AGREEMENT: New Millennium, TSMC ink impact and benefit pact

QUEBEC - New Millennium Iron Corp. (NML) of Calgary announced the signing of an impact and benefit agreement between Tata Steel Minerals Canada (TSMC) - a joint venture between NML and Tata Steel - and Innu Takuaikan Uashat mak Mani Utenam (ITUM) of Sept-Îles. The life-of-mine agreement promotes and governs a mutually beneficial development of TSMC's direct shipping iron ore (DSO) project located in north eastern Quebec and western Labrador, near Schefferville, Quebec.

The IBA establishes the processes and sharing of benefits that will ensure an ongoing positive relationship between the parties. In return for their consent and support of the iron ore project, ITUM will benefit through training, employment, business opportunities and financial participation in the project.

The IBA was signed on Feb. 9, 2012, at Uashat by ITUM Chief Georges-Ernest Grégoire and Rajesh Sharma, managing director and CEO of TSMC. The agreement with ITUM is the fourth and final IBA concluded with regard to the DSO Project. The first IBA with the Naskapi Nation of Kawawachikamach was concluded in June 2010, a second IBA with the Nation Innu Matimekush-Lac John in June 2011, and a third with the Innu Nation of Labrador in November 2011.

The New Millennium DSO project is to begin production by the end of this year.

More information is available at NMLiron.com.