New Millennium Iron Corp.
TSX VENTURE : NML
November 15, 2011 07:00
ET
New Millennium Announces Signing by TSMC of an
Impact and Benefit Agreement with the Innu Nation of Labrador.
CALGARY, ALBERTA--(Marketwire
- Nov. 15, 2011) -
Not for Distribution to US newswire
services or dissemination in the United States.
New Millennium Iron Corp. ("NML" or the
"Corporation") (TSX VENTURE:NML) announced today the signing of an Impact and
Benefit Agreement (IBA) between Tata Steel Minerals Canada (TSMC), a joint
venture between NML and Tata Steel, and Innu Nation (IN) of Labrador. The "life
of mine" agreement promotes and governs a mutually beneficial development of
TSMC's direct shipping iron ore (DSO) project located in western Labrador and
north eastern Quebec, near Schefferville, Quebec.
The IBA establishes the processes and sharing of
benefits that will ensure an ongoing positive relationship with all affected
First Nations. In return for their consent and support of TSMC's DSO project,
IN
will benefit through training, employment, business opportunities and financial
participation in the project. The IBA also commits TSMC to implement the
project
in a manner that safeguards the environment and provides the IN with social and
cultural protection.
The IBA was signed in Montreal by IN Chief
Joseph Riche and Rajesh Sharma, Managing Director and CEO of TSMC. NML's
President and CEO Dean Journeaux was also present. The agreement with IN is the
third one of four such IBAs that are in the process of being concluded. An IBA
with the Naskapi Nation was announced on June 10, 2010 and with the Nation Innu
Matimekush-Lac John (NIMLJ) on June 8, 2011. TSMC has also signed an Agreement
in Principle (AIP) with Innu Takuaikan Uashat mak Mani Utenam (ITUM) of
Sept-Iles, Quebec.
Partha Sengupta, Chairman of TSMC, said "This
IBA is the result of a continuous dialogue with the Innu Nation over several
years by TSMC and its partner NML. The parties have worked diligently to arrive
at a mutually beneficial agreement by respecting each other's cultures and
aspirations. We appreciated the support provided by the Government of
Newfoundland and Labrador and the Federal Ministry of Indian and Northern
Affairs to set the stage for the agreements."
Dean Journeaux, NML's President and CEO, said,
"We are pleased that we now have agreements with all affected First Nations,
with whom we have cultivated excellent relationships. NML and Tata Steel are
currently working on the Feasibility Study for the Taconite project. We are
looking forward to continue our good working relationship with First Nations to
achieve their aspirations."
About New Millennium
The Corporation controls the emerging Millennium
Iron Range, located in the Province of Newfoundland and Labrador and in the
Province of Quebec, which holds one of the world's largest undeveloped magnetic
iron ore deposits. In the same area, the Corporation is also advancing its DSO
Project to near term production. Tata Steel Limited, one of the largest steel
producers in the world, owns approximately 27% of New Millennium and is the
Corporation's largest shareholder and strategic partner.
Tata Steel has exercised its exclusive option to
participate in the DSO Project and has a commitment to take the resulting
production (see news release 10-16 dated September 14, 2010). Tata Steel also
has exercised its exclusive right to negotiate and settle a proposed
transaction
in respect of the LabMag Project and the KéMag Project (see news release 11-09
dated March 6, 2011).
The Millennium Iron Range currently hosts two
advanced projects: LabMag contains 3.5 billion tonnes of Proven and Probable
reserves at a grade of 29.6% Fe plus 1.0 billion tonnes of Measured and
Indicated resources at an average grade of 29.5% Fe and 1.2 billion tonnes of
Inferred resources at an average grade of 29.3% Fe (see news release 06-13
dated
July 5 2006 and news release 07-11 dated July 17, 2007); KéMag contains 2.1
billion tonnes of Proven and Probable reserves at an average grade of 31.3% Fe,
0.3 billion tonnes of Measured and Indicated resources at an average grade of
31.3 % Fe and 1.0 billion tonnes of Inferred resources at an average grade of
31.2% Fe (see news release 09-01 dated January 16, 2009).
NML's DSO project contains 64.1 million tonnes
of Proven and Probable Mineral Reserves at an average grade of 58.8% Fe, 8.1
million tonnes of Measured and Indicated Mineral Resources at an average grade
of 58.8% Fe, 7.2 million tonnes of Inferred Resources at an average grade of
56.8% Fe and about 40.0 - 45.0 million tonnes of historical resources that are
not currently in compliance with NI 43-101 (see news release 09-03 dated
February 11, 2009, news release 09-05 dated March 4, 2009, news release 09-16
dated December 9, 2009 and news release 10-12 dated July 8, 2010). A qualified
person has not done sufficient work to classify the historical estimate as
current mineral resources or mineral reserves, the Corporation is not treating
the historical estimate as current mineral resources or mineral reserves and
the
historical estimate should not be relied upon.
The Corporation's mission is to add shareholder
value through the responsible and expeditious development of the Millennium
Iron
Range and other mineral projects to create a new large source of raw materials
for the world's iron and steel industries. For further information, please
visit www.NMLiron.com, www.tatasteel.comand www.tatasteeleurope.com.
Dean Journeaux, Eng. is the Qualified Person as
defined in National Instrument 43-101 who has reviewed and verified the
scientific and technical disclosure contained in this news release.
Forward-Looking Statements
This document may contain "forward-looking
statements" within the meaning of Canadian securities legislation and the
United
States Private Securities Litigation Reform Act of 1995 These forward-looking
statements are made as of the date of this document and the Corporation does
not
intend, and does not assume any obligation, to update these forward-looking
statements.
Forward-looking statements relate to future
events or future performance and reflect management of the Corporation's
expectations or beliefs regarding future events and include, but are not
limited
to, statements with respect to the estimation of mineral reserves and
resources,
the realization of mineral reserve estimates, the timing and amount of
estimated
future production, costs of production, capital expenditures, success of mining
operations, environmental risks, unanticipated reclamation expenses, title
disputes or claims and limitations on insurance coverage. In certain cases,
forward-looking statements can be identified by the use of words such as
"plans", "expects" or "does not expect", "is expected", "budget", "scheduled",
"estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or
"believes", or variations of such words and phrases or statements that certain
actions, events or results "may", "could", "would", "might" or "will be taken",
"occur" or "be achieved" or the negative of these terms or comparable
terminology. By their very nature forward-looking statements involve known and
unknown risks, uncertainties and other factors which may cause the actual
results, performance or achievements of the Corporation to be materially
different from any future results, performance or achievements expressed or
implied by the forward-looking statements. Such factors include, among others,
risks related to actual results of current exploration activities; changes in
project parameters as plans continue to be refined; future prices of resources;
possible variations in ore reserves, grade or recovery rates; accidents, labour
disputes and other risks of the mining industry; delays in obtaining
governmental approvals or financing or in the completion of development or
construction activities; as well as those factors detailed from time to time in
the Corporation's interim and annual financial statements and management's
discussion and analysis of those statements, all of which are filed and
available for review on SEDAR at www.sedar.com.
Although the Corporation has attempted to identify important factors that could
cause actual actions, events or results to differ materially from those
described in forward-looking statements, there may be other factors that cause
actions, events or results not to be as anticipated, estimated or intended.
There can be no assurance that forward-looking statements will prove to be
accurate, as actual results and future events could differ materially from
those
anticipated in such statements. Accordingly, readers should not place undue
reliance on forward looking statements.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS
REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE
TSX
VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS
RELEASE.
Contact Information
*
New Millennium Iron Corp.
Dean Journeaux
President & CEO
(514) 935-3204
New
Millennium Iron Corp.
Andreas Curkovic
Investor Relations
(416)
577-9927
