New Millennium Iron Corp. Announces the Completion of Drilling for the Year 2012 and Additional Drilling Results for Howells ...

NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

New Millennium Iron Corp. ("NML" or the "Corporation") (TSX:NML) announced today
the completion of drilling for the year 2012. Drilling was carried out at
several of its properties in the Millennium Iron Range ("MIR") (see Table 1 for
details). The program started on March 2 and was completed on October 22, 2012.
During this period 153 holes were drilled for a total of 17,312.6 m. The areas
drilled in 2012 are shown in Figure 1. Additional drill results of the Howells
Lake area (see Table 2), comprising the 100% NML owned Howells Lake property and
the 80% (1) owned Howells River North, now confirm that this area is a
stratigraphic continuation of the LabMag deposit and connects to the KeMag
deposit in Quebec. The combined area of Howells River North and Howells Lake is
24.5 km2 with varying thicknesses due to a low angle thrust fault in the east
side.


(1) Naskapi Labmag Trust through LabMag Limited Partnership (LLP) owns the other
20%.




Table 1                                                                     
                                                                            
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Property/Area                           Location  No. of holes       Total m
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Perault Lake                                 MIR            48       3,890.8
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Sheps Lake                                   MIR            23       1,920.1
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Howells River N                              MIR            10       1,114.5
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Howells Lake                                 MIR            43       6,561.7
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KeMag East                                   MIR            24       3,315.5
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Lac Keough                           East of MIR             1         102.0
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Lac Therese                          East of MIR             1         102.0
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Wishart Creek                        East of MIR             3         306.0
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Total                                                      153      17,312.6
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Dean Journeaux, President and CEO of NML, said, "These results are very exciting
because they confirm the presence of continuous mineralization from Perault Lake
to KeMag, for an impressive strike length of 60 km. Not only is this a
significant increase in the extent of mineralization but the quality is high and
comparable to that of the LabMag and KeMag mineralization. Our exploration
program continues to deliver promising results, and we now see that the Howells
Lake area along with Sheps and Perault all have the potential to become major
deposits in their own right. That would not only considerably increase our
significant resource base, but also provide us with future development and
operating options. We have also drilled on the east side of KeMag deposit in
order to delineate a larger mineralized zone in that area. We will continue to
issue drill results as they become available, and we plan to publish a NI 43-101
compliant resource estimate in Q1, 2013."


Summary of 2012 Drill Program:

Sheps Lake and Perault Lake area (previously reported in news release NR 12-23,
dated October 3, 2012):

The combined total area of both Sheps Lake and Perault Lake is approximately
17.25 km2 with an average thickness of 60 m, where the taconite is un-altered
giving excellent Davis Tube concentrate ("DTC") recoveries with very low
concentrate silica values (less than 2.00%) and high Fe values (greater than
70.00%). The results from these properties indicate that the taconite is
particularly suitable for production of direct reduction ("DR") grade pellet
feed. 


Howells River North and Howells Lake (drill hole locations are shown in the
attached Figure 2):

The area outlined for drilling, based on the 2010 airborne magnetic survey, is
approximately 7.0 km long and 3.5 km wide. In 2006, NML drilled one hole in the
central part of the region, which indicated likelihood of the continuity of the
stratigraphic units (see news release NR 11-25, dated August 11, 2011). Drill
results now confirm that the taconite occurring in this area is a stratigraphic
continuation of the LabMag deposit and connects to the KeMag deposit in QC. 


The mineralized material occurs on either side of the Howells River. On the west
side of the Howells River, the mineralized material occurs in a single
relatively flat lying stratigraphic sequence similar to the LabMag and KeMag. On
the east side, the sequence is repeated due to a low angle thrust fault, which
pushed up a complete sequence of economic layers (LC to LRGC) and the underlying
waste layers of LIF, RF and Quartzite over the LabMag band. Potentially, this
has increased the iron bearing strata thickness by 2 to 2.5 times. However, this
structural condition requires the removal of additional wastes in this area.
Three cross sections 17, 21 and 25 from Howells Lake area with 6, 7 and 8 drill
holes respectively are shown in Figures 3, 4 and 5. 


KeMag East: 

The 2010 airborne magnetic survey outlined an anomaly approximately 13 km long
and 1 km wide on the east side of Lac Harris and Lac Gillespie. This area
represents a folded and faulted sequence of the taconite formation separated by
a thrust fault from KeMag Deposit. Twenty four (24) holes for a total of 3,315.5
m were drilled this fall in this area. The logging and magnetic susceptibility
measurements of the drill cores indicate the presence of magnetic taconite of
substantial size. The drill core assay results are awaited. 


Other Properties

Only a limited amount of drilling was carried out in 2012 to explore the
taconite potential at Lac Keough, Lac Therese and Wishart Creek. The results of
analysis are awaited. 


Drill Results:

Table 2 provides the average drill core analysis and assay results received to
date. (Refer to Figure 2 - Drill hole location plan). The Table includes drill
core results from Howells River North and Howells Lake areas, using a DTWR
cut-off of 18.00%. 




Table 2                                                                     
                                                                            
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                                        Total        Concentrate Concentrate
Hole No.           Section  Interval m    Fe%  DTWR%         Fe%       SiO2%
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Howells River North                                                         
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12HR1283D               01        40.0  30.19  29.26       70.43        2.20
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12HR1285D               01        64.0  32.60  30.10       70.36        2.16
----------------------------------------------------------------------------
12HR1286D               01       103.4  31.07  23.70       70.12        1.75
----------------------------------------------------------------------------
12HR1287D               09        21.8  28.09  27.40       70.44        1.97
----------------------------------------------------------------------------
12HR1288D               09        47.4  32.41  32.80       68.81        3.16
----------------------------------------------------------------------------
12HR1289D               09       109.1  30.65  32.74       69.70        2.27
----------------------------------------------------------------------------
12HR1302D               09        43.5  30.89  32.57       69.73        2.91
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Howells Lake                                                                
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12HR1290D               13        71.7  31.41  31.85       70.33        1.97
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12HR1313D               17       245.2  30.85  32.51       69.23        3.20
----------------------------------------------------------------------------
12HR1314D               17       181.9  31.35  32.50       69.62        2.44
----------------------------------------------------------------------------
12HR1316D               17        94.2  30.10  31.84       70.05        2.29
----------------------------------------------------------------------------
12HR1304D               17        99.0  31.11  32.60       70.63        1.74
----------------------------------------------------------------------------
12HR1292D               17        40.5  30.73  33.20       69.21        3.12
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12HR1309C               21       160.0  29.83  25.14       69.32        3.05
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12HR1309B               21        34.7  28.68  22.23       68.29        3.86
----------------------------------------------------------------------------
12HR1306D               21       108.5  31.89  33.38       68.59        3.71
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12HR1307D               21        38.2  33.43  22.02       68.88        2.64
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12HR1301D               21        75.6  31.63  31.46       70.13        2.19
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12HR1293D               21        24.2  30.87  33.20       69.54        2.81
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12HR1294D               21         8.3  28.55  22.50       70.28        2.36
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12HR1308D               25       214.0  30.07  28.10       69.79        2.90
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12HR1305D               25       110.0  29.31  29.06       69.36        3.37
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12HR1311D               25       105.9  27.72  28.14       68.20        3.63
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12HR1303D               25        30.0  27.41  23.40       66.37        6.56
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12HR1310D               25        95.3  29.33  29.01       69.94        2.22
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12HR1295D               25        28.4  31.75  29.57       70.29        2.15
----------------------------------------------------------------------------
12HR1296D               25        15.3  28.25  24.01       70.32        2.37
----------------------------------------------------------------------------



The half drill core samples, on average 6 meters in length were sent to Midland
Research Center ("MRC"), an Independent Laboratory at Nashwauk, Minnesota, USA
for testing and analysis. The core is assayed for total iron. The magnetite
concentrate is produced using the Davis Tube method and given as Davis Tube
Weight Recovery percent ("DTWR%"). The magnetite concentrate is assayed for iron
and silica. Some selected samples will be analyzed for other elements. Based on
the drill core analysis received to date, the Howells River North taconite
averages 31.09% Fe with 29.56% DTWR. The Davis Tube concentrate averages 69.91%
Fe and 2.27% SiO2. The Howells Lake taconite averages 30.38% Fe with 29.89%
DTWR. The Davis Tube concentrate averages 69.46% Fe and 2.89% SiO2. 


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 and Tata Steel Limited, one of the largest steel producers
in the world, are advancing a DSO Project to near term production. Tata Steel
Limited owns approximately 26.5% of New Millennium and is the Corporation's
largest shareholder and strategic partner. 


Tata Steel 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). The DSO Project is owned and operated by TSMC, which in
turn is 80% owned by Tata Steel and 20% owned by NML. The DSO project contains
64.1 million tonnes of Proven and Probable Mineral Reserves at an average grade
of 58.8% Fe, 21.0 million tonnes of Measured and Indicated Mineral Resources at
an average grade of 59.2% Fe, 10.3 million tonnes of Inferred Resources at an
average grade of 58.3% Fe and about 25.0 - 30.0 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, news release 10-12 dated July 8, 2010 and
news release 12-14, dated May 31, 2012).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 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); KeMag 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). Tata Steel also exercised its exclusive right to negotiate
and settle a proposed transaction in respect of the LabMag Project and the KeMag
Project (see news release 11-09 dated March 6, 2011).


The Millennium Iron Range now hosts another taconite deposit, Lac Ritchie
located at its north end. The initial 2011 drilling of 40 holes in this property
revealed Indicated Resources of 3.330 billion tonnes at an average grade of
30.3% Fe and 1.437 billion tonnes of Inferred Resources at 30.9% Fe (see news
release NR 12-11, dated April 02, 2012).


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.com,
www.tatasteelcanada.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.


To view Figure 1, click the following link:
http://media3.marketwire.com/docs/nmlfig1.pdf


To view Figure 2, click the following link:
http://media3.marketwire.com/docs/nmlfig2.pdf


To view Figures 3-5, click the following link:
http://media3.marketwire.com/docs/nml35.pdf 


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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
New Millennium Iron Corp.
Dean Journeaux
President & CEO
[phone]


New Millennium Iron Corp.
Andreas Curkovic
Investor Relations
[phone]