New Millennium Iron Corp.: Announcing Special Meeting
CALGARY, Alberta, Canada (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.
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