New Millennium Iron Corp Welcomes Quebec Agreement-in-Principle Regarding TSMC’s DSO Project
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.”
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