New Millennium Iron Corp. Announces Voluntary Delisting from the OTCQX
CALGARY, Alberta, Canada (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.
About New Millennium
The Company is a Canadian iron ore development company with an extensive property position in Canada’s principal iron ore district, the Labrador Trough, straddling the Province of Newfoundland and Labrador and the Province of Québec, in the Menihek Region around Schefferville, Québec. The Company’s project areas are connected via a well-established, heavy-haul rail network to the Port of Sept-Îles, Québec, where the Company is among the investors in a new deep-water iron ore loading dock.
In addition to having a management team experienced with the technical, environmental and commercial aspects of Labrador Trough ores, the Company is in a strategic partnership with Tata Steel, a global steel producer and industry leader. Tata Steel owns approximately 26.2% of the Company and is the Company’s largest shareholder.
Together through Tata Steel Minerals Canada Ltd., which is owned 94% by Tata Steel and 6% by the Company, the two companies have developed a direct shipping ore (“DSO”) project that is producing and shipping sinter fines.
Beyond the DSO project, the Company offers further development potential through seven, long-life taconite properties capable of producing high quality pellets and pellet feed to service the requirements of steel makers with either blast furnace or direct reduced iron making operations. Two of these deposits — LabMag and KéMag – were the subject of large-scale development feasibility studies carried out by the Company and Tata Steel and published in March 2014.
With these feasibility study results as a foundation and all seven taconite properties now explored to a NI 43-101 compliant resource, the Company can optimize its taconite development strategy and is currently focused on a smaller market entry project.
For further information, please visit www.NMLiron.com
Robert Patzelt, Q.C.
President & Chief Executive Officer
Tel: (514) 935-3204 ext. 370
Vice-President, Investor Relations
and Corporate Affairs
Tel: (514) 935-3204 ext. 349
Tel: (416) 577-9927