay the requirements to send copies of its annual or interim financial statements and MD&A to investors that have requested so. All required disclosure and documents will be provided in advance of December 31, 2020.NML intends to hold its annual general meeting of shareholders in due course.
CALGARY, Alberta, Canada (Globe Newswire – December 3, 2019) – New Millennium Iron Corp. (“NML” or the “Company”) (TSX: NML) today announced the appointments of Mr. Sundara Ramam, Vice President Raw Materials, Tata Steel Ltd., Jamshedpur, India, and Mr. Rajiv Mukerji, Group Director Strategic Procurement, Tata Steel Group, Ijmuiden, The Netherlands, to the Corporation’s Board of Directors. Messrs. Ramam and Mukerji succeed Messrs. Sandip Biswas and Dibyendu Bose who were directors since October 2011 and December 2013 respectively.Mario Caron, Chairman and Acting CEO of NML, commented, “We are pleased to welcome Mr. Ramam and Mr. Mukerji as members of our Board and are looking forward to their contributions and we thank Mr. Biswas and Mr. Bose for their contributions over the past several years and wish them the best with their ongoing responsibilities within the Tata Group.”
CALGARY, Alberta, Canada (Globe Newswire – June 19, 2019) – New Millennium Iron Corp. (“NML” or the “Company”) (TSX:NML) announced today the results of the Annual General Meeting of the shareholders of NML held on June 19, 2019 (the “Meeting”). Shareholders holding a total of 62,799,982 common shares of the Company were represented at the Meeting in person or by proxy, representing approximately 34.69 % of the total votes attached to all issued and outstanding common shares of the Company as of the record date of May 15, 2019.In respect of the election of directors, management had seven nominees being considered for election. At the Meeting, all of the management nominees were elected, being Sandip Biswas, Dibyendu Bose, Mario Caron, Prasanto Kumar Ghose, H. Dean Journeaux, W. Scott Leckie and Daniel P. Owen. The votes cast by shareholders present in person or represented by proxy at the Meeting for the election of directors were as follows:
VOTES FOR VOTES WITHHELDSandip Biswas 95.09% (58,324,188) 4.91% (3,010,651)Dibyendu Bose 95.25% (58,423,813) 4.75% (2,911,026)Mario Caron 88.99% (54,579,283) 11.01% (6,755,556)Prasanto Kumar Ghose 95.52% (58,584,163) 4.48% (2,750,676)H. Dean Journeaux 96.55% (59,217,621) 3.45% (2,117,218)W. Scott Leckie 97.87% (60,027,944) 2.13% (1,306,895)Daniel P. Owen 91.74% (56,268,948) 8.26% (5,065,891)
At the Meeting, the shareholders also approved resolutions setting the number of directors at seven and re-appointing MNP LLP as auditors of the Company.
CALGARY, Alberta, Canada (Globe Newswire – May 15, 2019) – New Millennium Iron Corp. (“NML” or the “Company”) (TSX: NML) today announced the appointment of Mr. Prasanto Kumar (“PK”) Ghose to the Corporation’s Board of Directors. Mr. Ghose succeeds Mr. Chanakya Chaudhary who was a director since February 2015.Mario Caron, Chairman and Acting CEO of NML, commented, “We are pleased to welcome Mr. Ghose as a member of our Board and we thank Mr. Chaudhary for his contributions over the past several years and wish him the best with his ongoing responsibilities within the Tata Group.”

CALGARY, Alberta, Canada (Globe Newswire – December 3, 2019) – New Millennium Iron Corp. (“NML” or the “Company”) (TSX: NML) today announced the appointments of Mr. Sundara Ramam, Vice President Raw Materials, Tata Steel Ltd., Jamshedpur, India, and Mr. Rajiv Mukerji, Group Director Strategic Procurement, Tata Steel Group, Ijmuiden, The Netherlands, to the Corporation’s Board of Directors. Messrs. Ramam and Mukerji succeed Messrs. Sandip Biswas and Dibyendu Bose who were directors since October 2011 and December 2013 respectively.Mario Caron, Chairman and Acting CEO of NML, commented, “We are pleased to welcome Mr. Ramam and Mr. Mukerji as members of our Board and are looking forward to their contributions and we thank Mr. Biswas and Mr. Bose for their contributions over the past several years and wish them the best with their ongoing responsibilities within the Tata Group.”

2018 - 2017

CALGARY, Alberta, Canada (Globe Newswire – December 18, 2018) – New Millennium Iron Corp. (“NML” or the “Company”) (TSX: NML) is pleased to report on initiatives taken in recent months to adapt to changed market conditions.The Company also announces the study with assistance from independent advisors of new business opportunities aimed at diversifying its iron ore and infrastructure interests. To this end, Cairn Merchant Partners (“Cairn”) has been retained by NML to provide advisory services and analytical support to the new business initiative. In addition, a Special Committee of independent Directors has been formed to assist management and Cairn in reviewing opportunities and to make recommendations to the Board.As the Canadian junior mining sector gradually recovers from the challenging commodity and capital markets of recent years, NML emerges in improved financial condition and able to consider strategies that can deliver nearer-term benefits to shareholders.
Focus on StabilizationNML has more recently focused on stabilizing the Company’s finances through a rigorous program of cash conservation. Along with a significant reduction in expenditures through restructuring, an investment program initiated by specialist members of the Board has enabled the Company’s operations to be essentially cash neutral.Working interactively with the Board to manage business priorities and general activity is a small, Montreal-based team, to which Robert P. Boisjoli was last month appointed as the Company’s CFO. Mr. Boisjoli is a founder of two companies and a board member of several public and private companies as well as non-profit organizations.
Port of Sept-ÎlesAn important achievement for NML was the December 2017 settlement of a disputed July 2012 contract with the Sept-Îles Port Authority (“Port”), which eliminated a long-term obligation while preserving the Company’s access rights to shipping capacity at the Port’s new multi-user wharf now in service.This led to NML being able in November to complete the earlier announced sale of a portion of its reserved multi-user wharf capacity at the Port for $4 million in cash and a 20-year income stream from iron ore shipping fees expected to begin in 12 to 24 months, with the Company retaining sufficient capacity to support future development of its taconite iron ore properties.
Iron OreNML’s roots are in iron ore and the Company continues to closely monitor market trends and events. NML remains well positioned to supply the global iron and steel industry from an extensive property position in the Labrador Trough featuring long-life, NI 43-101 compliant taconite reserves and resources that have been the subject of comprehensive feasibility work. The technical and engineering aspects are known and ready for discussion with potential partners and investors as and when market conditions permit.NR18-05 Page 2 of 3The market environment remains challenging for greenfield projects such as the development of NML’s taconite deposits, but changed dynamics in the form of migration to higher quality iron ore in the world’s largest market, China, and elsewhere, have brought iron and steelmaker attention back to the uniquely attractive iron ore chemistry featured in the Labrador Trough.NML participates in an active project in the region through its investment in Tata Steel Minerals Canada, which is now completing an iron ore beneficiating plant that will not only add high-grade ore to an established direct shipping ore product mix, but also year-round production capability, versus today’s shorter, seasonal operation.Also of note is that the pellet segment of the iron ore market targeted by NML, for which the Company’s taconite ores are ideally suited, is presently very tight due to supply side constraints.Important support for eastern Canadian iron ore has been provided by the Quebec Government’s investment in restart project activity and infrastructure. NML has been a beneficiary through its previously mentioned Port-related transactions.These developments are positive and important contributors to both NML’s liquidity and positioning for the future, but production from the taconite properties is still some time away. The capital cost, long lead times for further marketing, permitting, community agreements, construction and ramp-up associated with our large-scale, mainly greenfield project undertaking all require a long-term perspective and commitment.While NML considers new initiatives, the Company and its largest shareholder, Tata Steel, are reviewing their possible approaches with respect to the taconite properties.
CALGARY, Alberta, Canada (GLOBE NEWSWIRE) – November 19, 2018) – New Millennium Iron Corp. (“NML” or the “Company”) (TSX: NML) announced today that the Company has closed the previously announced transaction under which 6.5 million tonnes of the 15 million tonnes of annual wharf capacity reserved by NML in a July 2012 contract with the Sept-Îles Port Authority (the “Port”), along with the associated rights and obligations, shipping rates and other terms in the July 2012 contract were sold to Tacora Resources Inc. (see NR 18-01 dated April 19, 2018).Total cash consideration of $4 million was paid to NML as scheduled and further payments to NML of $0.10 per tonne of iron ore shipped under the sold capacity through the Port facilities will commence from and after the date of the first shipment.Other than the reduction in NML’s annual wharf capacity to 8.5 million tonnes, there will be no change to NML’s existing arrangements with the Port regarding the rights and shipping rates related to the remaining reserved capacity.The new multi-user wharf is part of the Pointe-Noire product handling and shipping terminal at Sept-Îles.
CALGARY, Alberta, Canada (Globe Newswire – November 7, 2018) – New Millennium Iron Corp. (“NML” or the “Company”) (TSX:NML) announced today the appointment of Robert P. “Bob” Boisjoli as Chief Financial Officer, effective immediately. He succeeds Mark Freedman, who is now a partner at Ernst & Young LLP (EY).Mr. Boisjoli is Managing Director of Atwater Financial Group and a Fellow Chartered Professional Accountant with over 30 years of operational and advisory experience, including in the mining sector. He is the founder of two companies, sits on the boards of directors of public and private companies where he is also the audit committee chairman, and is a board member of various non-profit organizations.NML’s Chief Executive Officer Ernest Dempsey said, “We are very pleased to have Bob join NML. He brings outstanding accounting and financial qualifications to the Company, along with wide-ranging business expertise. We also thank Mark for his dedicated service since NML’s founding, which contributed to important milestones for the Company, and we wish him continued success.”
CALGARY, Alberta, Canada (Globe Newswire – June 13, 2018) – New Millennium Iron Corp. (“NML” or the “Company”) (TSX:NML) announced today the results of the Annual General Meeting of the shareholders of NML held on June 13, 2018 (the “Meeting”). Shareholders holding a total of 67,504,443 common shares of the Company were represented at the Meeting in person or by proxy, representing approximately 37.28 % of the total votes attached to all issued and outstanding common shares of the Company as of the record date of May 4, 2018.In respect of the election of directors, management had seven nominees being considered for election. At the Meeting, all of the management nominees were elected, being Sandip Biswas, Dibyendu Bose, Chanakya Chaudhary, Mario Caron, W. Scott Leckie, Daniel P. Owen and Dean Journeaux. The votes cast by shareholders present in person or represented by proxy at the Meeting for the election of directors were as follows:
VOTES FOR VOTES WITHHELDSandip Biswas 89.58% (58,674,892) 10.42% (6,824,026)Dibyendu Bose 89.58% (58,674,892) 10.42% (6,824,026)Chanakya Chaudhary 89.54% (58,644,892) 10.46% (6,854,026)Mario Caron 96.28% (63,059,972) 3.72% (2,438,946)W. Scott Leckie 95.51% (62,557,509) 4.49% (2,941,409)Daniel P. Owen 96.51% (63,213,709) 3.49% (2,285,209)Dean Journeaux 95.31% (62,430,272) 4.69% (3,068,646)
At the Meeting, the shareholders also approved a resolution re-appointing MNP LLP as auditors of the Company.
CALGARY, Alberta, Canada (Marketwired – April 19, 2018) – New Millennium Iron Corp. (“NML” or the “Company”) (TSX: NML) announced today that it has entered into binding agreements with the Sept-Îles Port Authority (“Port”) and Tacora Resources Inc. (“Tacora”) under which a portion of the Company’s multi-user wharf capacity will be sold to Tacora in conjunction with Tacora’s planned re-start of the Scully Mine located near the town of Wabush, Newfoundland and Labrador.The agreements call for Tacora to purchase the rights to 6.5 million tonnes of the 15 million tonnes of annual wharf capacity reserved by NML in a July 2012 contract with the Port, along with the associated rights and obligations, shipping rates and other terms in the July 2012 contract.Total consideration is comprised of $4 million payable to NML on the closing date and further payments to NML of $0.10 per tonne shipped by Tacora through the Port facilities over a 20-year period following the close of the transaction.The transaction is subject to Tacora completing its project financing activities now in progress and customary conditions precedent being satisfied, including execution of other product handling agreements and obtaining necessary legal and regulatory documentation. Upon confirmation that all conditions precedent are met, which must occur on or prior to August 30, 2018, NML and Tacora will have a 15 day period in which to complete the sale.Other than the reduction in NML’s annual wharf capacity to 8.5 million tonnes, there will be no change to NML’s existing arrangements with the Port regarding the rights and shipping rates related to the remaining reserved capacity.The new multi-user wharf is part of the Pointe-Noire product handling and shipping terminal at Sept-Îles.
CALGARY, Alberta, Canada (Marketwired – December 6, 2017) – New Millennium Iron Corp. (“NML” or the “Company”) (TSX: NML) announced today that it has reached a settlement with the Port of Sept-Îles (the “Port”) regarding its disputed July 2012 Contract with the Port (the “Contract”), under which NML reserved annual iron ore loading capacity of 15 million tonnes at the Port’s new multi-user dock and advanced funds totalling $38.4 million towards construction of the dock (see NR 12-17 dated July 18, 2012).The dispute centered on the parties’ different interpretations of the Contract, specifically with the triggering of take-or-pay payments against future shipping, wharfage and equipment fees (see NR 16-11 dated May 11, 2016 and NR 16-18 dated June 28, 2016).For NML, as a multi-user dock participant presently without shipping operations, the settlement provides that the funds previously advanced by NML, coupled with a mechanism for adjusting NML’s reserved dock capacity over the contractual period, will satisfy NML’s take-or-pay obligation and NML has no further funding requirements in respect of the take-or pay obligation. Once the funds previously advanced are fully offset against the take-or pay obligation, NML could reduce its reserved capacity proportionately based on the remaining term of the Contract. In all other respects, NML retains all its rights under the Contract.
CALGARY, Alberta, Canada (Marketwired – June 21, 2017) – New Millennium Iron Corp. (“NML” or the “Company”) (TSX:NML) announced today the results of the Annual General Meeting of the shareholders of NML held on June 21, 2017 (the “Meeting”). 32 Shareholders holding a total of 77,193,141 common shares of the Company were represented at the Meeting in person or proxy, representing approximately 42.64% of the total votes attached to all issued and outstanding common shares of the Company as of the record date on May 15, 2017. Voting on all matters at the Meeting was conducted by ballot other than the re-appointment of the auditors which was conduct by a show of hands.In respect of the election of directors, management had seven nominees being considered for election with two additional nominees being put forth at the Meeting by Mr. Dean Journeaux, a shareholder of the Company, who on May 8, 2017, provided a notice of nominations of directors to the Company in accordance with the Company’s advance notice bylaw (see NR 17-02 dated May 18, 2017). Mr. Journeaux nominated himself and Robert Martin for election to the Board of Directors. Accordingly, there were nine nominees being considered for election for seven director positions. At the Meeting, six of the management nominees were elected, being Sandip Biswas, Dibyendu Bose, Chanakya Chaudhary, Mario Caron, W. Scott Leckie and Daniel P. Owen, along with Dean Journeaux. The votes cast by shareholders present in person or represented by proxy at the Meeting for the election of directors were as follows:
VOTES FOR VOTES WITHHELDSandip Biswas 93.33% (69,859,137) 6.67% (4,990,643)Dibyendu Bose 93.34% (69,861,637) 6.66% (4,988,143)Chanakya Chaudhary 93.33% (69,859,137) 6.67% (4,990,643)Kevin Bullock 87.84% (22,274,416) 12.16% (3,082,318)Mario Caron 95.59% (71,547,357) 4.41% (3,302,423)W. Scott Leckie 94.65% (68,857,269) 5.35% (3,892,206)Daniel P. Owen 95.87% (69,748,419) 4.13% (3,001,056)Dean Journeaux 100% (49,503,213) 0.00% (0)Robert Martin 100% (2,100,305) 0.00% 0
At the Meeting, the shareholders also approved a resolution re-appointing Raymond Chabot Grant Thornton LLP, Partnership of Chartered Professional Accountants, Montreal, Quebec, as auditors of the Company.Prior to the Meeting, Mr. Howard Lutley, a Board member since October 2015 and Chairman since May 2016, had announced that he would not be standing for re-election. NML’s Board and management took the opportunity to recognize and thank Mr. Lutley for his leadership during a period of significant transition for the Company.The Board also expressed its thanks to Mr. Kevin Bullock, an independent director since August 2015, for his contributions to the Company and its governance at various levels.
CALGARY, Alberta, Canada (Marketwired – May 18, 2017) – 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 from H. Dean Journeaux, a shareholder of the Company, in respect of two director nominees who are expected to be nominated by Mr. Journeaux at the Company’s upcoming annual general meeting of shareholders to be held on June 21, 2017, in Toronto (the “Meeting”). Mr. Journeaux has advised that he intends to put forward himself and Robert A. Martin for election as directors of the Company (the “Shareholder Nominees”).The Board of Directors met on May 9, 2017 to consider approval of the Management Information Circular and other matters related to the Meeting and, at that time, requested that the matter of the Shareholder Nominees being added as management nominees for election as directors be considered by the Corporate Governance and Compensation Committee (the “Committee”) with a view to making a recommendation to the Board. The Board determined that a recommendation by the Committee to any changes to the management nominees would need to be considered by the Board.The Committee met on May 15, 2017 and, after careful consideration, determined that, in light of the current operations of the Company and market conditions, the size of the Board should not be increased and the number of directors of the Company to be elected at the Meeting be fixed at seven (7). The Management Information Circular in respect of the Meeting will be mailed to shareholders on May 18, 2017 and 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.
CALGARY, Alberta, Canada (Marketwire – March 27, 2017) – New Millennium Iron Corp. (“NML” or the “Company”) (TSX:NML) announced today its financial results for the fourth quarter and year ended December 31, 2016.The following review of the Company’s financial performance is based on the audited Consolidated Financial Statements and Management’s Discussion and Analysis (“MD&A”) for the year ended December 31, 2016, which have been filed on the SEDAR website at www.sedar.com. The Financial Statements have been prepared in accordance with International Financial Reporting Standards. NML’s principal activities in the fourth quarter and year were as follows:On NML’s principal asset – its taconite properties: 1) Completion of the NuTac initiative pre-feasibility study, under which the Company carried out an in-house analysis of an approach to taconite development that considers all of NML’s taconite deposits, applies transferable information from the 2014 Taconite Project feasibility studies, contemplates using existing rail and port infrastructure as opposed to the slurry transportation mode assumed in the earlier studies, and is sized for a smaller market entry position; 2) filing on SEDAR of the NuTac NI 43-101 Technical Report prepared in collaboration with a group of Independent Qualified Persons; and 3) a retrospective change in accounting policy regarding mineral exploration and evaluation expenditures in order to recognize these expenditures directly to profit or loss instead of capitalizing them as mineral exploration and evaluation assets.At the general NML corporate level: 1) Appointment of Mr. Howard Lutley as the new Chair of the Board of Directors; 2) changes to the Board at the Annual General Meeting, with appointments of two independent successor directors; 3) formation of special committee at Board level to focus on strategic options for the Company; 4) further corporate restructuring, including the appointment of Mr. Ernest Dempsey as CEO on an interim basis; 5) earlier requisitioned Special Meeting of shareholders and vote against Director Removal Resolution; and 6) notice of termination of the July 2012 contract with the Sept-Îles in respect of the multi-user dock, including its take-or-pay provisions.On Tata Steel Minerals Canada Ltd. (“TSMC”), in which NML owns a 4.32% equity interest and includes ownership and operation of a direct shipping ore (“DSO”) project: 1) regular shipping of crushed and screened ore to Europe and China, with 10 cargoes totaling approximately 1.6 million tonnes in the 2016 operating season; and 2) completion of a $175 million transaction through which agencies of the Government of Quebec provided $50 million of debt and $125 million equity financing to TSMC, acquiring an 18% ownership interest as a result.The Company’s net loss for the three months ended December 31, 2016 is $1,184,000 ($0.01 per share) compared to a restated net loss of $1,659,000 ($0.01 per share) for the comparative period in 2015. The reduction in net loss was mainly due to a decline in mineral exploration and evaluation expenses from $394,000 in Q4 2015 to a recovery of $14,000 in Q4 2016. The general and administrative expenses decreased from $1,321,000 in Q4 2015 to $1,271,000 in Q4 2016 despite an increase in restructuring charges from $91,000 in Q4 2015 to $689,000 in Q4 2016. The remaining general and administrative expenses decreased by $648,000 from $1,230,000 in Q4 2015 to $582,000 in Q4 2016. The most significant items affecting general and administrative expenses are a decline in salaries, wages and benefits to $265,000 in Q4 2016 from $551,000 in Q4 2015, a decline in consulting, legal and professional fees to $147,000 in Q4 2016 from $336,000 in Q4 2015 and a decline in office and general to $40,000 in Q4 2016 from $107,000 in Q4 2015.NML’s working capital at December 31, 2016 is $14,435,000, a decrease of $5,076,000 from the restated December 31, 2015 total of $19,511,000.The Company’s net loss for the year ended December 31, 2016, was $5,573,000 ($0.03 per share) compared to a restated net loss of $32,611,000 ($0.18 per share) for the 2015 fiscal year. The most significant difference between the years is that in 2015 there was an impairment of the investment in TSMC in the amount of $26,798,000 for which there was no impairment in 2016. The 2016 loss is comprised of general and administrative expenses of $5,536,000 (2015 - $5,319,000) and mineral exploration and evaluation expenses of $591,000 (2015 - $1,338,000), net of investment income of $209,000 (2015 - $559,000), service fee revenue of $345,000 (2015 - $Nil) and reversal of provision of $Nil (2015 - $285,000). The increase in the 2016 general and administrative expenses is due to an increase in restructuring charges from a 2015 recovery of $19,000 to an expense of $1,209,000 in 2016 and that there was no recovery from Tata Steel in 2016 while there was a $1,292,000 recovery in 2015. The remainder of the 2016 general and administrative expenses declined to $4,327,000 from $6,630,000 in 2015. The largest changes in these expenses were salaries, wages and benefits decreasing from $2,436,000 in 2015 to $1,572,000, consulting, legal and professional fees decreasing from $1,890,000 in 2015 to $1,576,000 in 2016 and office and general expenses decreasing from $750,000 in 2015 to $354,000 in 2016.

2016 - 2015

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.
CALGARY, Alberta, Canada (Marketwired – November 9, 2016) – New Millennium Iron Corp. (“NML” or the “Company”) (TSX: NML) today announced its financial results for the third quarter ended September 30, 2016. The following review of the Company’s financial performance is based on the unaudited Condensed Interim Consolidated Financial Statements and Management’s Discussion and Analysis (“MD&A”), which have been filed on the SEDAR website at www.sedar.com NML’s principal activities in and subsequent to the third quarter were as follows:
  • Ongoing review of strategies for the development of the Company’s extensive taconite resources based upon results of the NuTac Project Initiative pre-feasibility study results, and filing of related NI 43-101 Technical Report.
  • Regarding Tata Steel Minerals Canada Ltd (“TSMC”), in which NML is a minority investor, activities were: 1) direct shipping ore (“DSO”) project operations, including 2016 seasonal production and shipping; 2) progress on Howse Deposit; 3) resolution of cash call issue and resulting dilution of ownership in TSMC to 5.15%; 4) agreement with Quebec Government on $175 million equity and debt financial contribution in support of the DSO project; and, subsequent to the quarter, closing of the related transaction between TSMC and agencies of the Quebec Government, including dilution of NML’s ownership interest to 4.32%.
  • At the general NML corporate level, continued implementation of planned cost reductions and further study of additional savings measures in order to preserve cash and align ongoing activities with current market conditions.

The Company’s working capital at September 30, 2016 was $15,603,000 (December 31, 2015 - $19,501,000).For the three months ended September 30, 2016, the Company realized a net loss of $367,000 ($0.00 per share) compared to a net loss of $27,766,000 ($0.15 per share) for the comparative period in 2015. The current period’s loss represents general and administrative expenses of $714,000 (2015 - $1,414,000) partially offset by service revenue of $320,000 (2015 - $Nil) and investment income of $47,000 (2015 - $161,000).For the nine months ended September 30, 2016, the Company realized a net loss of $3,785,000 ($0.02 per share) compared to a net loss of $30,009,000 ($0.17 per share) for the comparative period in 2015. The loss for the nine months represents general and administrative expenses of $4,265,000 (2015 - $3,998,000) partially offset by service revenue of $320,000 (2015 - $Nil) and investment income of $160,000 (2015 - $502,000).The decrease in the net loss for the three and nine month periods from the comparative periods in 2015 is mainly due to the Company incurring a non-cash impairment on long-term investments in TSMC in 2015 in the amount of $26,799,000 for which there is no impairment in 2016.As at September 30, 2016, the Company’s mineral exploration and evaluation assets increased to $62,182,000 from $61,577,000 as of December 31, 2015, or by $605,000. The components of mineral properties at September 30, 2016, were: mineral licenses of $2,638,000, drilling of $32,297,000, resource evaluation of $42,733,000, environmental of $19,904,000, and amortization of property and equipment of $109,000, net of tax credits and mining duties of $12,918,000 and the Tata Steel payments of $22,581,000.
CALGARY, Alberta, Canada (Marketwired – November 1, 2016) – New Millennium Iron Corp. (“NML” or the “Company”) (TSX: NML) today announced closing of the transaction related to the previously reported financial contribution to Tata Steel Minerals Canada (“TSMC”) by agencies of the Quebec Government (see NR 16-02 dated January 21, 2016, NR 16-21 dated July 26, 2016 and NR 16-25 dated October 28, 2016). TSMC, in which NML has a minority interest, is owner and operator of a direct shipping ore (“DSO”) project in the Schefferville/Menihek region of Canada’s Labrador Trough. The transaction totaled $175 million, comprised of a loan of $50 million from Investissement Québec along with $125 million for an 18% equity stake in TSMC through Ressources Québec. As a result, the shareholdings in TSMC of Tata Steel and NML are now 77.68% and 4.32%, respectively.
CALGARY, Alberta, Canada (Marketwired – October 28, 2016) – New Millennium Iron Corp. (“NML” or the “Company”) (TSX: NML) today announced the signing of Definitive Agreements for completion of the previously reported financial contribution to Tata Steel Minerals Canada (“TSMC”) by agencies of the Quebec Government (see NR 16-02 dated January 21, 2016 and NR 16-21 dated July 26, 2016). TSMC, in which NML has a minority interest, is owner and operator of a direct shipping ore (“DSO”) project in the Schefferville/Menihek region of Canada’s Labrador Trough. The transaction, which is expected to close by November 1, 2016, totals $175 million, comprised of a loan of $50 million from Investissement Québec along with $125 million for an 18% equity stake in TSMC through Ressources Québec. The shareholdings in TSMC of Tata Steel and NML are adjusted to 77.68% and 4.32%, respectively. Robert Patzelt, NML’s President and CEO, said, “We join Tata Steel in welcoming the Quebec Government as an equity partner in TSMC and believe this participation will facilitate the implementation of TSMC’s operating plan for the DSO project. Through its financial support of TSMC and investments in related infrastructure during these challenging times for the global iron ore industry, the Quebec Government has further demonstrated its commitment to sustainable mining and regional development in accordance with the objectives and vision of its Plan Nord initiative.”
CALGARY, Alberta, Canada (Marketwired – September 13, 2016) – New Millennium Iron Corp. (“NML” or the “Company”) (TSX: NML) today announced receipt of a payment pursuant to the October 2015 settlement (the “Settlement”) with Tata Steel Global Holdings Pte. Ltd. regarding cash calls stemming from NML’s long-term investment in Tata Steel Minerals Canada (“TSMC”), owner and operator of a direct shipping project in the Schefferville/Menihek region of Canada’s Labrador Trough (see NR 15-13 dated October 5, 2015). The payment, in the amount of $1.935 million, satisfies TSMC’s accounts receivable obligations up to August 31, 2016 under the Settlement and, pursuant to a Notice of Contribution of Future Amounts from TSMC received in June 2016 (see NR 16-19 dated June 28, 2016), NML’s equity interest in TSMC is reduced from 6% to 5.15%.
CALGARY, Alberta, Canada (Marketwired – September 8, 2016) – New Millennium Iron Corp. (“NML” or the “Company”) (TSX: NML) today announced that Stephen Fontanals, Vice President – Administration, has resigned from the Company to pursue another opportunity. Mr. Fontanals joined NML in 2011 as Director Operations Research and became a Vice President in 2014. “Stephen played a central role in bringing administrative and cost efficiencies to NML that have preserved working capital and better positioned the Company for the future,” said Robert Patzelt, NML’s President and CEO. “The Board of Directors joins me in thanking Stephen for these contributions.” Mr. Fontanals’ resignation takes effect on September 22, 2016 and his responsibilities are being realigned within NML on an interim basis.
CALGARY, Alberta, Canada (Marketwired – August 10, 2016) – New Millennium Iron Corp. (“NML” or the “Company”) (TSX: NML) today announced its financial results for the second quarter ended June 30, 2016.The following review of the Company’s financial performance is based on the unaudited Condensed Interim Consolidated Financial Statements and Management’s Discussion and Analysis (“MD&A”), which have been filed on the SEDAR website at www.sedar.comNML’s principal activities in and subsequent to the second quarter were as follows:With respect to strategies for the development of the Company’s extensive taconite resources, announcement of the NuTac Project Initiative pre-feasibility study results and filing of related NI 43-101 Technical Report.Tata Steel Minerals Canada Ltd.`s, in which NML is an investor, activities were: 1) DSO Project operations; 2) progress on Howse Deposit; 3) Cash call issue; and, subsequent to the quarter, agreement with Quebec Government on financial contribution in support of DSO Project.At the general NML corporate level: 1) Continuation of Board composition and renewal process, including the appointment of a new Chair and election of directors at Annual General and Special Meeting; 2) new cost reduction measures; and 3) matters regarding the Company’s contract with the Sept-Îles Port Authority for multi-user dock services.The Company’s working capital at June 30, 2016 was $15,919,000 (December 31, 2015 - $19,501,000).For the three months ended June 30, 2016, the Company realized a net loss of $1,796,000 ($0.01 per share) compared to a net loss of $1,087,000 ($0.01 per share) for the comparative period in 2015. This loss is due to general and administrative expenses of $1,860,000 (2015 - $1,253,000) net of investment income of $64,000 (2015 - $166,000). The increase in general and administrative expenses is mainly due to $Nil (2015- $702,000) recovery from Tata Steel relating to their option on the Taconite Project.For the six months ended June 30, 2016, the Company realized a net loss of $3,439,000 ($0.02 per share) compared to a net loss of $2,242,000 ($0.01 per share) for the comparative period in 2015. This loss is due to general and administrative expenses of $3,552,000 (2015 - $2,584,000) net of investment income of $113,000 (2015 – $342,000). The increase in general and administrative expenses is mainly due to $Nil (2015- $1,292,000) recovery from Tata Steel relating to their option on the Taconite Project.As at June 30, 2016, the Company’s mineral exploration and evaluation assets increased to $62,198,000 from $61,577,000 as of December 31, 2015, or by $621,000. The components of mineral properties at June 30, 2016, were: mineral licenses of $2,637,000, drilling of $32,297,000, resource evaluation of $42,882,000, environmental of $19,902,000, and amortization of property and equipment of $109,000, net of tax credits and mining duties of $12,918,000 and the Tata Steel payments of $22,711,000.
CALGARY, Alberta, Canada (Marketwired – July 26, 2016) – New Millennium Iron Corp. (“NML” or the “Company”) (TSX: NML) today announced the award of a financial contribution of $175 million by the Québec Government (“Government”) to Tata Steel Minerals Canada (“TSMC”), in which NML has a minority interest, in support of TSMC’s direct shipping ore (“DSO”) project.The announcement follows a January 2016 agreement-in-principle between the parties (see NR 16-02 dated January 21, 2016) and was made in conjunction with a news conference held today in Sept-Îles, Québec, and attended by senior Government officials, including the Deputy Premier, Mrs. Lise Thériault, and the Minister of Energy and Natural Resources, Mr. Pierre Arcand, who is also responsible for the Plan Nord and North Shore Region, as well as by senior representatives of TSMC and NML.The related transaction would include a loan of $50 million from Investissement Québec, acting as an agent of the Government, as well as an equity stake of $125 million through the Government’s Capital Mining Hydrocarbons Fund. No determination has been made as to the effect on the Company’s interest in TSMC as a result of the Government investment.Robert Patzelt, NML’s President and CEO, said, “This very significant award solidifies the future of the DSO project and, when coupled with the Government’s investment in rail and port assets in the Sept-Îles area at Pointe Noire, underscores the Government’s support of our industry and communities during these challenging times. We look forward to a successful completion of this important initiative.”
CALGARY, Alberta, Canada (Marketwired – July 21, 2016) – New Millennium Iron Corp. (“NML” or the “Company”) (TSX: NML) today announced the filing on SEDAR of the National Instrument 43-101 compliant technical report (“Report”) stating the highlights of Pre-Feasibility Study (“Study”) results for the Company’s NuTac project initiative (see news releases 16-15 dated June 9, 2016 and 15-12 dated September 16, 2015). The effective date of the Report is June 9, 2016, and there are no material differences between the results announced in news release 16-15 and those contained in the Report.
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.
CALGARY, Alberta, Canada (Marketwired – June 28, 2016) – New Millennium Iron Corp. (“NML” or the “Company”) (TSX: NML) announced today that it has sent the Port of Sept-Îles (the “Port”) a notice of termination of the July 2012 Contract with the Port (the “Contract”), under which NML reserved annual iron ore loading capacity of 15 million tonnes at the Port’s new multi-user dock and advanced funds totalling $38.4 million towards construction of the dock (see NR 12-17 dated July 18, 2012).Based on advice from legal counsel, the Company believes it is legally entitled to terminate the Contract.In early May, NML received a document from the Port purporting that the multi-user dock was “delivered and operational,” and NML advised the Port that it considered this purported notice to be inappropriate, without effect and invalid (see NR 16-11 dated May 11, 2016).
CALGARY, Alberta, Canada (Marketwired – June 23, 2016) – New Millennium Iron Corp. (“NML” or the “Company”) (TSX: NML) announced today the results of the Annual General and Special Meeting of the shareholders of NML held on June 23, 2016 (the “Meeting”). 35 Shareholders holding a total of 89,835,856 common shares of the Company were represented at the Meeting in person or proxy, representing approximately 49.62% of the total votes attached to all issued and outstanding common shares of the Company as of the record date on May 24, 2016. Voting on all matters at the Meeting were conducted by ballot other than the re-appointment of the auditors which was conduct by a show of hands.Prior to the Meeting, the Company received notice from Lee Nichols and Pierre Seccareccia that they were withdrawing their names from consideration for election to the Board of Directors and accordingly, management had only seven nominees being considered for election for nine director positions. Two additional nominees were put forth at the Meeting by Mr. Scott Leckie, a shareholder of the Company, who on May 20, 2016, provided a notice of nominations of directors to the Company in accordance with the Company’s advance notice bylaw (see NR 16-14 dated May 27, 2016). Mr. Leckie nominated himself and Daniel P. Owen for election to the Board of Directors. At the Meeting, all nine directors proposed for election at the Meeting were elected. The votes cast by shareholders present in person or represented by proxy at the Meeting for the election of directors were as follows:
VOTES FOR VOTES WITHHELDHoward J. Lutley 80.94% (71,341,521) 19.06% (16,800,725)Robert Patzelt 80.58% (71,021,279) 19.42% (17,120,967)Sandip Biswas 82.28% (72,526,533) 17.72% (15,615,713)Dibyendu Bose 82.25% (72,499,333) 17.75% (15,642,913)Chanakya Chaudhary 82.91% (73,079,623) 17.09% (15,062,623)Kevin Bullock 81.08% (71,467,940) 18.92% (16,674,306)Mario Caron 81.14% (71,515,440) 18.86% (16,626,806)W. Scott Leckie 100.00% (88,142,246) 0.00% (0)Daniel P. Owen 100.00% (88,142,246) 0.00% (0)
At the Meeting, the shareholders also approved resolutions re-appointing Raymond Chabot Grant Thornton LLP, Partnership of Chartered Professional Accountants, Montreal, Quebec, as auditors of the Company, approving the unallocated options issuable pursuant to the Company’s stock option plan and approving certain amendments to the Company’s Articles.Howard Lutley, NML’s Chairman, said, “I am very pleased to welcome Scott Leckie and Daniel Owen to our Board. They have shown great interest in NML as shareholders for a number of years and we now look forward to benefiting from their diversified mining and capital markets expertise as the Company moves through its next stage of development.”Mr. Lutley added, “I also wish to recognize the many contributions to NML made by Lee Nichols and Pierre Seccareccia. As a co-founder of NML and long-time Chairman, Lee provided enthusiastic leadership and commitment to excellence in technical standards, governance and safety as our business and field activities evolved. Pierre’s experience and example in the areas of accounting, tax and finance were also valuable, especially with the administrative aspects of the Company’s exploration programs, feasibility studies and investment in Tata Steel Minerals Canada, and as Chairman of the Audit Committee. We express our deep appreciation to Lee and Pierre for their years of dedicated service.”
CALGARY, Alberta, Canada (Marketwired – June 14, 2016) – New Millennium Iron Corp. (“NML” or the “Company”) (TSX: NML) announced today several cost reduction measures designed to preserve cash and better align the Company’s operations with ongoing activities and current market conditions.The measures include a workforce reduction of 11 full-time employees, including two at the executive level, effective immediately. Overall, this represents about 60% of the Company’s total 19 person workforce.Robert Patzelt, NML’s President and CEO, said, “We are very disappointed that market circumstances have forced another downsizing of our organization with the loss of dedicated and long-serving employees whose efforts have greatly advanced NML’s projects and development. We are grateful for their many contributions and wish them every success in their future endeavours.”The net annualized payroll savings will be approximately $1,350,000. Since October 2014, NML’s workforce has been reduced by 80% with resulting annualized payroll savings of approximately $3,542,000.Other measures to be implemented are the closure of NML’s offices in St. John’s, NL, Sept-Îles, QC, and Schefferville, QC, all by the end of September 2016. The Company closed its Labrador City, NL office in 2014 and reduced office space in Montreal, QC in 2015. In addition to lowering overhead costs, NML has greatly reduced its reliance on consulting services.Through a further, strategically important arrangement, the level of exploration spending over the next five years necessary to preserve NML’s mining claims will reduce by as much as $3,373,000 without compromising any of the Company’s mineral resources.These latest initiatives provide NML with sufficient working capital to support activities through 2018 at present expenditure levels, and other steps are being taken to extend this timeframe.Howard Lutley, NML’s Chairman, added, “First, I very much share Robert’s sentiments regarding our departing employees and thank them on behalf of the Board of Directors. I also wish to assure shareholders that we have retained the expertise and resources necessary to protect NML’s assets, to carefully advance development and financing activities, and to nurture the Company’s diverse relationships across industry, government and communities.”
CALGARY, Alberta, Canada (Marketwired – June 9, 2016) – New Millennium Iron Corp. (“NML” or the “Company”) (TSX: NML) announced today the results of its NuTac initiative begun in September 2015 (see NR 15-12 dated September 16, 2015) to examine a further range of options for the development of the seven NI 43-101-compliant iron ore taconite properties it controls in the Schefferville/Menihek area of the Labrador Trough, straddling the border between the Province of Newfoundland and Labrador and the Province of Québec, approximately 600 km north of the port city of Sept-Îles, Québec.The NuTac initiative responds to the changed macroeconomic environment for iron ore and supplements earlier feasibility studies carried out on the Company’s LabMag and KéMag taconite deposits (see NR 14-04 dated March 27, 2014 and NR 14-06 dated May 13, 2014), mainly through a re-scoping of the previous mining and processing work, coupled with examination of the use of existing infrastructure for transportation of concentrate to a pellet plant at the loading port, all aimed at designing a project sized and costed for market entry when conditions permit.The taconite deposits controlled by NML have similar characteristics in terms of geology, mineralogy and metallurgical properties. Each is a long-life property that can yield high quality saleable products with the same processing technologies. Under NuTac, a Pre-Feasibility Study (“PFS”) reviewed all development aspects of each of NML’s taconite deposits, including resources, location, ownership, jurisdictional considerations and historical work, and the KéMag deposit, in which NML holds a 100% interest, was selected for base case analysis.The NuTac initiative has thus produced the re-scoped project development plan for KéMag (“NuTac-KéMag”) discussed herein. A National Instrument (“NI”) 43-101 Technical Report summarizing the results of the PFS will be filed on SEDAR within 45 days of this news release.
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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.
CALGARY, Alberta, Canada (Marketwired – May 25, 2016) – New Millennium Iron Corp. (“NML” or the “Company”) (TSX: NML) announced today the appointment Mr. Howard Lutley as Non-Executive Chair of the Board of Directors, effective immediately. Mr. Lutley joined NML’s Board in November 2015 and succeeds Mr. Lee C. G. Nichols, a co-founder of NML, Director and Chair since August 2003. Mr. Nichols will remain as a Director while NML continues its previously announced Board renewal process.Mr. Lutley has more than 35 years’ experience in corporate management, operations and engineering at energy and mining companies in the United Kingdom, Canada and the USA. He is President of HJ Lutley and Associates Inc., an independent energy and mining consulting company, and most recently was President and CEO of SilverWillow Energy Corporation, an in-situ oil sands focused company he founded in 2012 and which was sold in August 2015. He earlier was in key leadership roles with public companies developing major oil sands mining projects, and with consulting companies, primarily in surface mining. Mr. Lutley has conducted technical and due diligence reviews for financial institutions and corporations, and has served as an expert witness in regulatory hearings and arbitration proceedings.In addition to consulting activities, Mr. Lutley has led the startup of a number of private energy and investment companies, including NRL Energy Ltd., one of Canada’s first Coal Bed Methane companies. He holds a M.Sc. in Mineral Engineering from the University of Alberta and a B.Sc. in Mining Engineering from Imperial College, London University, United Kingdom. Mr. Lutley is a member of The Association of Professional Engineers, Geologists and Geophysicists of Alberta as well as a Fellow of the Canadian Institute of Mining and Metallurgy.Robert Patzelt, NML’s President and CEO, said, “Howard Lutley brings a wide range of international mining industry, capital markets, fund-raising and corporate governance experience to NML’s Board. As we look ahead to the next stage of the Company’s development in a very challenging commodities market environment, we are fortunate to have someone of Howard’s caliber in this important leadership role, and supplemented by the comprehensive mining industry expertise of our other latest Board appointees, Messrs. Kevin Bullock and Mario Caron.”Mr. Patzelt added, “We also are very grateful to Lee for the services he has rendered to NML, helping to grow the Company from the conceptual stage through successful exploration programs and into the active project phase, all with energy, enthusiasm and high standards. We are pleased to have Lee’s ongoing guidance as the Board transitions further.”
CALGARY, Alberta, Canada (Marketwired – May 16, 2016) – New Millennium Iron Corp. (“NML” or the “Company”) (TSX: NML) announced today its financial results for the first quarter ended March 31, 2016.The following review of the Company’s financial performance is based on the unaudited Condensed Interim Consolidated Financial Statements and Management’s Discussion and Analysis (“MD&A”), which have been filed on the SEDAR website at www.sedar.com.NML’s principal activities in and subsequent to the first quarter were as follows:On the development of NML’s principal asset – its taconite iron ore resources: Continuation of the NuTac initiative, under which the Company is carrying out an in-house pre-feasibility level study of a taconite development sized for market entry that considers all of NML’s taconite deposits, applies transferable information from the 2014 Taconite Project feasibility studies, and contemplates using existing rail and port infrastructure as opposed to the slurry transportation mode assumed in the earlier studies.On Tata Steel Minerals Canada Ltd. in which NML is a 6% investor and includes a direct shipping ore (“DSO”) project: 1) A temporary scaling down of winter operations, including stabilization activities of the processing plant; 2) announcement of an agreement-in-principle between the Government of Québec and Tata Steel Global Minerals Holdings Pte. Ltd. on the Government’s possible investment in the DSO project; and, subsequent to the quarter, posting by the respective government regulatory authorities of the Howse project environmental impact statement for public comment.At the general NML corporate level: 1) Special Meeting of shareholders and vote against Director Removal Resolution; 2) Board of Directors renewal and continuing candidate search by the Company’s Corporate Governance and Compensation Committee; 3) scaling back of field operations; and 4) the Government of Québec’s acquisition of land and infrastructure at the site of the Sept-Îles Port Authority’s (“Port”) new, deep water multi-user dock, along with the planned organizational structure for management of those assets. Subsequent to the quarter the Port notified the Company that the multi-user dock has been delivered and is operational and that the Company’s take or pay obligation under its July 2012 contract with the Port is in effect. The Company has advised the Port of its position that the Port’s notice is inappropriate, without effect and invalid. (See NR 16-11, May 11, 2016)The Company’s working capital at March 31, 2016 is $17,654,000 (December 31, 2015 - $19,501,000).The net loss for the three months ended March 31, 2016, is $1,643,000 ($0.01 per share) compared to a net loss of $1,156,000 ($0.01 per share) for the comparative period in 2015. This loss represents general and administrative expenses of $1,692,000 (2015 - $1,331,000) partially offset by investment income of $49,000 (2015 - $175,000). The increase in the quarter’s general and administrative expenses is mainly due to expenditures of $696,000 (2015 - $Nil) relating to the Special Meeting of shareholders and that with the wind down of the Taconite Feasibility Study there was no general and administrative expense recovery from Tata Steel during the quarter (2015 – recovery of $590,000).As at March 31, 2016, the Company’s mineral exploration and evaluation assets increased to $61,819,000 from $61,577,000 as of December 31, 2015, or by $242,000. The components of mineral properties at March 31, 2016, were: mineral licences of $2,631,000, drilling of $32,297,000, resource evaluation of $42,594,000, environmental of $19,809,000 and amortization of property and equipment of $109,000. These expenditures are partially offset by tax credits and mining duties of $12,918,000 and the Tata Steel payments on account of their Taconite Project options of $22,703,000.
CALGARY, Alberta, Canada (Marketwired – May 11, 2016) – New Millennium Iron Corp. (“NML” or the “Company”) (TSX: NML) announced today that it received only by e-mail late May 9, 2016 a document from the Port of Sept-Îles (the “Port”) purporting to be a “Notice of Delivery of Operational Multi-User Dock Facilities” which, among other things, states that it considers that the port facilities have been “delivered and are operational” and that the Company’s take or pay obligations under the July 2012 contract (the “Contract”) with the Port are now in effect (see NR 12-17 dated July 18, 2012).The Company has numerous grievances related to the Port`s compliance with and performance under the Contract. Further, the Company does not currently have legal or physical access to the Multi-User Dock Facilities, nor has it been provided information as to when (if ever) it will have such access.The Company has advised the Port that it considers this purported notice to be inappropriate, without effect and invalid and that it reserves any and all of its rights and recourses against the Port and any other parties. The Company has engaged counsel to advise as to the steps that may be pursued to protect its interests and those of its shareholders with respect to this recent development unilaterally taken by the Port against NML and other prospective port facility users, without the appropriate authority under the Contract and without any advance warning or discussion.
CALGARY, Alberta, Canada (Marketwired – May 10, 2016) – New Millennium Iron Corp. (“NML” or the “Company”) (TSX: NML) announced today that its Annual General and Special Meeting of Shareholders (the “Meeting”) will be held in Toronto on Thursday, June 23, 2016, at the St Andrew’s Club and Conference Centre, 150 King Street West, 27th Floor.Holders of common shares of record at the close of business on May 24, 2016 (the “Record Date”) will be entitled to vote such common shares at the Meeting.Details of the business proposed to be conducted at the Meeting will be contained in the Company’s Notice of Meeting and Management Proxy and Information Circular to be issued shortly after the Record Date.
CALGARY, Alberta, Canada (Marketwired – March 28, 2016) – New Millennium Iron Corp. (“NML” or the “Company”) (TSX: NML) announced today its financial results for the fourth quarter and year ended December 31, 2015.The following review of the Company’s financial performance is based on the audited Consolidated Financial Statements and Management’s Discussion and Analysis (“MD&A”) for the year ended December 31, 2015, which have been filed on the SEDAR website at www.sedar.com. The Financial Statements have been prepared in accordance with International Financial Reporting Standards.NML’s principal activities in and subsequent to the fourth quarter and year were as follows:On the development of NML’s principal asset – its taconite iron ore resources: 1) Announcement of a review process for the 2011 heads-of-agreement with Tata Steel that established conditions for a feasibility study of the LabMag and KéMag deposits, called the Taconite Project; and 2) commencement of the NuTac initiative, under which the Company is carrying out an in-house pre-feasibility level study of a smaller scale approach to taconite development that considers all of NML’s taconite deposits, applies transferable information from the 2014 Taconite Project feasibility studies, and contemplates using existing rail and port infrastructure as opposed to the slurry transportation mode assumed in the earlier studies.On Tata Steel Minerals Canada Ltd. (“TSMC”), in which NML is a 6% investor and includes a direct shipping ore (“DSO”) project: 1) Near completion of processing facilities and commencement of trial production; 2) regular shipping of crushed and screened ore with 13 cargoes totaling approximately 2.3 million tonnes in the 2015 operating season; 3) settlement with Tata Steel on cash calls stemming from NML’s investment in TSMC, and resulting dilution of interest; 4) NML recording a non-cash impairment charge on its investment in TSMC; and subsequent to the year-end, announcement of an agreement-in-principle between the Government of Québec and TS Global Minerals Holdings Pte Ltd. on the Government’s possible investment in the DSO project.At the general NML corporate level: 1) Board of Directors’ composition and structure renewal process following the Annual General Meeting, changes to the Board, and appointments of three independent successor directors; 2) special information session for shareholders; 3) further corporate restructuring; 4) shareholder action requisitioning Special Meeting; 5) delisting from the OTCQX; and subsequent to the year-end, Special Meeting of shareholders and vote against Director Removal Resolution.There were also further developments for NML in connection with the Sept-Îles Port Authority’s new, deep water multi-user dock at Pointe Noire, Québec. Delivery and installation of the dock’s two ship loaders took place in early 2015, and, subsequent to the year-end, there was the completion on March 8, 2016, of a transaction whereby the Government of Québec purchased various assets at Pointe Noire, which is expected to resolve the long-standing issue of user access to the dock.The Corporation’s net loss for the three months ended December 31, 2015 is $1,265,000 ($0.01 per share) compared to a net loss of $5,681,000 ($0.03 per share) for the comparative period in 2014. The most significant item comparing the results of operations in the fourth quarter of 2015 versus the same period in 2014 is that in Q4 2014 there was an impairment of mineral exploration and evaluation assets of $4,133,000 for which there was no such impairment in Q4 2015. General and administrative expenses decreased from $1,714,000 in Q4 2014 to $1,321,000 in Q4 2015. Partially offsetting this decline in expenses was a decline in investment income to $56,000 in Q4 2015 from $189,000 in Q4 2014. The most significant items affecting general and administrative expenses are a decline in salaries, wages and benefits to $551,000 in Q4 2015 from $1,018,000 in Q4 2014, a decline in share based compensation to $15,000 in Q4 2015 from $192,000 in Q4 2014, a decline in office and general to $201,000 in Q4 2015 from $375,000 in Q4 2014 and a decline in market development to $9,000 in Q4 2015 from $114,000 in Q4 2014 which were partially offset by a reduction in the recovery from Tata Steel which was $Nil in Q4 2015 compared to $607,000 in Q4 2014.NML’s working capital at December 31, 2015 is $19,501,000, a decrease of $9,370,000 from the December 31, 2014 total of $28,871,000. Included in this decrease was the reclassification during 2015 of $4,586,000 of tax credits receivable from current assets to non-current assets as they are not expected to be received during 2016.The Corporation’s net loss for the year ended December 31, 2015, was $31,273,000 ($0.17 per share) compared to a net loss of $10,705,000 ($0.06 per share) for the 2014 fiscal year. This loss includes an impairment of the investment in TSMC in the amount of $26,798,000 (2014 - $Nil), general and administrative expenses of $5,319,000 (2014 - $7,417,000), and an impairment of mineral exploration and evaluation assets of $Nil (2014 - $4,133,000), net of investment income of $559,000 (2014 - $845,000). The decrease in the year’s general and administrative expenses is mainly due to a decrease in stock-based compensation expense from $2,041,000 in 2014 to $465,000 in 2015, salaries, wages and benefits decreasing from $2,770,000 in 2014 to $2,436,000 in 2015 and market development decreasing from $550,000 in 2014 to $120,000 in 2015 partially offset by the decrease in the recovery from Tata Steel declining to $1,292,000 in 2015 from $1,898,000 in 2014.As at December 31, 2015, the Corporation’s mineral exploration and evaluation assets increased to $61,577,000 from $60,240,000 as of December 31, 2014, or by $1,337,000. The components of mineral exploration and evaluation assets at December 31, 2015, are: mineral licenses $2,631,000, drilling $32,297,000, resource evaluation $42,386,000, environmental $19,826,000, and amortization of property and equipment $109,000. These expenditures are partially offset by tax credits and mining duties of $12,919,000 and the Tata Steel payments of $22,753,000.
CALGARY, Alberta, Canada (Marketwired – March 15, 2016) – New Millennium Iron Corp. (“NML” or the “Company”) (TSX:NML) has announced the voting results from the Special Meeting of shareholders held today, March 15, 2016, in Toronto (the “Meeting”).631 shareholders holding a total of 131,249,454 common shares of the Company were represented at the Meeting in person or by proxy, representing 72.49% of the total votes attached to all issued and outstanding common shares of NML as of the record date of February 12, 2016. Voting on all matters at the Meeting was conducted by ballot.As previously reported, the Meeting was requisitioned by a group of shareholders proposing:
  • The removal of six of the current directors of New Millennium (“Director Removal Resolution”);
  • Fixing the number of directors of the Company at seven (“Board Size Resolution”); and
  • The election of four director nominees (“Nominees Resolution”).

The votes cast by shareholders present in person or represented by proxy at the Meeting for the Director Removal Resolution were as follows:
ResolutionDirector RemovalVotes For (% ) Against (%)54,820,669 (41.77%) 76,428,785 (58.23%)
With the Director Removal Resolution failing to receive a majority of votes cast, the Meeting was adjourned and no additional voting was required or conducted.On behalf of NML, the members of the Board expressed thanks to shareholders for participating and voting, and for the support received, and underscored their commitment to working collaboratively with all shareholders towards the Company’s future success.
Calgary, Alberta – March 9, 2016 - New Millennium Iron Corp. (“NML” or the “Company”) (TSX:NML) urges shareholders to vote their GOLD proxy to protect their investment in New Millennium and prevent the dissident group’s attempt to effectively take control of the Company through significant changes to the Board’s composition that include four director nominees.New Millennium’s Board recommends that shareholders use ONLY the GOLD proxy to vote prior to the voting deadline of 10:00 a.m. EST on March 11, 2016 as follows:
  • AGAINST - The removal of six of the current directors of New Millennium at the Meeting
  • AGAINST - Fixing the number of directors of the Company at seven
  • WITHHOLD - The election at the Meeting of the dissidents’ proposed four director nominees

As the proxy voting deadline nears, NML reminds shareholders of the following:
  • NML’s highly qualified Board brings many years of relevant mining and capital markets experience, whereas the dissidents have nominated individuals who collectively do not possess a similar level of qualification;
  • The dissidents have presented no detailed plan for building shareholder value or developing NML’s taconite assets. Instead, they suggest placing NML in care and maintenance, a costly step that would leave the Company unprepared for a timely response to market opportunities as iron ore prices recover;
  • NML has a clear strategy for building shareholder value that is based on monetizing its taconite deposits in the Labrador Trough;
  • NML is preserving its working capital and has completed a series of cost-cutting and restructuring initiatives.

The Board needs your support to prevent the dissident group from taking control of your Company. To ensure the flexibility necessary to respond to market changes, a focused strategy, relevant mining experience and effective stewardship and oversight have never been more important. Now is the time to continue with a focus on iron ore and New Millennium’s Special Committee urges you to support the existing Board and allow management and the Board to put the distraction of a proxy contest behind us and get back to building a stronger NML for the benefit of all shareholders. No matter how many shares you own, your vote is crucial to stop the dissidents from gaining control. The outcome of the vote will be determined by only the shareholders that participate.Regardless of how many NML shares you own, it is important you vote your GOLD proxy. Even if you have already voted using the Blue dissident form of proxy, you can still change your vote by voting the GOLD proxy, as only the latest dated proxy will be counted at the Meeting.We encourage shareholders to vote the control number found on your GOLD proxy AGAINST the dissident resolutions and WITHHOLD for the dissident nominees as recommended by NML’s Board of Directors, no later than 10:00 a.m. (Toronto time) on Friday, March 11, 2016.NML’s meeting materials, including the full letter to shareholders, are available at the company’s website, www.nmliron.com or under the company’s profile on SEDAR.Proxies must be delivered to Computershare Trust Company of Canada, not less than 48 hours (excluding Saturdays, Sundays and holidays) before the time of the Meeting or any adjournment thereof. In this case, assuming no adjournment, the proxy-cut off time is 10:00 a.m. (EST) on March 11, 2016. Shareholders requiring any assistance are kindly asked to contact NML’s proxy solicitation agent, Shorecrest Group. Shorecrest can be contacted toll-free in North America English at 1 888 637 5789 or French at 1-888-566-2194. Shareholders may also call collect outside North America at 647-931-7454 or by email at contact@shorecrestgroup.com
Calgary, Alberta – March 7, 2016 - New Millennium Iron Corp. (“NML” or the “Company”) (TSX:NML) is pleased to announce that Mr. Robert Martin, the principal founder of NML and President and CEO from 2003 to 2011, will support the current board of directors and management and vote the GOLD proxy AGAINST a group of dissident shareholders which has requisitioned a special meeting in an attempt to effectively take control of the Company through significant changes to the Board’s composition that include four director nominees. The special meeting will be held March 15, 2016, in Toronto.Mr. Martin said, “There are important reasons for supporting NML’s current Board and management:
  • The Company’s vision has always been to develop the Millennium Iron Range.
  • This iron range is recognised by world experts as one of the best in the world.
  • Its high quality reserves will last well into the twenty second century.
  • NML must be ready to start development when the market changes.
  • Current work on NuTac must be completed to attract potential partners.
  • This needs to be followed by focused marketing.
  • Care and maintenance should only be considered if focused marketing fails.
  • Even in bad markets potential partners are always looking for strategic investments.
  • All of these initiatives can be done without NML running out of money.
  • This is NML’s PLAN and it’s the BEST PLAN under current circumstances.”

He added, “The dissident shareholders do not support NML’s strategy and plan to place your Company in care and maintenance. This is not a winning strategy and will destroy your Company and its chance to be ready to move when the market eventually changes. You should continue to support Robert Patzelt’s effort to implement this strategy. Do not support the dissidents. They have little to no experience in our business. They cannot run your Company.”Mr. Martin was the founding President and CEO of both the LabMag Mining Corp. and NML. He retired in 2011, but remains an advisor to the Company. Mr. Martin discovered what is now called the Millennium Iron Range, including the LabMag deposit, in 1960 while working as a geologist for Iron Ore Company of Canada (“IOC”) and was the first to recognise its potential as a world class source of iron ore. Under his leadership, NML assembled an important portfolio of reserves and resources, became a listed company, attracted strategic partner Tata Steel, and initiated a now active direct shipping ore project and comprehensive taconite development studies.At IOC, Mr. Martin had a distinguished 28-year career culminating as Senior Executive in Canada from 1984 to 1989. In this capacity he was responsible for the management of IOC and its bottom-line results. As a member of the Executive Management Committee, he reported initially to the President and later to the Chairman. He is a Fellow of the Canadian Institute of Mining & Metallurgical Engineers, and has been a Director of the Mining Association of Canada; a Member of the National Advisory Committee for the Mining Industry; a Director of Twin Falls Power Corporation, and several junior mining companies.
Support Your NML Board – Please Vote Using Your GOLD ProxyThe Board needs your support to prevent the dissident group from taking control of NML at a time when experience and effective oversight have never been more important. NML urges you to support the current Board and allow management and the Board to put the distraction of a proxy contest behind us and get back to building a stronger NML. No matter how many shares you own, your vote is crucial to stop the dissidents from gaining control. The outcome of the vote will be determined by only the shareholders that participate.
New Millennium’s Board recommends that shareholders use ONLY the GOLD proxy to vote as follows:
  • AGAINST - The removal of six of the current directors of New Millennium at the Meeting
  • AGAINST - Fixing the number of directors of the Company at seven
  • WITHHOLD - The election at the Meeting of the dissidents’ proposed four director nominees

Regardless of how many NML shares you own, it is important you vote your GOLD proxy. Even if you have already voted using the Blue dissident form of proxy, you can still change your vote by voting the GOLD proxy, as only the latest dated proxy will be counted at the Meeting.We encourage shareholders to vote the control number found on your GOLD proxy AGAINST the dissident resolutions and WITHHOLD for the dissident nominees as recommended by NML’s Board of Directors, no later than 10:00 a.m. (Toronto time) on Friday, March 11, 2016.NML’s meeting materials, including the full letter to shareholders, are available at the company’s website, www.nmliron.com or under the company’s profile on SEDAR.Proxies must be delivered to Computershare Trust Company of Canada, not less than 48 hours (excluding Saturdays, Sundays and holidays) before the time of the Meeting or any adjournment thereof. In this case, assuming no adjournment, the proxy-cut off time is 10:00 a.m. (EST) on March 11, 2016. Shareholders requiring any assistance are kindly asked to contact NML’s proxy solicitation agent, Shorecrest Group. Shorecrest can be contacted toll-free in North America English at 1 888 637 5789 or French at 1-888-566-2194. Shareholders may also call collect outside North America at 647-931-7454 or by email at contact@shorecrestgroup.com
Calgary, Alberta – March 3, 2016 - New Millennium Iron Corp (“NML” or the “Company”) (TSX:NML) has responded to the information circular recently issued by a group of dissident shareholders who have requisitioned a special meeting in an attempt to effectively take control of the Company through significant changes to the Board’s composition that include four director nominees. The special meeting will be held March 15, 2016, in Toronto.Howard Lutley, an independent director of NML and Chairman of a Special Committee responsible to coordinate and oversee the Company’s response to the requisition notice from the dissident shareholders said, “The dissident group continues to make misleading statements in their effort to take control of NML’s Board. In the face of difficult market conditions over the past two years, NML has taken appropriate steps to balance its short- and long-term interests, including restructuring to preserve liquidity, Board renewal and management team succession, and building on past investments to create a new strategy for monetizing the Company’s taconite property assets in the Labrador Trough. In attempting to stop this momentum, the dissidents are jeopardizing NML’s future and reputation by failing to acknowledge the reality of project lead times in our industry and the need for maintaining relationships with prospective business partners, governments, First Nations and communities in general.”In a letter being mailed to shareholders, NML reiterated concerns stemming from the dissidents’ information circular:
  • NML’s highly qualified Board already brings many years of relevant mining and capital markets experience, whereas the dissidents have nominated directors who collectively do not possess a similar level of qualification.
  • The dissidents, up to now, have presented no detailed plan for building shareholder value or developing NML’s taconite assets. Instead, they suggest placing NML in care and maintenance, a costly step that would prevent the application today of know-how from recent investments to new strategic considerations, and leave the Company unprepared for a timely response to market opportunities as iron ore prices recover.
  • Comments in the dissidents’ circular on activity in the Labrador Trough, executive compensation and NML’s corporate governance are misleading or demonstrate a lack of knowledge of the issues.
  • The dissidents state that they may enter into agreements whereby brokers are paid solicitation fees for common shares voted in favor of the removal of NML’s current directors, fixing the number of directors at seven and the appointment of dissident nominees. This would be tantamount to buying shareholder votes.
  • Payment to brokers for soliciting votes in a proxy context is a practice that has been actively discouraged by market regulators. Shareholders should question not only why the dissidents feel the need to consider paying solicitation fees, but also whether this is an indication of the questionable decision-making that would prevail if the dissidents were in control of NML.
  • While citing what they view as poor disclosure by NML, the dissidents have not disclosed whether they plan to reimburse themselves for proxy solicitation fees, including solicitation fees paid to brokers, if they gain control of NML’s board.

NML’s shareholder letter further elaborates on these concerns.Third Party Reliance, No Plan to Create Shareholder Value and NuTacAlong with the existing Board’s relevant experience and capability, NML has a management group in place that is equipped with the blend of historical experience, energy and knowledge of stakeholder relationships needed to take the Company forward. Thus, the dissidents’ indicated reliance on ex-employees calls into question who and why, and also what expertise might be contributed that NML does not already possess, particularly in the case of a “hold” strategy.Also, other than by cutting operational expenses, the dissidents present no viable plan for building shareholder value and make no mention of development of NML’s principal assets – the taconite properties – in which shareholders have invested approximately $61 million since 2011. Commodity market companies with a long-term view towards building shareholder value must consider ongoing investment in advancing development of their assets, especially if, as in NML’s case high quality resources, saleable product and infrastructure fundamentals are in place.That is what NuTac is about. To completely stop NuTac without producing the technical criteria and understanding of the economics necessary to support a smaller-scale, market entry project would have the very real impact of putting NML in the vulnerable position of playing catch up to other companies who continue to advance development of their assets. And this goes beyond other Labrador Trough juniors because the true competition for NML’s taconite properties is the more global group of iron ore pellet suppliers, several of which expanded capacity in 2015 and are not standing still. Even if market recovery could be some time away, the reality of Project lead times cannot be ignored.The dissidents’ repeated statements that management is self-serving with no plan for preserving working capital is completely unfounded. As pointed out in NML’s Special Meeting circular, NuTac is sufficiently flexible to respond to new industry developments, particularly as iron ore prices recover, while being prepared to adapt further should they lag or decline. As evidenced by two restructurings in the past 18 months, management has ready options for preserving working capital and is prepared to use them.
Labrador Trough PeersAs a justification for stopping NuTac, the dissidents in their circular refer to companies in the Labrador Trough adopting a “care and maintenance” or “hold strategy,” suggesting that NML do the same. This claim is misleading because not all of the companies in question are inactive as represented by the dissidents, and those reducing activities have done so for differing reasons.Based on reports in the public domain, one of the companies mentioned is already favorably positioned with a project that is fully permitted and shovel ready, and as such can go no further until market and financing conditions allow. It has already achieved the market readiness that NuTac seeks for NML’s taconite properties.Another of the companies mentioned has its starter iron ore project funded to the pre-production stage, but management remains active looking at diversification opportunities. Yet another company is in the process of reconstituting a former operating mine and concentrator and recently announced the entering into of letters of intent for a financing from the Government of Québec, which is taking steps through investment during this down-cycle to support mining and infrastructure under its Plan Nord initiative, something the dissidents have rushed to negatively judge with respect to the Tata Steel-NML direct shipping ore project. The companies forced to “hold” are without the combination of critical success factors mentioned above, being defined resources, a feasible operating plan, along with civil, rail and port infrastructure. In stark contrast, NML has all these positive attributes from investments to date and building a business development case through the present NuTac pre-feasibility study is appropriate and important.
Executive CompensationNML’s executive compensation plan and policies are detailed in the Company’s information circular for the upcoming Special Meeting. In keeping with good organizational practice, the plan aims to attract and retain qualified individuals with the necessary capabilities, skills and expertise. The plan is reviewed and benchmarked by the Corporate Governance and Compensation Committee (CGCC) made up of independent directors, and approved by the entire Board.NML’s compensation has historically been benchmarked with that at peer companies having a similar business focus, including those named by the dissidents in their circular: Adriana Resources Inc., Alderon Iron Ore Corp., Century Global Commodities Corporation, Champion Iron Limited and Oceanic Iron Ore Corp. Company management structures, elements of compensation and reporting periods differ, but NML’s annual compensation has historically been between the peer group’s upper and lower range. The Company’s executive structure and annual compensation have been reduced since 2013 in keeping with ongoing activities.
Corporate Governance and DisclosureNML is committed to maintaining the highest standards of corporate governance. In this regard, shareholders and the financial community must recognize that our reporting requires a balance between transparency and the legal, regulatory and competitive risks of disclosing information. The dissident statement that agreements that NML has signed with strategic partners and governments have not been adequately disclosed is misleading. NML has disclosed information on all the agreements mentioned to the extent required by law, which permits NML to not disclose information if such disclosure would be seriously prejudicial to its interests (which includes competitive information) or would violate confidentiality provisions.NML has made shareholder communication a priority as we transition from being an exploration to development stage company. A special shareholder information session was held in September 2015 and news releases have kept shareholders informed of Company developments, particularly as related to the status of its Board renewal initiative.
Support Your NML Board – Please Vote Using Your GOLD ProxyThe Board needs your support to prevent the dissident group from taking control of New Millennium at a time when experience and effective oversight have never been more important. We urge you to support the current Board and allow management and the Board to put the distraction of a proxy contest behind us and get back to building a stronger New Millennium. No matter how many shares you own, your vote is crucial to stop the dissidents from gaining control. The outcome of the vote will be determined by only the shareholders that participate.New Millennium’s Board recommends that shareholders use ONLY the GOLD proxy to vote as follows:
  • AGAINST - The removal of six of the current directors of New Millennium at the Meeting
  • AGAINST - Fixing the number of directors of the Company at seven
  • WITHHOLD - The election at the Meeting of the dissidents’ proposed four director nominees

Proxy Voting InstructionsRegardless of how many NML shares you own, it is important you vote your GOLD proxy. Even if you have already voted using the Blue dissident form of proxy, you can still change your vote by voting the GOLD proxy, as only the latest dated proxy will be counted at the Meeting.We encourage shareholders to vote the control number found on your GOLD proxy AGAINST the dissident resolutions and WITHHOLD for the dissident nominees as recommended by NML’s Board of Directors, no later than 10:00 a.m. (Toronto time) on Friday, March 11, 2016.NML’s meeting materials, including the full letter to shareholders, are available at the company’s website, www.nmliron.com or under the company’s profile on SEDAR.Proxies must be delivered to Computershare Trust Company of Canada, not less than 48 hours (excluding Saturdays, Sundays and holidays) before the time of the Meeting or any adjournment thereof. In this case, assuming no adjournment, the proxy-cut off time is 10:00 a.m. (EST) on March 11, 2016. Shareholders requiring any assistance are kindly asked to contact NML’s proxy solicitation agent, Shorecrest Group. Shorecrest can be contacted toll-free in North America English at 1 888 637 5789 or French at 1-888-566-2194. Shareholders may also call collect outside North America at 647-931-7454 or by email at contact@shorecrestgroup.com
Calgary, Alberta – February 29, 2016 - New Millennium Iron Corp (“NML” or the “Company”) (TSX:NML) today announced that proxy advisor firm, Institutional Shareholder Services Inc. (“ISS”), has recommended that NML shareholders vote against the removal of the Company’s current board of directors, rejecting the key recommendation put forth by a group of dissident shareholders who are effectively attempting to take control of the Company through significant changes to the Board’s composition that include four director nominees for election at a special meeting to be held March 15, 2016, in Toronto.ISS also commented on the dissidents’ lack of a detailed long-term strategy and plan to operate the Company, indicating that management’s approach represents lower risk and that no major changes should be taken.ISS is an advisory firm which, among other services, analyzes and provides voting recommendations to its subscribers, including pension funds, investment managers, mutual funds and other institutional shareholders.ISS has specifically recommended that its clients vote as follows:
  • AGAINST - The removal of six of the current Directors of New Millennium at the Meeting
  • AGAINST - Fixing the number of Directors of the Company at seven
  • SPLIT – The election at the Meeting of the dissidents’ four director nominees

Robert Patzelt, President and CEO of NML, said, “We are very pleased with the recommendation issued by ISS against the removal of six of our directors. Collectively, this distinguished group of individuals brings more than 200 years of mining and capital markets experience. Removal of this group would represent a significant loss for our company and shareholders.”ISS did recommend that shareholders vote “withhold” on Peter C. McRae and Susan Milton (one of the named dissidents that is the cause of this proxy contest) and “for” Daniel P. Owen and Prashant Pathak.Mr. Patzelt added, “We also welcome the ISS statements about changing the composition of our Board, which are consistent with our Board renewal initiative that actually began in late 2014 and resulted in the appointment of three new independent directors in 2015 before it was unfortunately interrupted by the actions of the dissident group to try and take control of the Company. While we do not find that the executive compensation analysis as presented by ISS to be representative of our peer group of companies in the Labrador Trough, we are pleased to see the favorable comments by ISS about management’s restructuring and cost reduction measures.”With regard to NML’s strategic direction ISS stated, “It appears that the dissidents are not quite clear in terms of the long-term strategic alternative that the company will be pursuing but rather rely on strategic advice from a third party advisor and unclassified additional investments which may be subject to further uncertainty. In addition, once the commodity price recovers, given the “hold strategy” and potential possibility of the company’s diversion from its current main strategy, the company could also significantly limit its ability to enjoy the upside potential. Finally, the sunk costs management has incurred in connection with work on the advancement of the project during the previous periods, both tangible and intangible, may be lost to some extent due to the interruption of the project.”Mr. Patzelt also said, “Current market conditions demand flexibility and the ‘hold strategy’ suggested by the dissidents will result in lost opportunities. In addition, shareholders should be concerned with the dissidents’ planned reliance on unnamed third party advisors, which is unclear and would likely be expensive. NML has repeatedly attempted to avoid the cost and distraction of an unnecessary proxy contest by seeking negotiations with the dissidents to ensure qualified representation on the Board. The dissident group has consistently rejected these efforts and appears solely focused on obtaining control of the Board. With commodity prices having dropped to extremely low levels over the past two years, both established major and junior sector iron ore miners are going through a historically challenging period. NML’s Board and management have a strategy in place that carefully balances the Company’s short- and long-term interests, and we question the dissidents’ refusal to try and find a mutually acceptable solution outside of this contest at a time when valuable company resources could be put to better use.”New Millennium’s Board of Directors recommends that all shareholders vote against the dissidents’ plan to take control of New Millennium by replacing the majority of the Board with their own nominees. Shareholders are urged to only vote their GOLD proxy as follows:
  • AGAINST - The removal of six of the current Directors of New Millennium at the Meeting
  • AGAINST - Fixing the number of Directors of the Company at seven
  • WITHHOLD – The election at the Meeting of the dissidents’ four director nominees

NML’s meeting materials, including a letter to shareholders, are available at the company’s website, www.nmliron.com or under New Millennium’s profile on SEDAR.Proxies must be delivered to Computershare Trust Company of Canada, not less than 48 hours(excluding Saturdays, Sundays and holidays) before the time of the Meeting or any adjournmentthereof. In this case, assuming no adjournment, the proxy-cut off time is 10:00 a.m. (EST) on March 11, 2016. Shareholders requiring any assistance are kindly asked to contact NML’s proxy solicitation agent, Shorecrest Group. Shorecrest can be contacted toll-free in North America English at 1 888 637 5789 or French at 1-888-566-2194. Shareholders may also call collect outside North America at 647-931-7454 or by email at contact@shorecrestgroup.com
Calgary, Alberta – February 17, 2016 - New Millennium Iron Corp. (“NML” or the “Company”) (TSX:NML) today announced that it has filed a Management Information Circular on SEDAR in advance of its special meeting of shareholders scheduled for March 15, 2016 in Toronto. The Company is also mailing meeting materials to shareholders of record as of February 12, 2016, and urges shareholders to only vote their GOLD proxy. The special meeting was requisitioned by a group of dissident shareholders who are effectively attempting to take control of the company with only 7% of NML’s outstanding shares.The meeting materials include a Letter to Shareholders, a Management Information Circular and a GOLD Proxy. NML’s meeting materials outline the risks and uncertainties inherent in claims made by the dissident group. The meeting materials also set out NML’s plans for monetizing and preserving the Company’s assets, working capital and reputation with all of its stakeholders as well as for building shareholder value. NML urges all shareholders to review the meeting materials carefully and to vote only using the GOLD proxy.Highlights of NML’s Letter to Shareholders:
  • NML has the right people in place to the lead the company, with a Board that brings together more than 210 years of valuable industry experience and is committed to building shareholder value;
  • NML has a clear strategy for building shareholder value that is based on monetizing its taconite deposits in the Labrador Trough;
  • NML is preserving its working capital and has completed a series of cost-cutting and restructuring initiatives;
  • When compared to NML’s current Board, the dissidents’ four director nominees have very limited apparent mining company operating experience;
  • Dissidents have no apparent plan for building shareholder value or ongoing development of NML’s assets; and
  • Dissidents want to take control of the Company with only 7% of NML’s outstanding shares.

NML’s Board unanimously recommends that all shareholders vote against the dissidents’ plan to take control of New Millennium by replacing the majority of the Board with their own nominees. Shareholders are urged to only vote their GOLD proxy as follows:
  • AGAINST – The removal of six of the current Directors of New Millennium at the Meeting
  • AGAINST – Fixing the number of Directors of the Company at seven
  • WITHHOLD – The election at the Meeting of the dissidents’ four director nominees

NML’s meeting materials, including the full letter to shareholders, are available at the company’s website, www.nmliron.com or under the company’s profile on SEDAR.Proxies must be delivered to Computershare Trust Company of Canada, not less than 48 hours (excluding Saturdays, Sundays and holidays) before the time of the Meeting or any adjournment thereof. In this case, assuming no adjournment, the proxy-cut off time is 10:00 a.m. (EST) on March 11, 2016. Shareholders requiring any assistance are kindly asked to contact NML’s proxy solicitation agent, Shorecrest Group. Shorecrest can be contacted toll-free in North America English at 1-888-637-5789 or French at 1-888-566-2194. Shareholders may also call collect outside North America at 647-931-7454 or by email at contact@shorecrestgroup.com
Calgary, Alberta – January 21, 2016 - New Millennium Iron Corp. (“NML” or the “Company”) (TSX:NML) today welcomed the announcement by the Government of Quebec that it has signed an Agreement-in-Principle with TS Global Minerals Holdings, a Tata Steel group company, regarding possible participation in the direct shipping ore (“DSO”) project near Schefferville, Quebec. The DSO project is owned and operated by Tata Steel Minerals Canada Limited, in which NML holds a 6% interest.According to the Quebec announcement, a decision is expected before March 31, 2016.Robert Patzelt, President and CEO of NML, said, “This very encouraging step by the Government of Quebec shows its commitment to growing the Province’s mining sector, supporting its northern regions and providing an investment climate for doing so. We look forward to a successful completion of this important initiative with TSG.”
Calgary, Alberta – January 6, 2016 - New Millennium Iron Corp (“NML” or the “Company”) (TSX:NML) today announced that Tata Steel Minerals Canada (“TSMC”), in which NML holds a 6% interest, is temporarily scaling down winter operations including stabilization activities of the plant at its direct shipping ore (“DSO”) Project.This action is in response to presently challenging conditions in the steel and iron ore markets and is expected to be reviewed on an ongoing basis. The number of TSMC employees affected will be based on operational needs, including services and maintenance.
Calgary, Alberta – December 21, 2015 - New Millennium Iron Corp (“NML” or the “Company”) (TSX:NML) CEO Robert Patzelt issued the following statement on behalf of the Company’s Board of Directors in response to a number of claims made by a group of dissident shareholders who have a requisitioned a special meeting of shareholders with the aim of replacing all of NML’s independent directors and, in turn, setting a new, yet undefined direction for the Company:“The past two years have been among the most challenging ever for the iron ore industry. Iron ore prices have plunged, due primarily to weaker demand in China at a time when significant new supply from previously committed projects in Australia and Brazil continues to flood the market. Combined, these factors have resulted in weak financing conditions and sharp declines in share prices for all mining companies.“Against this background of unfavorable conditions and negative market sentiment, NML has transitioned from mainly an exploration company to one in the development stage, through investment in a direct shipping ore project, comprehensive feasibility studies on two taconite deposits and the successful definition of further large NI 43-101 taconite resources. This record is unique in the Labrador Trough’s junior mining sector.”“NML’s present strategy is designed to maintain this momentum while preserving working capital, its asset base and its reputation with various stakeholders in the Labrador Trough as a company committed to building a successful and responsible iron ore business.”“Our plan to optimize the development of NML’s taconite properties using transferable know-how from the previous feasibility work in order to arrive at an appropriately sized and competitive project capable of servicing the high-quality segment of the iron ore market is adaptive, and we are only carrying out essential work to make this project concept ready and reduce lead times for market entry as conditions permit.”“To efficiently implement this strategy we have a streamlined new generation of management in place with considerable experience across the necessary iron ore industry disciplines. Our continuing Board renewal initiative has resulted in the appointment of three highly qualified, independent directors with proven mining industry, capital markets, fund-raising and corporate governance experience that will further support our drive to build shareholder value.”“We also maintain a strong, ongoing commitment to preserving capital with significant reductions in operating expenses achieved as a result of two restructuring initiatives and continued cost cutting, leaving us a strong balance sheet and considerable financial flexibility through at least 2018. During that period, we will continue to closely monitor market conditions with a view to adjusting our strategy to preserve and grow shareholder value, as required.”“We firmly believe the direction we are taking will enable NML to progress even under present industry circumstances. We find the position taken by the dissident shareholders to be unwarranted and misleading. Nevertheless, the Company formed a special committee that will examine the claims of the dissident shareholders more closely and develop recommendations as appropriate. In this regard, we regret that our approaches to date to discuss their concerns have been unsuccessful.”As previously announced (please see NR 15-19 dated December 14, 2015), NML has scheduled a Special Meeting of shareholders for March 15, 2016, in Toronto. In advance of the Special Meeting, the Company will send a Management Information Circular to shareholders that will formally respond to the position of the dissidents, and provide information on its strategic direction in greater detail.
CALGARY, Alberta, Canada (Marketwired – December 14, 2015) – New Millennium Iron Corp. (“NML” or the “Company”) (TSX: NML) today announced the calling of a special shareholders’ meeting to be held in Toronto on Tuesday, March 15, 2016, pursuant to a Requisition made under section 142 of the Business Corporations Act (Alberta), received from a group of shareholders owning an aggregate of at least 5% of the company's shares. The meeting has been requisitioned for the purposes of removing six of the Company’s nine directors, reducing the size of the Board to seven and electing four new directors. The Company's response to the Requisition will be contained in its upcoming Management Information Circular.
CALGARY, Alberta, Canada (Marketwired – December 10, 2015) – New Millennium Iron Corp. (“NML” or the “Company”) (TSX: NML) today announced that after a detailed review of the trading volume, costs and administrative requirements related to the Company’s listing on the OTCQX International, it has voluntarily delisted its common shares from the OTCQX International. NML’s common shares continue to be listed on the Toronto Stock Exchange.
CALGARY, Alberta, Canada (Marketwired – November 12, 2015) – New Millennium Iron Corp. (“NML” or the “Company”) (TSX: NML) (OTCQX: NWLNF) today announced a human resource restructuring comprising a workforce reduction of 6 full-time employees, or approximately 25% of the Company’s total 25 person workforce, coupled with a position eliminated last quarter for a total of 7. This restructuring responds to prevailing commodity market conditions, especially in the iron ore industry, and also further aligns the Company’s organizational structure with ongoing activities. The Company is also looking at further cost adjustments as part of its 2016 budgeting now in progress.One-time charges associated with the restructuring are being finalized. As this restructuring is taking place in the fourth quarter, additional details will be provided when the Company reports 2015 year-end results. The main component will be severance costs for departing employees, with remaining charges the result of professional services related to the restructuring. The annualized payroll savings net of restructuring costs will be approximately $672,000.When combined with a reduction carried out in 2014 (see NR 14-10 dated October 28, 2014) and other cost saving measures undertaken, this latest initiative provides the Company with sufficient working capital to support activities through 2017 at present expenditure levels, and further reviews may be carried out as necessary.Robert Patzelt, President and CEO of NML, said, “With NML having successfully established its substantial certified taconite resource base, the direct shipping ore project with Tata Steel in final stages of commissioning, and our strategic focus now on the NuTac project (see NR 15-12 dated September 16, 2015), we have taken steps to reduce our cost base while maintaining development work aimed at maximizing shareholder value. The downsizing decision is difficult and we thank our employees for their contributions to NML’s significant advancement from an exploration stage company. As we move through this difficult period in the commodities cycle, we are judiciously managing our working capital while continuing the steps necessary to transform our resources into a successful iron ore business.”
CALGARY, Alberta, Canada (Marketwired – November 12, 2015) – New Millennium Iron Corp. (“NML” or the “Company”) (TSX: NML) (OTCQX: NWLNF) today announced its financial results for the third quarter ended September 30, 2015.The following review of the Company’s financial performance is based on the unaudited Condensed Interim Consolidated Financial Statements and Management’s Discussion and Analysis (“MD&A”), which will be filed on the SEDAR website at www.sedar.com.NML’s principal activities in and subsequent to the third quarter were as follows:On Tata Steel Minerals Canada Ltd. (“TSMC”), which includes the DSO Project, in which NML is a 6% investor: 1) Near completion of processing facilities and commencement of trial production; 2) Regular shipping of crushed and screened ore with 10 cargoes totaling approximately 1.7 million tonnes in the 2015 operating season through the third quarter; 3) Settlement with Tata Steel on cash calls stemming from NML’s investment in TSMC, and resulting dilution of interest; and 4) NML recording a non-cash impairment charge on its investment in TSMC.On NML’s Taconite Project, announcement of review process for the 2011 heads-of-agreement with Tata Steel.Announcement of the NuTac Project, a $2.1 million pre-feasibility study of a new approach to developing NML’s taconite properties using transferrable information from the 2014 Taconite Project Feasibility Study.At the general NML corporate level: 1) Progress on Board of Directors’ composition and structure initiative, and appointment of three new independent directors; and 2) special information session for shareholders.The Company’s working capital at September 30, 2015 was $22,051,000 (December 31, 2014 - $28,871,000).For the three months ended September 30, 2015, the Company realized a net loss of $27,766,000 ($0.15 per share) compared to a net loss of $1,472,000 ($0.01 per share) for the comparative period in 2014. This loss is mainly due to a non-cash impairment on long-term investments in TSMC in the amount of $26,799,000 (2014 – $Nil) as well as general and administrative expenses of $1,413,000 (2014 - $1,659,000) net of investment income of $161,000 (2014 - $186,000) and a reversal of provision due to NNK Trust of $285,000 (2014 – $Nil).For the nine months ended September 30, 2015, the Company realized a net loss of $30,008,000 ($0.17 per share) compared to a net loss of $5,025,000 ($0.03 per share) for the comparative period in 2014. This loss is mainly due to a non-cash impairment on the long-term investment in TSMC in the amount of $26,799,000 (2014 - $Nil) as well as general and administrative expenses of $3,998,000 (2014 - $5,703,000) net of investment income of $502,000 (2014 – $655,000) and a reversal of provision due to NNK Trust of $285,000 (2014 - $Nil).Management performed an impairment test on its long-term investment in TSMC that resulted in the carrying amount of the investment exceeding the estimated recoverable amount and the recording of a non-cash impairment of $26,799,000.As at September 30, 2015, the Company’s mineral exploration and evaluation assets increased to $61,183,000 from $60,240,000 as of December 31, 2014, or by $943,000. The components of mineral properties at September 30, 2015, were: mineral licenses of $2,630,000, drilling of $32,297,000, resource evaluation of $42,000,000, environmental of $19,717,000, and amortization of property and equipment of $109,000, net of tax credits and mining duties of $12,906,000 and the Tata Steel payments of $22,664,000
CALGARY, Alberta, Canada (Marketwired – October 30, 2015) – New Millennium Iron Corp. (“NML” or the “Company”) (TSX: NML) (OTCQX: NWLNF) today announced the appointment of Mr. Mario Caron and Mr. Howard Lutley to the Company’s Board of Directors, with effect from November 15, 2015.Mr. Caron has forty years of wide-ranging mining industry experience in project development, operations, the capital markets, and governance/disclosure best practices. He is currently on the boards of directors of Adventure Gold Inc., Algold Resources Ltd. and Alloycorp Mining Inc., of which he serves as Non-Executive Chairman, and previously was Non-Executive Chairman of Orusur Mining Inc.Mr. Caron has also been president, CEO and a director of several companies involved in the exploration and development of metals and minerals in the Americas, Africa, Turkey and Southeast Asia, including Aldridge Minerals Inc., Axmin Inc., Tiberon Minerals Ltd. and Defiance Mining Corporation. Earlier in his career, Mr. Caron was Vice President Mining and Infrastructure for PricewaterhouseCoopers Securities Inc. He received a B. Eng. in Mining from McGill University, and is a member of the Quebec Order of Engineers as well as the Association of Professional Engineers of Ontario.Mr. Lutley has more than 35 years’ experience in corporate management, operations and engineering at energy and mining companies in the United Kingdom, Canada and the USA. He is President of HJ Lutley and Associates Inc., an independent energy and mining consulting company, and most recently was President and CEO of SilverWillow Energy Corporation, an in-situ oil sands focused company he founded in 2012 and which was sold in August 2015. He earlier was in key leadership roles with public companies developing major oil sands mining projects, and with consulting companies, primarily in surface mining. Mr. Lutley has conducted technical and due diligence reviews for financial institutions and corporations, and has served as an expert witness in regulatory hearings and arbitration proceedings.In addition to consulting activities, Mr. Lutley has led the startup of a number of private energy and investment companies, including NRL Energy Ltd., one of Canada’s first Coal Bed Methane companies. He holds a M.Sc. in Mineral Engineering from the University of Alberta and a B.Sc. in Mining Engineering from Imperial College, London University, United Kingdom. Mr. Lutley is a member of The Association of Professional Engineers, Geologists and Geophysicists of Alberta as well as a Fellow of the Canadian Institute of Mining and metallurgy.NML also announced acceptance of the resignations of Mr. John N. Schindler and General (Ret.) Rick Hillier from its Board of Directors, also with effect from November 15, 2015. Mr. Schindler had served on the Board since 2003 and General Hillier since 2011.Mr. Kevin Bullock succeeds General Hillier as Chairman of NML’s Corporate Governance and Compensation Committee.Lee Nichols, Non-Executive Chairman of NML, commented, “We are delighted to welcome Mario Caron and Howard Lutley to the NML board as independent directors. As seasoned mining professionals and successful executives, they bring expertise and experience in advancing projects that is drawn from a diverse portfolio of mining companies and financing initiatives and is especially timely as we transition NML’s resources from exploration to development.”Mr. Nichols added, “We also wish to acknowledge the contributions made by John Schindler and Rick Hillier. John has been a valued independent voice on our board and important member of several of our committees. Our exploration programs greatly benefited from John’s resource and mineralogical expertise, coupled with his working knowledge of our project areas. Rick has provided unique insight and leadership, particularly on government and governance matters, most recently as head of our Board renewal and restructuring initiative. We thank John and Rick for their years of exemplary service to NML”
CALGARY, Alberta, Canada (Marketwired – October 5, 2015) – New Millennium Iron Corp. (“NML” or the “Company”) (TSX: NML) (OTCQX: NWLNF) today announced a review process for the Heads of Agreement dated March 6, 2011 (“HOA”) between NML and Tata Steel Global Minerals Holdings Pte. Ltd. (“Tata Steel”) which governs the Feasibility Study of the Taconite Project (“TFS”) the two companies are currently engaged in (see NR 11-09 dated March 6, 2011, NR 14-04 dated March 27, 2014 and NR 14-06 dated May 13, 2014).As the current macro-economic situation poses challenges for development of the Taconite Project as currently conceived in the HOA, NML and Tata Steel are re-visiting the terms of the HOA. As part of this review, Tata Steel will consider current, or potentially future, participation in NML’s recently announced alternative development approach to its taconite properties (see NR 15-12 dated September 16, 2015). The parties intend to conclude a definitive agreement during the first quarter of 2016 subject to the respective Board approvals of the parties.Robert Patzelt, President and CEO of NML, said, “This is a prudent strategic step for NML and Tata Steel that recognizes the changed market environment for the Taconite Project. The TFS provides us with the benefit of best mining and beneficiation practices that are applicable to all of our taconite properties, as well as a valuable base of regional environmental data, thereby enabling the accelerated study of additional development options. We look forward to pursuing this work.”
CALGARY, Alberta, Canada (Marketwired – October 5, 2015) – New Millennium Iron Corp. (“NML” or the “Company”) (TSX: NML) (OTCQX: NWLNF) today announced that it has reached a settlement with Tata Steel Global Minerals Holdings Pte. Ltd. regarding the previously reported issue of cash calls stemming from NML’s long-term investment in Tata Steel Minerals Canada Limited (“TSMC”), owner and operator of the DSO Project in the Schefferville/Menihek region of Canada’s Labrador Trough.As background, NML’s investment originally represented a 20% ownership in TSMC as consideration for the sale of the initial mineral properties for the DSO Project. As per the Joint Venture Agreement dated as of November 6, 2009, NML is required to contribute 20% of all funding requests to shareholders as approved by TSMC’s Board of Directors in excess of TSMC’s first $300 million of specified expenditures. In April and June 2015, NML announced that it had received cash calls that could not be funded in view of the Company’s limited internal cash resources and financing sources available, which would result in a dilution of the Company’s interest in TSMC from the current 20% (see NR 15-04 and NR 15-06).Further discussions between the parties have produced the following settlement:
  • Current cash requirement of just over $1.0 billion for the DSO Project, to fund certain capital and operating expenses for the DSO Properties and the Howse Deposit.
  • Total cash calls of $524.5 million to the shareholders have or will be satisfied solely by Tata Steel.
  • Shareholder loan of $4.7 million received by TSMC from NML and $0.6 million of accrued interest are converted into equity in TSMC.
  • NML is not required to pay, or provide security for, any cash calls up to the $1.0 billion figure.
  • NML’s ownership of TSMC is now diluted to 6.0%.
  • NML will maintain its 6.0% ownership interest by paying its pro-rata share of any future cash calls over the $1.0 billion figure.

Other provisions include:
  • Certain DSO Claims not budgeted for exploration or evaluation by NML and which NML is restricted from developing in competition with TSMC, are transferred to TSMC as part of the settlement.
  • TSMC agrees to give priority to utilizing NML’s Port of Sept-Îles dock capacity.
  • As a result of its reduced ownership, NML is no longer able to nominate a director to TSMC’s Board.
  • TSMC to provide specified operating and financial information to NML.

Robert Patzelt, NML’s President and CEO, commented, “This settlement is the result of a detailed and lengthy review by NML and independent specialists of the costs, strategy, development program and mining operations undertaken by TSMC in respect of the DSO Project, and is accepted by NML. The DSO Project has evolved into a larger-capacity, longer-life operation than as set out in the Joint Venture Agreement between ourselves and Tata Steel, and is the Labrador Trough’s newest supplier to the seaborne iron ore market. This is a significant achievement, especially in light of recent challenges in the capital and in the iron and steel markets. We are pleased to have resolved the cash call issue and be able to continue our partnership with Tata Steel.”
CALGARY, Alberta, Canada (Marketwired – September 16, 2015) – New Millennium Iron Corp. (“NML” or the “Company”) (TSX: NML) (OTCQX: NWLNF) today announced that it will pursue a new development approach to its significant taconite iron ore properties as an extension of the comprehensive feasibility studies already carried out on the Company’s LabMag and KéMag taconite deposits (please see NR 14-04 dated March 27, 2014 and NR 14-06 dated May 13, 2014).In response to the new realities of the macroeconomic environment, NML’s board of directors has approved a strategic initiative involving the re-scoping of a taconite project sized for market entry and at a capital cost that increases the opportunity for investment and development.This latest initiative, called the NuTac Project (“NuTac”), evaluates at the pre-feasibility level development scenarios for the deposits at various production rates, using existing rail infrastructure from the Schefferville/Menihek region now in service for heavy haul trains and connected to the Port of Sept-Îles, Québec, where NML is a participant in a new, state-of-the-art, deep-water dock.NML controls a certified National Instrument 43-101 taconite resource base spread across seven properties, including LabMag and KéMag, located in the Schefferville/Menihek region of Canada’s Labrador Trough. These long-life deposits, some of which are continuous, are all capable of producing high-quality pellets for blast furnace or direct reduced iron applications, or a chemically pure concentrate that can benefit steelmakers as a low-gangue blending ore. The pellet segment carries a price premium in the iron ore market.Robert Patzelt, President and CEO of NML, commented, “Our taconite properties are a tremendous asset and offer steelmakers worldwide a long-term, strategic source of high-quality products. The uniformity of the deposits means that mining, processing and equipment selection know-how from the comprehensive techno-economic work carried out on the LabMag and KéMag deposits is readily transferrable to the other properties, thereby enabling an accelerated development timeframe. Studying the use of existing infrastructure and various production levels through NuTac will complement our earlier work and provide project optionality in response to dynamic market conditions.”
CALGARY, Alberta, Canada (Marketwired – September 2, 2015) – New Millennium Iron Corp. (“NML” or the “Company”) (TSX: NML) (OTCQX: NWLNF) today announced the following open letter to all shareholders:September 2, 2015
AN OPEN LETTER TO THE SHAREHOLDERS OF NEW MILLENNIUM IRON CORP.Dear Shareholder:At our recent Annual General Meeting, New Millennium’s (“NML”) Board of Directors and senior management made a commitment to keeping you informed of our efforts aimed at protecting your interests as well as enhancing the Company’s value.As a sign of this commitment, New Millennium’s Board and management have scheduled a special information session for September 17 2015 at 9:00 (Eastern) in Montreal. We encourage you to participate in person or via our webinar. The meeting details are as follows:
In person: September 17, 2015 @ 9:00 amCentre Mont-RoyalInternational II – 3rd Floor,2200, rue MansfieldMontréal, Québec H3A 3R8
By webinar:To view our online webcast, please go to www.nmliron.com where you will find details to register, or you may participate in the call by dialing:Local Dial-in numbers: 647-427-7450 or 514-807-9895North American Toll Free Number: 1-888-231-8191Conference ID: 28217271
The special information session is primarily intended to provide an update on our recent developments and outline our strategy for unlocking shareholder value – especially within the context of unfavorable market conditions. Central to our discussions will be:
  • our efforts at preserving our strong working capital position;
  • advancing evaluation and effective development of our taconite resources;
  • activities and process on the restructuring our Board of Directors; and
  • an update from Tata Steel, a leading, world class steel company whose strengths have ensured the construction and start of operations at our joint Direct Shipping Ore project.

Even with a backdrop of lower commodity prices and challenging market conditions, New Millennium is very well positioned. We are strategically located in the Labrador iron trough with high-quality deposits. We have a partner in Tata Steel with a significant Canadian iron ore operation. And we have a healthy balance sheet. Combined, we believe these “assets” will not only help us to overcome challenges every mining company is experiencing, but help us to become truly successful as commodity prices recover.For the benefit of recent followers to our company, we elaborate on strategy and recent progress more fully below.
NML’s StrategyNML is fortunate to have assembled an attractive and significant position in Canada’s premier iron ore district, the Labrador Trough. Located in the Schefferville/Menihek region of the Trough, which has a production history, rail and other supporting infrastructure, our projects offer product and geographical market diversification through ores that can be sold as-is, or upgraded to premium fines, concentrate and pellet grades. Given their location, mineralization and product quality opportunities, our holdings have attracted worldwide attention and a substantial commitment from our partner, Tata Steel.NML’s strategy centers on the development of its extensive iron ore holdings into economically successful projects. The foundation for this strategy is built on well planned and executed mineral exploration and analysis, coupled with an experienced and capable management team possessing the expertise to deliver focused project assessment, development, and capital to implement the plan. Your Board looks forward to reporting on our progress in advancing NML’s assets towards production and our plans for the next phase to build shareholder value.
Our Progress and Recent DevelopmentsSince NML’s founding in 2003, a number of significant milestones have been achieved, placing NML in the forefront of the Trough’s emerging miners and well positioned for project development:
  • Completion with successful results of a series of exploration programs to identify direct shipping ore (“DSO”) and taconite reserves and resources to a National Instrument 43-101 standard, thereby confirming NML’s control over a group of long-life deposits.
  • Establishment of a partnership with Tata Steel, leading to the construction and operation of the DSO Project, now one of the three active iron ore producers in the Trough.
  • Comprehensive feasibility studies on the pre-eminent LabMag and KéMag taconite deposits, confirming their viability and that both can support a significant iron ore business.
  • Investments in rail and port infrastructure to underpin long-term reliability and competitiveness of supply.
  • Deeply rooted involvement with the First Nations and other communities in our project areas.
  • Several capital-raisings, enabling NML to be sufficiently funded for advancement of project work during the current market downturn.

In early 2014, NML began a review of its organizational structure and over the course of the year implemented several changes aimed at adapting management, staffing and planning as we transition from exploration to monetization of our resources. These included:
  • Appointment of a new president and CEO, and gradual succession at the vice president level with retention of NML’s historically strong technical, financial and regulatory skill sets and the broadening of our commercial capabilities.
  • Cost rationalization to reduce operating and overhead costs without compromising our property claims, community relations, project evaluation and development, project and contractual obligations.
  • Formal strategic and communications planning.
  • Commencement of Board of Directors’ renewal.

Your Board will Protect the Interests of All Shareholders and Enhance ValueAt our recent Annual General Meeting, some shareholders expressed concern over the composition and size of the Board of Directors.Your Board of Directors now consists of nine directors, five of whom are independent and three are representatives of Tata Steel. These individuals have the skills, knowledge and experience to effectively provide New Millennium with the leadership, governance and strong board oversight that the company’s unique business requires and its shareholders deserve. As importantly, they have earned the trust and respect of shareholders and capital markets participants through proven track records of honest leadership, building businesses, proper stewardship and creating shareholder value.The Board of Directors is now comprised of:
Lee C.G. Nichols, ChairmanMr. Nichols is the Chairman of the NML Board of Directors. He is a founding Director. He has over 52 years of experience in the mining industry.Mr. Nichols has worked for Iron Ore Company of Canada, Syncrude Canada Ltd., and Luscar Limited in various mine engineering capacities. He is currently President and CEO of Terracon Geotechnique Ltd., an Earth Science firm of 180 staff, serving the mining, petroleum and heavy construction sectors.Mr. Nichols received a Bachelor of Science in Engineering (Engineering Geology Option) from Queen's University of Kingston, Ontario, in 1963, and a Master of Science in Geology and Civil Engineering from Syracuse University of Syracuse, New York in 1966. He is a Registered Professional Engineer and Professional Geologist, a Member of the Canadian Geotechnical Society, and a 50 year Member of the Canadian Institute of Mining, Metallurgy and Petroleum.
Robert Patzelt, Q.C., President and CEOMr. Patzelt was appointed President and CEO in January 2014. He brings more than 25 years of operating experience and leadership, corporate development, legal and governmental affairs, governance and risk management in both the manufacturing and natural resources sectors.Mr. Patzelt completed undergraduate degrees in Commerce and in Arts from the University of Alberta and received his Masters in Law from Dalhousie University. He was awarded his Queen’s Counsel in 2005 and has been recognized for his contributions to Canada receiving both the Queen’s Jubilee and Diamond Jubilee Medals.
Kevin BullockMr. Bullock is currently President and CEO of Lindsay Mine Services Ltd., a Toronto, Ontario-based minerals industry consultancy, and is on the boards of directors of B2Gold Corp., Anaconda Mining Inc. and Metallum Resources Inc., where he serves as Chairman.Mr. Bullock has 30 years’ experience in all aspects of the mining industry, having served in operating, marketing and development, and financial roles. From 2003 to 2013, he was President, CEO and a Director of Volta Resources Inc. (previously Goldcrest Resources) and played an instrumental role in its listing on the TSX and eventual sale to B2Gold Corp. in December 2013. He received a B. Eng. in Mining Engineering from Laurentian University in Sudbury, Ontario, and is a member of the Canadian Institute of Mining & Metallurgy as well as the Society of Mining Engineers.
General (Ret.) Rick HillierGeneral (Ret.) Rick Hillier, CMM, MSC, CD is the former Chief of the Defense Staff of the Canadian Forces. He held this appointment from February 4, 2005 until his retirement on July 1, 2008 and is the highest ranking Newfoundland and Labrador officer in history. His awards include Commander of the Order of Military Merit, Meritorious Service Cross, Canadian Forces Decoration and the United States Legion of Honor. General Rick Hillier is also a recipient of the Order of Canada.Mr. Hillier is Chair of TELUS Atlantic Canada Community Board, strategic advisor to TD Bank and the Gowlings LLP, and is a member of Provincial Aerospace’s Advisory Board.General Hillier was appointed as Chancellor of Memorial University of Newfoundland and Labrador, and graduated in 1975 with a Bachelor of Science degree.
John N. SchindlerMr. Schindler has over 40 years of experience in exploration, open pit mining/quarrying and consulting on four continents. His experience includes iron ores, molybdenum, uranium, precious and base metals and industrial minerals.Mr. Schindler worked as a geologist for the Iron Ore Company of Canada and subsequently held middle and senior management positions with Amax Exploration Inc, Western Mines Ltd and Union Oil Company Ltd. Mr. Schindler received a B.Sc (Hon. II) from McGill University, Montreal, Quebec in 1960, a Diploma of Mineral Exploration, Imperial College in 1961 and an M. Sc. in Mining Geology (1963) from the Royal School of Mines, Imperial College, University of London, England. He earned his Ph. D, in Geology in 1975 from McMaster University in Hamilton, Ontario. He is registered as a professional geologist and is a member of the Canadian Institute of Mining and Metallurgy.
Pierre SeccarecciaPierre Seccareccia has extensive experience in financial consulting and management. A Partner of the Coopers & Lybrand accounting firm from 1976 to 1998, he acted as Managing Partner for its Montreal south shore office from 1987 to 1989, for its Montreal central office from 1992 to 1996, and for its offices in the Province of Quebec from 1996 to 1998. Following the merger in 1998 of Coopers & Lybrand with Price Waterhouse, he acted as Managing Partner for the Montreal office of PricewaterhouseCoopers LLP from 1998 to 2001. Since 2003, he has been a full-time director for various public and private entities.Mr. Seccareccia is currently a director of Boralex Inc., Ovivo Inc., WSP Global Inc. and of New Millennium Iron Corp. He is also a director of Ivanhoe Cambridge Inc., the real estate subsidiary of la Caisse de dépôt et placement du Québec. Mr. Seccareccia is a Fellow of the Ordre des comptables professionnels agréés du Québec, a member of the Institute of Corporate Directors (Canada) and of the National Association of Corporate Directors (U.S.). He is a graduate of HEC Montreal.
Sandip BiswasMr. Biswas is currently the Group Director - (Corporate Finance and M&A) for Tata Steel Limited. In this role, he oversees the Tata Steel Group's financing strategies, capital structure, mergers and acquisitions, planning and execution of capital raising activities for both debt and equity, liquidity management, foreign exchange risk management, investor relations activities and corporate/legal affairs among other responsibilities. Mr. Biswas is currently also serving as a Director of various Tata Steel subsidiaries and joint ventures both in India and abroad.Mr. Biswas is a member of the Institute of Chartered Accountants of India and also of the Institute of Company Secretaries of India. He holds a bachelor's degree in Commerce from The University of Calcutta.
Dibyendu BoseMr. Bose was appointed the Group Director (Investments & New Ventures), Tata Steel Ltd., on November 1, 2013, having been with the Tata Steel Group for the last 28 years in various capacities.Mr. Bose is an Engineer from the Indian School of Mines and a Post Graduate from the Indian Institute of Management, Calcutta.
Chanakya ChaudharyMr. Chaudhary joined Tata Steel in 1988 as Graduate Engineer Trainee in the Raw Material Division at Jharia, Dhanbad, India. He is currently the Group Director - Corporate Communication & Regulatory Affairs.Mr. Chaudhary has a Bachelor of Engineering (Honours) in Mechanical Engineering from Biria Institute of Technology & Science (BITS), Pilani, India, and attended the Executive MBA Program at CEDEP, France, the Tata Group Leadership Program conducted by the University of Michigan Ross School of Business, and the Young Managers’ Program at INSEAD, France.Notwithstanding the qualifications, experience and dedication to NML, the Board’s Corporate Governance and Compensation Committee is continuing its process of board renewal and restructuring. This will not only improve an already strong board but have it evolve to provide an added energy, insight and skill set to take NML forward.
Next Steps and OutlookThe September 17th information session represents an opportunity for your Board and management to discuss the next business steps and outlook for NML. We remain encouraged that our advantages – from our strategic location in Quebec and Labrador to the ongoing support of our investors and key stakeholders – will allow the company to succeed as commodity prices eventually recover.We very much look forward to an interactive and productive session with you in what we hope will become an ongoing dialogue.
Yours very truly, on behalf of the NML Board of Directors,Lee Nichols Robert Patzelt, Q.C.Chairman of the Board President and Chief Executive Officer
CALGARY, Alberta, Canada (Marketwired – August 18, 2015) – New Millennium Iron Corp. (“NML” or the “Company”) (TSX: NML) (OTCQX: NWLNF) today announced the appointment of Mr. Kevin Bullock to the Company’s Board of Directors, with effect from August 18, 2015. Mr. Bullock has been appointed as an independent director and brings a wealth of mine development and operating experience.Mr. Bullock is currently President and CEO of Lindsay Mine Services Ltd., a Toronto, Ontario-based minerals industry consultancy, and is on the boards of directors of B2Gold Corp., Anaconda Mining Inc. and Metallum Resources Inc., where he serves as Chairman.Mr. Bullock has 30 years’ experience in all aspects of the mining industry, having served in operating, marketing and development, and financial roles. From 2003 to 2013, he was President, CEO and a Director of Volta Resources Inc. (previously Goldcrest Resources) and played an instrumental role in its listing on the TSX and eventual sale to B2Gold Corp. in December 2013. Earlier in his career, Mr. Bullock was Vice President – Corporate Development, for Kirkland Lake Gold Inc. He received a B. Eng. In Mining Engineering from Laurentian University in Sudbury, Ontario, and is a member of the Canadian Institute of Mining & Metallurgy as well as the Society of Mining Engineers.NML also announced acceptance of the resignation of Mr. H. Dean Journeaux from its Board of Directors, also with effect from August 18, 2015. A co-founder of NML, Mr. Journeaux has served on the Board since 2003, most recently as Executive Vice-Chairman. He remains an advisor to the Company.Lee Nichols, Non-Executive Chairman of NML, commented, “We are very pleased to welcome Kevin Bullock to the NML Board. His international mining, transactional and capital markets experience brings important strengths as we develop commercial strategies for NML’s extensive resource holdings.”Mr. Nichols added, “We thank Dean Journeaux for his many contributions to NML through its evolution over the past twelve years, not only as a Director but also as Chief Operating Officer and later as Chief Executive Officer. Dean applied the highest standards to NML’s exploration, technical and engineering work, while nurturing relationships with all of the Company’s stakeholders. He has energetically moved our projects forward and his expertise continues to be available to us.”“In addition to the appointment announced today, NML continues to progress its Board composition and structure initiative, and further announcements will be made in due course.”
CALGARY, Alberta, Canada (Marketwired – August 11, 2015) – New Millennium Iron Corp. (“NML” or the “Company”) (TSX: NML) (OTCQX: NWLNF) today announced its financial results for the second quarter ended June 30, 2015.The following review of the Company’s financial performance is based on the unaudited Condensed Interim Consolidated Financial Statements and Management’s Discussion and Analysis (“MD&A”), which have been filed on the SEDAR website at www.sedar.com.NML`s principal second quarter activities, two of which involve projects with partner and shareholder Tata Steel Limited, were as follows:On Tata Steel Minerals Canada Ltd.`s (“TSMC”) DSO Project, in which NML is an investor, 1) progress on construction and commissioning of the process plant and ancillary facilities; 2) ramping up of crushed and screened ore shipments; and 3) TSMC equity cash calls that NML has determined not to meet and an impasse in discussions on the dilution of NML`s equity interest.On NML`s Taconite Project, continuation of refinements to the Feasibility Study.At the general NML corporate level: Annual General and Special Meeting results; and, subsequent to the quarter, 1) commencement of Board composition and renewal process; and 2) announcement of planned special information session for shareholders.The Company’s working capital at June 30, 2015 is $23,497,000 (December 31, 2014 - $28,871,000).For the three months ended June 30, 2015, the Company realized a net loss of $1,087,000 ($0.01 per share) compared to a net loss of $1,817,000 ($0.01 per share) for the comparative period in 2014. This loss represents general and administrative expenses of $1,253,000 (2014 - $2,010,000) that was partially offset by investment income of $166,000 (2014 - $186,000). The decrease in this quarter’s general and administrative expenses is mainly due to a decrease in share-based compensation expense from $664,000 in Q2 2014 to $106,000 in Q2 2015.The net loss for the six months ended June 30, 2015, is $2,242,000 ($0.01 per share) compared to a net loss of $3,552,000 ($0.02 per share) for the comparative period in 2014. This loss represents general and administrative expenses of $2,584,000 (2014- $4,044,000) that is partially offset by investment income of $342,000 (2014 - $469,000). The decrease in the period’s general and administrative expenses is mainly due to a decrease in share-based compensation expense to $408,000 from $1,309,000 in the comparative period in 2014.As at June 30, 2015, the Company’s mineral exploration and evaluation assets increased to $60,860,000 from $60,240,000 as of December 31, 2014, or by $620,000. The components of mineral properties at June 30, 2015, were: mineral licenses of $2,630,000, drilling of $32,271,000, resource evaluation of $41,500,000, environmental of $19,581,000, and amortization of property and equipment of $109,000, net of tax credits and mining duties of $12,906,000 and the Tata Steel payments of $22,325,000.
CALGARY, Alberta, Canada (Marketwired – July 20, 2015) – New Millennium Iron Corp. (“NML” or the “Company”) (TSX: NML) (OTCQX: NWLNF) today provided an update on the steps being taken by NML’s Board of Directors (“Board”) and Management in response to the following matters arising out of the Company’s Annual General Meeting (“AGM”) held June 25, 2015, in Toronto:Board Composition and Renewal ProcessThe Company has committed to a special process to address the composition of its Board of Directors. As announced by NML following the AGM, all nine directors proposed for election at the AGM were elected, but a majority of the votes cast were withheld against six of the individuals concerned, namely Lee Nichols, Robert Patzelt, Dean Journeaux, John Schindler, Pierre Seccareccia and General Rick Hillier. In accordance with NML’s Majority Voting Policy previously approved by the shareholders, these individuals offered their resignations to take effect upon acceptance by the Board at a later date as outlined in the Majority Voting Policy.In order for the Board to have a quorum and meet independence requirements, including under NML’s Corporate Governance Guidelines and Board Mandate, and in order to reconstitute the Corporate Governance and Compensation Committee (“CGCC”), the Board unanimously approved the appointment of all of NML’s independent directors to the CGCC, being General Hillier and Messrs. Nichols, Schindler and Seccareccia. At the first meeting of the CGCC after its reconstitution, General Hillier was elected as Chair.The CGCC under its mandate will consider the aforementioned resignations and successor arrangements and make recommendations to the Board. The committee’s work is now in progress. Its mandate includes a review of the Board composition and structure, the continuation of its work regarding the recruitment and selection of potential directors, the determination of whether to accept any director’s offer of resignation, and any transitional requirements resulting therefrom. Additional resources have been provided to the CGCC to facilitate its work, including the appointment of legal counsel and advisors with expertise in process facilitation, board governance and director recruitment.The Board will review and consider the recommendations of the CGCC and publicly disclose the Board’s determinations and resulting actions on or before September 24, 2015.
Special Information Session for ShareholdersIn conjunction with the Board renewal process and in order to respond further on key issues expressed at the AGM, the Company will convene a special information session for shareholders to be attended by the Board, Management and representatives of Tata Steel. The place, date, form and other related general arrangements are still to be determined and will be announced in due course.
CALGARY, Alberta, Canada (Marketwired – June 26, 2015) – New Millennium Iron Corp. (“NML” or the “Company”) (TSX: NML) (OTCQX: NWLNF) today announced the results of the Annual General and Special Meeting of the shareholders of NML held on June 25, 2015 (the “Meeting”). 9 Shareholders holding a total of 90,448,893 common shares of the Corporation were represented at the Meeting in person or proxy, representing approximately 49.96% of the total votes attached to all issued and outstanding common shares of the Corporation as of the record date on May 7, 2015. Voting on all matters at the Meeting were conducted by ballot.At the Meeting, all nine directors proposed for election at the Meeting were elected. Sandip Biswas, Dibyendu Bose and Chanakya Chaudhary were elected by a majority of the votes cast by the shareholders present of represented by proxy at the Meeting. Messrs. Biswas, Bose and Chaudhary will remain in office until the next annual meeting of the shareholders or until his successor is elected or appointed. Lee Nichols, Robert Patzelt, Dean Journeaux, John Schindler, Pierre Seccareccia and General Rick Hillier were also elected as directors of the Corporation at the Meeting. However, a majority of the votes cast at the Meeting were withheld against each of those six individuals.Under the terms of the Corporation’s Majority Voting Policy, any director that has more votes withheld than are voted in favour of him or her must offer their resignation to the Board, to take effect upon acceptance of the Board. Accordingly, Messrs. Nichols, Patzelt, Journeaux, Seccareccia and Hillier offered their resignations effective upon acceptance or rejection by the Board. In accordance with the Majority Voting Policy, the Board will, on the recommendation of the Corporate Governance and Compensation Committee or a special committee of independent directors appointed by the Board, within 90 days following the Meeting, determine whether to accept or reject any resignation offered.Pending a determination with respect to any such resignations, the Board intends to supervise the management of the business affairs of the Corporation in ordinary course. Management of the Corporation, including Robert Patzelt, President and Chief Executive Officer and Mark Freedman Chief Financial Officer, remain focused on the Corporation’s strategic plan.The votes cast by shareholders present in person or represented by proxy at the Meeting for the election of directors were as follows:
VOTES FOR VOTES WITHHELDLee C.G. Nichols 32.09% (13,889,907) 67.91% (29,391,579)Robert Patzelt 32.12% (13,901,690) 67.88% (29,379,796)Dean Journeaux 30.33% (13,127,207) 69.67% (30,154,279)John Schindler 32.02% (13,859,507) 67.98% (29,421,979)Pierre Seccareccia 35.66% (15,432,740) 64.34% (27,848,746)General (Ret.) Rick Hillier 30.26% (13,099,040) 69.74% (30,182,446)Sandip Biswas 76.40% (69,204,286) 23.60% (21,380,108)Dibyendu Bose 70.31% (63,694,265) 29.69% (26,890,129)Chanakya Chaudhary 78.78% (71,359,183) 21.22% (19,225,211)
At the Meeting, the shareholders also approved resolutions re-appointing Raymond Chabot Grant Thornton LLP, Partnership of Chartered Professional Accountants, Montreal, Quebec, as auditors of the Corporation and the confirmation and ratification of By-law No. 1B, which amends the by-laws to support the Direct Registration System for the Corporation’s securities. The motions to approve the unallocated options issuable pursuant to the Corporation’s stock option plan and certain amendments to the Corporation’s Articles were not approved.
CALGARY, Alberta, Canada (Marketwired – June 12, 2015) – New Millennium Iron Corp. (“NML” or the “Company”) (TSX: NML) (OTCQX: NWLNF) announced today that it has received a further equity cash call, approved by the Board of Tata Minerals Steel Canada Ltd. (“TSMC”), to fund certain capital expenses for the DSO and Howse projects (“Projects”) operated by TSMC totaling $60.9 million. Together with the cash call previously announced by NML (please see news release NR 15-04 dated April 10, 2015), the cash calls to date total approximately $83.9 million and cannot be funded in view of the Company’s limited internal cash resources and financing sources available.The cash calls will result in a dilution of the Company’s interest in TSMC from the current 20%. As per the Joint Venture Agreement, NML has a 20% equity interest in TSMC as a free carry up to a threshold of $300 million for certain capital expenditures specified under the Joint Venture Agreement. The previously announced discussions between NML and Tata Steel to review and conclude the dilution process in accordance with the Joint Venture Agreement at this time have reached an impasse.NML’s CEO, Robert Patzelt said, “Discussions between NML and Tata Steel to review and conclude the dilution process have been ongoing, but certain remaining issues between the parties are complex and NML is exploring the next steps that are available to the parties.”
CALGARY, Alberta, Canada (Marketwired – May 14, 2015) – New Millennium Iron Corp. (“NML” or the “Company”) (TSX: NML) (OTCQX: NWLNF) today announced its financial results for the first quarter ended March 31, 2015.The following review of the Company’s financial performance is based on the unaudited Condensed Interim Consolidated Financial Statements and Management’s Discussion and Analysis (“MD&A”), which have been filed on the SEDAR website at www.sedar.com.Progress continued in the first quarter in NML’s principal areas of activity, two of which involve projects being carried out with strategic partner and shareholder Tata Steel Limited.The Direct Shipping Ore Project through a 20% ownership interest in Tata Steel Minerals Canada Ltd. (“TSMC”), operator of the Project during the quarter continued to advance construction of the processing plant and ancillary facilities, and continuation of the operational readiness process. Subsequent to the quarter, TSMC acquired the 49% interest it does not already own in the Howse Joint Venture and the NML Board of Directors decided not to make an additional investment in TSMC that will result in a dilution of its 20% equity interest in TSMC.On NML’s Taconite Project, the next stage of Feasibility Study work continued to make the Project investor and lender ready.At the general NML corporate level, Mr. Chanakya Chaudhary, Tata Steel Limited’s Group Director –Corporate Communications & Regulatory Affairs was appointed to NML’s Board of Directors.The Company’s working capital at March 31, 2015 is $27,578,000 (December 31, 2014 - $28,871,000). The net loss for the three months ended March 31, 2015, is $1,156,000 ($0.01 per share) compared to a net loss of $1,735,000 ($0.01 per share) for the comparative period in 2014. This loss represents general and administrative expenses of $1,331,000 (2014 - $2,034,000) partially offset by investment income of $175,000 (2014 - $282,000). The decrease in the quarter’s general and administrative expenses is mainly due to a decrease in stock-based compensation expense from $645,000 in the 2014 corresponding quarter to $302,000 this quarter.As at March 31, 2015, the Company’s mineral exploration and evaluation assets increased to $60,647,000 from $60,240,000 as of December 31, 2014, or by $407,000. The components of mineral properties at March 31, 2015, were: mineral licences of $2,627,000, drilling of $32,258,000, resource evaluation of $41,054,000, environmental of $19,338,000 and amortization of property and equipment of $109,000. These expenditures are partially offset by tax credits and mining duties of $12,918,000 and the Tata Steel payments on account of their Taconite Project options of $21,821,000.
CALGARY, Alberta, Canada (Marketwired – April 10, 2015) – New Millennium Iron Corp. (“NML” or the “Company”) (TSX: NML) (OTCQX: NWLNF) announced today that its board of directors has decided not to fund an equity cash call of C$23 million, approved by the Board of Tata Minerals Steel Canada Ltd. (“TSMC”), to fund certain capital expenses for the DSO and Howse projects (“Projects”) operated by TSMC. The cash call will result in a dilution of the Company’s interest in TSMC from the current 20%. As per the Joint Venture Agreement, NML has a 20% equity interest in TSMC as a free carry up to a threshold of $300 million for certain capital expenditures specified under the Joint Venture Agreement.NML appointed an independent special committee which carried out an analysis of the confidential historical financial information and forecasts provided by TSMC, a site inspection, and consultation with NML management to evaluate funding of the cash call of the DSO Project and related matters. Several modifications to the DSO Project have occurred, adding volume and scope to the original project concept, while also increasing the capital costs for the DSO Project beyond the C$560 million previously announced (please see news release NR 12-24 dated October 23, 2012). NML management has concluded that funding the requested C$23 million additional investment in the Projects would not be in the best interest of the Company and its shareholders in view of its limited internal cash resources and financing sources available. Furthermore, additional cash calls are expected to be received in the future. NML and Tata Steel are presently in discussions to review and conclude the dilution process in accordance with the Joint Venture Agreement.NML management is of the opinion that continued investment in its taconite properties would be in the best interests of the Company and its shareholders. In this regard, the Company’s current primary focus is on the environmental, social and regulatory steps needed to advance development of the LabMag and KéMag deposits, collectively known as the Taconite Project, under the current agreement with Tata Steel. A secondary focus is to explore the alternatives for development of its other taconite properties which are owned 100% by NML.NML’s CEO, Robert Patzelt said, “The requirement for further investment in the DSO Project is in excess of the financial resources we planned to allocate to the Projects. NML management, TSMC and Tata Steel have worked for a considerable period to assess several alternatives to dilution of its interest in TSMC. However, the parties determined that the only mutually acceptable solution is the dilution that occurs under the terms of the Joint Venture Agreement governing NML’s investment in TSMC. We continue as a partner through our continuing equity interest in TSMC and look forward to further development of the Projects in 2015, including commencement of operations of the plant at the Timmins site.”Mr. Patzelt added, “NML’s decision not to invest further in TSMC is also conditioned by its key strategic focus on the Millennium Iron Range taconite resources, NML’s most important asset. We are encouraged by the market prospects for high quality pellets in blast furnace and more specifically in the rapidly growing direct reduced iron (DRI) production that our taconite properties will be able to service. This is where the Company’s management and financial resources will be concentrated in the future for the best returns to our shareholders.”
CALGARY, Alberta, Canada (Marketwired – April 02, 2015) – New Millennium Iron Corp. (“NML” or the “Company”) (TSX:NML) (OTCQX:NWLNF) announced today that Tata Steel Minerals Canada Limited (“TSMC”), in which NML has a 20% interest, has acquired the remaining 49% interest TSMC does not already own in the Howse Joint Venture, for a total cash consideration of $5 million, by exercising its rights under the terms of the Joint Venture Agreement entered into in September 2013 with Labrador Iron Mines Holdings Limited (“LIM”) for the exploration and development of the Howse iron ore deposit in the Schefferville region of the Labrador Trough in Canada.As previously announced (please see NML NR 13-25 dated September 18, 2013), TSMC and LIM entered into a number of inter-related agreements that included the formation of a joint venture to develop the Howse deposit, which is geographically proximate to TSMC’s Timmins operations. An exploration program was carried out on the Howse Deposit in two phases over 2013 and 2014, and a feasibility study is now in progress.
CALGARY, Alberta, Canada (Marketwired – March 25, 2015) – New Millennium Iron Corp. (“NML” or the “Company”) (TSX:NML) (OTCQX:NWLNF) announced today its financial results for the fourth quarter and year ended December 31, 2014.The following review of the Company’s financial performance is based on the audited Consolidated Financial Statements and Management’s Discussion and Analysis (“MD&A”) for the year ended December 31, 2014, which have been filed on the SEDAR website at www.sedar.com. The Financial Statements have been prepared in accordance with International Financial Reporting Standards.Progress continued in the fourth quarter and year on NML’s projects being carried out with strategic partner and largest shareholder Tata Steel Limited (“Tata Steel”). In addition, there were important organizational changes.The Direct Shipping Ore Project (“DSO Project”) through a 20% ownership interest in Tata Steel Minerals Canada Ltd., owner and operator of the Project: (1) Advancement on construction of the processing plant and ancillary facilities, and start of an operational readiness process; (2) continued development of the crushed and screened ore operation; (3) completion, commissioning and operation of the Genesee & Wyoming’s KéRail spur line servicing the DSO Project; (4) further trial cargo of DSO product to Tata Steel Europe; (5) increased resource estimate based on 2012 drilling program; and (6) completion of exploration on the Howse Joint Venture Deposit and commencement of feasibility study.On NML’s Taconite Project, (1) publication of techno-economic results of Feasibility Study carried out on each of the large LabMag and KéMag deposits: (2) completion and filing on the SEDAR website of National Instrument 43-101 Technical Reports on the feasibility studies; and (3) commencement of next stage of activity to make the Taconite Project investor and lender ready.At the general NML corporate level: (1) Mr. Robert Patzelt succeeding Mr. Dean Journeaux as President and Chief Executive Officer of the Company, and joining the Board of Directors; (2) Mr. Journeaux becoming Executive Vice Chairman; (3) implementation of a human resource restructuring plan; (4) adoption of an advance notice by-law with respect to the election of a director of the Company; and subsequent to the year-end, the resignation of Mr. Koushik Chatterjee from the Board of Directors and the successor appointment of Mr. Chanakya Chaudhary.Other general activity of significance for NML during 2014 included completion of the civil work on the Sept-Îles Port Authority’s new, deep water multi-user dock at Pointe-Noire, Québec; and subsequent to the year-end, delivery and commencement of installation of the dock’s two shiploaders.The Company undertook during the year a strategic review of its mining claims and identified a number of claims which did not present any future economic value. Accordingly, NML has taken an impairment of $4,133,000 on these claims reflecting the expenditures incurred on them, and this amount is recorded in the loss for 2014. The Company currently still has the rights to these claims, but is not expecting to exploit them in the future and their eventual release will not result in any loss to the Company’s resource base.The Corporation’s net loss for the three months ended December 31, 2014, is $5,681,000 ($0.03 per share) compared to a net loss of $1,609,000 ($0.01 per share) for the comparative period in 2013. The most significant items comparing the results of operations in the fourth quarter of 2014 versus the same period in 2013 is an impairment of mineral exploration and evaluation assets of $4,133,000 in Q4 2014 for which there was no such impairment in Q4 2013. Partially offsetting this increase in expenses is a decrease in share-based compensation to $192,000 in Q4 2014 for which the corresponding expense in Q4 2013 is $769,000, a decrease in general and administrative expenses to $1,714,000 in Q4 2014 from $1,761,000 in Q4 2013 and an increase in investment income to $191,000 in Q4 2014 from $120,000 in Q4 2013. The most significant items affecting general and administrative expenses are an increase in office and administrative expenses from $582,000 in Q4 2013 to $984,000 in Q4 2014 and increase in professional fees from $188,000 in Q4 2013 to $383,000 in Q4 2014. The increase in investment income is due to the loan receivable from TSMC which bears interest at US LIBOR + 6.5% per annum.NML’s working capital at December 31, 2014 is $28,871,000, a decrease of $6,420,000 from the December 31, 2013 total of $35,291,000.The Corporation’s net loss for the year ended December 31, 2014, was $10,705,000 ($0.06 per share) compared to a net loss of $7,721,000 ($0.04 per share) for the 2013 fiscal year. This loss includes general and administrative expenses of $7,417,000, (2013 - $8,642,000) and an impairment of mineral exploration and evaluation assets of $4,133,000 (2013 - $Nil), net of investment income of $845,000 (2013 - $684,000). The decrease in the year’s general and administrative expenses is mainly due to a decrease in stock-based compensation expense from $4,063,000 in 2013 to $2,041,000 in 2014 that was partially offset by the decline in service fee revenue from $236,000 in 2013 to $Nil in 2014.As at December 31, 2014, after accounting for the impairment, the Corporation’s mineral exploration and evaluation assets decreased to $60,240,000 from $61,138,000 as of December 31, 2013, or by $898,000. The components of mineral exploration and evaluation assets at December 31, 2014, are: mineral licenses $2,597,000, drilling $32,209,000, resource evaluation $40,280,000, environmental $19,162,000, and amortization of property and equipment $109,000. These expenditures are partially offset by tax credits and mining duties of $12,914,000 and the Tata Steel payments of $21,203,000.
CALGARY, Alberta, Canada (Marketwired – February 11, 2015) – New Millennium Iron Corp. (“NML” or the “Corporation”) (TSX: NML) (OTCQX: NWLNF) today announced the recent appointment of Mr. Chanakya Chaudhary to the Corporation’s Board of Directors. Mr. Chaudhary succeeds Mr. Koushik Chatterjee.Lee Nichols, Non-Executive Chairman of NML, commented, “We are very pleased to have Mr. Chaudhary join our board. His experience in Tata Steel raw materials and with establishing best practices across the Tata Group brings important guidance as we continue to advance our projects.”Mr. Nichols added, “We thank Mr. Chatterjee for his contributions to our Board over the past year and wish him all the best with his diverse responsibilities in the Tata Group.”Mr. Chaudhary joined Tata Steel in 1988 as Graduate Engineer Trainee in the Raw Material Division at Jharia, Dhanbad, India. After working in various capacities in the Raw Material Division, he was transferred to the Total Quality Management and Business Excellence Group at Jamshedpur, India, where he was responsible for working with various divisions of Tata Steel to obtain ISO-9000 certification among other initiatives of employee involvement. He then headed Tata Steel’s Corporate Affairs office in New Delhi, India as Chief Resident Executive and, on November 1, 2013, was appointed to his present role as Group Director - Corporate Communication & Regulatory Affairs.Mr. Chaudhary is a Bachelor of Engineering (Honours) in Mechanical Engineering from Biria Institute of Technology & Science (BITS), Pilani, India, and attended the Executive MBA Program at CEDEP, France, the Tata Group Leadership Program conducted by the University of Michigan Ross School of Business, and the Young Managers’ Program at INSEAD, France.

Prior to 2015