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CALGARY, ALBERTA -- (Marketwired) -- 05/11/16 -- New Millennium Iron Corp. ("NML" or the "Company") (TSX:NML) announced today
that it received only by e-mail late May 9, 2016 a document from the Port of Sept-Iles (the "Port") purporting to be a "Notice of
Delivery of Operational Multi-User Dock Facilities" which, among other things, states that it considers that the port facilities
have been "delivered and are operational" and that the Company's take or pay obligations under the July 2012 contract (the
"Contract") with the Port are now in effect (see NR 12-17 dated July 18, 2012).
The Company has numerous grievances related to the Port`s compliance with and performance under the Contract. Further, the
Company does not currently have legal or physical access to the Multi-User Dock Facilities, nor has it been provided information as
to when (if ever) it will have such access.
The Company has advised the Port that it considers this purported notice to be inappropriate, without effect and invalid and
that it reserves any and all of its rights and recourses against the Port and any other parties. The Company has engaged counsel to
advise as to the steps that may be pursued to protect its interests and those of its shareholders with respect to this recent
development unilaterally taken by the Port against NML and other prospective port facility users, without the appropriate authority
under the Contract and without any advance warning or discussion.
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 Quebec, in the Menihek
Region around Schefferville, Quebec. The Company's project areas are connected via a well-established, heavy-haul rail network to
the Port of Sept-Iles, Quebec, where NML is among a group of companies that has advanced funds to secure capacity at 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 KeMag - 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, www.tatasteelcanada.com and
www.tatasteel.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.
Forward-Looking Statements
This news release contains certain forward looking statements and forward looking information (collectively referred to herein
as "forward looking statements") within the meaning of applicable Canadian securities laws. All statements other than statements of
present or historical fact are forward looking statements. Forward looking information is often, but not always, identified by the
use of words such as "could", "should", "can", "anticipate", "expect", "believe", "will", "may", "projected", "sustain",
"continues", "strategy", "potential", "projects", "grow", "take advantage", "estimate", "well positioned" or similar words
suggesting future outcomes. In particular, this news release may contain forward looking statements relating to future
opportunities, business strategies, mineral exploration, development and production plans and competitive advantages.
The forward looking statements regarding the Company are based on certain key expectations and assumptions of the Company
concerning anticipated financial performance, business prospects, strategies, regulatory developments, exchange rates, tax laws,
the sufficiency of budgeted capital expenditures in carrying out planned activities, the availability and cost of labour and
services and the ability to obtain financing on acceptable terms, the actual results of exploration and development projects being
equivalent to or better than estimated results in technical reports or prior activities, and future costs and expenses being based
on historical costs and expenses, adjusted for inflation, all of which are subject to change based on market conditions and
potential timing delays. Although management of the Company considers these assumptions to be reasonable based on information
currently available to them, they may prove to be incorrect.
By their very nature, forward looking statements involve inherent risks and uncertainties (both general and specific) and risks
that forward looking statements will not be achieved. Undue reliance should not be placed on forward looking statements, as a
number of important factors could cause the actual results to differ materially from the beliefs, plans, objectives, expectations
and anticipations, estimates and intentions expressed in the forward looking statements, including among other things: inability of
the Company to continue meet the listing requirements of stock exchanges and other regulatory requirements, general economic and
market factors, including business competition, changes in government regulations or in tax laws; general political and social
uncertainties; commodity prices; the actual results of exploration, development or operational activities; changes in project
parameters as plans continue to be refined; accidents and other risks inherent in the mining industry; lack of insurance; delay or
failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting the
Company; timing and availability of external financing on acceptable terms; conclusions of, or estimates contained in, feasibility
studies, pre-feasibility studies or other economic evaluations; and lack of qualified, skilled labour or loss of key individuals;
as well as those factors detailed from time to time in the Company's interim and annual financial statements and management's
discussion and analysis of those statements, along with the Company's annual information form, all of which are filed and available
for review on SEDAR at www.sedar.com. Readers are cautioned that the foregoing list is not exhaustive.
The forward looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The
forward looking statements included in this news release are made as of the date of this news release and the Company does not
undertake and is not obligated to publicly update such forward looking statements to reflect new information, subsequent events or
otherwise unless so required by applicable securities laws.
With respect to the disclosure of historical resources in this news release that are not currently in compliance with National
Instrument 43-101, a qualified person has not done sufficient work to classify the historical estimate as current mineral resources
or mineral reserves, the Company is not treating the historical estimate as current mineral resources or mineral reserves and the
historical estimate should not be relied upon.
Contacts:
New Millennium Iron Corp.
Robert Patzelt, Q.C.
President & Chief Executive Officer
(514) 935-3204 ext. 370
New Millennium Iron Corp.
Ernest Dempsey
Vice-President, Investor Relations and Corporate Affairs
(514) 935-3204 ext. 349
New Millennium Iron Corp.
Andreas Curkovic
Investor Relations
(416) 577-9927