IRON ORE DEVELOPMENT: Tata Steel to take New Millennium’s DSO project to production

LABRADOR and QUEBEC - New Millennium Capital of Montreal and India's Tata Steel have incorporated a joint venture company to development Millennium's direct shipping iron ore (DSO) projects on the border of the Labrador-Quebec border near Schefferville, QC. The new company is known as Tata Steel Minerals Canada and will be 80% owned by Tata Steel. Tata has further agreed to take the output from the project.

The DSO project includes several small deposits that contain proven and probable mineral reserves of 64.1 million tonnes that grade 58.8% Fe. The measured and indicated resources total 8.1 million tonnes at 58.5% Fe, and the inferred resources is 7.2 million tonnes at 56.8% Fe.

The pre-feasibility study prepared in 2009 suggested a conventional open pit that would operate on a seasonal basis. The planned processing plant would produce 4.0 million t/y of lump ore and sinter fines products.

Please visit www.NMLResources.com for view the photo gallery or read the technical reports for the DSO project.