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CALGARY, ALBERTA–(Marketwire – Dec. 8, 2011) – New Millennium Iron Corp. (“NML” or the “Corporation”) (TSX:NML) announced today additional drill core assay results from its 100% owned Lac Ritchie property. The drilling on this property was completed on October 11, 2011 and during that period 40 holes for a total of 3,800 m were drilled. The assay results received to date represent 15 out of 40 holes drilled at Lac Ritchie.
Dean Journeaux, President and CEO of NML, said, “The results are similar to those obtained at LabMag and KéMag and continue the trend that we expect based on the results of aero magnetic surveys of NML’s Millennium Iron Range. This further demonstrates the potential for hosting a very large magnetic taconite deposit at Lac Ritchie. The area covers 30 square kilometers of magnetic mineralization. For comparison, the combined KéMag and LabMag deposits have an area of 40 square kilometres. Based on the 40 holes drilled to date, they average a thickness of 50 meters of magnetic mineralized formation. We will report the results from the remaining holes, as we receive them.”
Table 1 provides the test analysis and assay results received to date from 15 of 40 holes drilled (for location, refer to Figure 1). The average thickness of the magnetic mineralized formation of these 15 holes is 43 meters.
TABLE 1
| Hole No. | From (m) |
To (m) |
Interval (m) | Total Fe% |
DTWR % |
Concentrate Fe% |
Concentrate SiO2% |
| 11LR1001D | 3.5 | 62.4 | 58.90 | 29.12 | 30.59 | 68.18 | 3.81 |
| 11LR1002D | 10.2 | 92.5 | 82.30 | 31.82 | 33.22 | 67.63 | 4.41 |
| 11LR1003D | 23.8 | 65.3 | 41.50 | 30.44 | 28.49 | 67.86 | 3.87 |
| 11LR1004D | 4 | 69 | 65.00 | 32.75 | 27.41 | 67.91 | 4.59 |
| 11LR1005D | 13 | 72.3 | 59.30 | 32.58 | 27.54 | 68.23 | 4.17 |
| 11LR1007D | 4 | 61.5 | 57.50 | 30.71 | 31.97 | 68.44 | 3.97 |
| 11LR1008D | 2.5 | 48.2 | 45.70 | 31.70 | 29.95 | 69.32 | 3.13 |
| 11LR1009D | 5 | 53 | 48.00 | 31.70 | 30.69 | 66.79 | 5.50 |
| 11LR1010D | 4 | 17.2 | 13.20 | 30.46 | 34.14 | 66.41 | 3.40 |
| 11LR1012D | 1.7 | 50 | 48.30 | 29.57 | 29.64 | 67.36 | 4.28 |
| 11LR1013D | 3.8 | 42 | 38.20 | 31.28 | 27.98 | 67.86 | 3.91 |
| 11LR1014D | 3.5 | 57.3 | 53.80 | 29.16 | 32.94 | 65.70 | 6.53 |
| 11LR1016D | 1.8 | 8.9 | 7.10 | 23.02 | 25.37 | 67.27 | 4.10 |
| 11LR1017D | 2.00 | 3.10 | 1.10 | 24.19 | 21.00 | 70.53 | 2.42 |
| 11LR1022D | 5.5 | 26.8 | 21.30 | 28.70 | 24.70 | 68.30 | 3.44 |
The drill core samples, half cores, on average 6 meters long, were sent on a regular basis to Midland Research Center Laboratory (“MRC”) at Nashwauk, Minnesota, USA (MRC is an independent laboratory ) for analysis and testing. The core is assayed for Total Iron and the magnetite concentrate is produced using the Davis Tube and given as Davis Tube Weight Recovery percent (DTWR %). The magnetite concentrate is analyzed for iron and silica. Some selected samples will be assayed for other elements. Based on drill core analyzed to date, the Lac Ritchie taconite currently averages 30.86% Fe with 30.05% DTWR. The Davis Tube concentrate averages 67.74% Fe and 4.35% SiO2. One section (05) with 3 drill holes intersecting the economic LC unit with average test and assay results is shown in Figure 2.
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 visitwww.NMLiron.com, www.tatasteel.com and www.tatasteeleurope.com.
Dean Journeaux, Eng., and Thiagarajan Balakrishnan, P. Geo., are the Qualified Persons as defined in National Instrument 43-101 who have reviewed and verified the scientific and technical mining disclosure contained in this news release.
