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Share Name | Share Symbol | Market | Type |
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New Millennium Iron Corp. | TSXV:NML | TSX Venture | Common Stock |
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NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES New Millennium Capital 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 Nation Innu Matimekush-Lac John (NIMLJ). The "life of mine" agreement promotes and governs a mutually beneficial development of New Millennium's direct shipping iron ore (DSO) project located in western Labrador and north eastern Quebec, near Schefferville, Quebec. NML also announces the start of mobilization to commence construction during this summer. 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 NML's DSO project, the First Nations will benefit through training, employment, business opportunities and financial participation in the project. The IBA also commits the Corporation to implement the project in a manner that safeguards the environment and provides the NIMLJ with social and cultural protection. The IBA was signed in Schefferville by NIMLJ Chief Real McKenzie and Rajesh Sharma, Managing Director and CEO of TSMC. NML's Chief Operating Officer, Dean Journeaux was also present. The agreement with NIMLJ is the second one of four such IBAs that are in the process of being concluded. Negotiations with two other affected First Nations, namely Innu Takuaikan Uashat mak Mani Utenam (ITUM) of Quebec and the Innu Nation from Labrador are currently in progress. An IBA with the Naskapi Nation was announced on June 10, 2010. Partha Sengupta, Chairman of TSMC, said "This IBA is the result of a continuous dialogue with the NIMLJ 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 Quebec, the Government of Newfoundland and Labrador and the Federal Ministry of Indian and Northern Affairs to set the stage for the agreements." NML also today provided an update on the progress of the DSO Project. An engineering, procurement and construction management contract (EPCM) was awarded by TSMC in April, 2011 to AECOM Technology Corporation (AECOM), Montreal, Quebec. Detailed engineering and procurement of long delivery equipment is in progress. A 192 person modular camp for the Timmins Plant and Mine site has been procured. The first shipment of modules has arrived in Sept-Iles. The construction of the camp is planned to start this month. Robert Martin, NML's President and CEO, said "The progress of the DSO Project toward planned production has been excellent. The establishment of the camp, which will first house the construction crew, is the foundation on which further progress will be made. It is an important milestone towards achieving our objective to bring the mine into production by the second half of 2012 and we are working closely with TSMC and AECOM to reach this goal." About NIMLJ NIMLJ has now a population of over 800 persons living on two reserves in the vicinity of Schefferville, Quebec. The Schefferville region is at the heart of the traditional lands of the NIMLJ. For a variety of reasons they were obliged to settle elsewhere, but they returned to Schefferville permanently when the mines were opened in the mid 1950s and they remained there when the mines closed, in 1982. NIMLJ is in the process of resolving its claims with the governments of Canada, Quebec and Newfoundland and Labrador. 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 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, one of the top 10 steel producers of the world, owns approximately 27.1% 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 KeMag 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); 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). 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 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.nmlresources.com, www.tatasteel.com and 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 mining 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.
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