New Millennium Announces Financial Results for the Third Quarter Ended September 30, 2014

CALGARY, ALBERTA--(Marketwired - Nov. 12, 2014) - New Millennium Iron Corp. ("NML" or the "Corporation") (TSX:NML) (OTCQX:NWLNF) today announced its financial results for the third quarter ended September 30, 2014.

The following review of the Company's financial performance is based on the unaudited Condensed Interim Consolidated Financial Statements ("Financial Statements") and Management's Discussion and Analysis ("MD&A"), which have been filed on the SEDAR website at www.sedar.com.

Progress continued in the third quarter in NML's principal areas of activity, two of which involve projects being carried out with strategic partner and shareholder Tata Steel Limited.

At the Direct Shipping Ore Project through a 20% ownership interest in Tata Steel Minerals Canada Ltd. ("TSMC"), operator of the Project, a crushing and screening operation is well established and there was significant progress made on the continuing construction of the covered ore processing plant. An important achievement with respect to DSO Project logistics was completion of the Genesee & Wyoming's KéRail spur line that services the DSO Project by providing the initial connection to the Tshiuetin Rail Transportation Inc. and Quebec North Shore and Labrador Railway lines, and eventually the Port of Sept-Îles.

The exploration program for the Howse Deposit being evaluated by TSMC through a joint venture was also completed, along with a hydrogeological drilling program and a preliminary geotechnical assessment report. The work undertaken to date will enable confirmation of the historical Howse resource and also provide information for mine planning to bring the deposit into production.

On NML's Taconite Project, NML and Tata Steel continued with Feasibility Study follow-up activity to address key parameters required to make the Project investor and lender ready, including in the areas of Project selection, environmental assessment and value engineering.

The Company's working capital at September 30, 2014 is $31,175,000 (December 31, 2013 - $35,291,000). For the three months ended September 30, 2014, the Company realized a net loss of $1,472,000 ($0.01 per share) compared to a net loss of $1,856,000 ($0.01 per share) for the comparative period in 2013. This loss represents expenses of $1,659,000 (2013 - $2,059,000), net of investment income of $186,000 (2013 - $142,000).