New Millennium Iron Corp. Announces Financial Results for the First Quarter Ended March 31, 2015 - Seite 2

As at March 31, 2015, the Company's mineral exploration and evaluation assets increased to $60,647,000 from $60,240,000 as of December 31, 2014, or by $407,000. The components of mineral properties at March 31, 2015, were: mineral licences of $2,627,000, drilling of $32,258,000, resource evaluation of $41,054,000, environmental of $19,338,000 and amortization of property and equipment of $109,000. These expenditures are partially offset by tax credits and mining duties of $12,918,000 and the Tata Steel payments on account of their Taconite Project options of $21,821,000.

About New Millennium

The Company controls the emerging Millennium Iron Range, located in the Province of Newfoundland and Labrador and in the Province of Quebec, which holds one of the world's largest undeveloped magnetic iron ore deposits. In the same area, the Company and Tata Steel Limited ("Tata Steel"), one of the largest steel producers in the world, have advanced a Direct Shipping Ore ("DSO") Project to the production stage, from which trial shipments have begun. Tata Steel owns approximately 26.2% of New Millennium and is the Company's largest shareholder and strategic partner.

Tata Steel 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).

The DSO Project is owned and operated by Tata Steel Minerals Canada Limited ("TSMC"), which in turn is 80% owned by Tata Steel and 20% owned by NML. The DSO Project contains 98.9 million tons of Measured and Indicated Mineral Resources at an average grade of 59.3% Fe, 6.7 million tons of Inferred Resources at an average grade of 56.7% Fe and about 20.0 - 25.0 million tons 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, news release 10-12 dated July 8, 2010, news release 12-14, dated May 31, 2012 and news release 14-02 dated February 24, 2014). 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.