New Millennium Iron Corp. Announces Signing of Definitive Agreements for Completion of Quebec Government's Financial Contribution to Tata Steel Minerals Canada

CALGARY, ALBERTA--(Marketwired - Oct. 28, 2016) - New Millennium Iron Corp. ("NML" or the "Company") (TSX:NML) today announced the signing of Definitive Agreements for completion of the previously reported financial contribution to Tata Steel Minerals Canada ("TSMC") by agencies of the Quebec Government (see NR 16-02 dated January 21, 2016 and NR 16-21 dated July 26, 2016). TSMC, in which NML has a minority interest, is owner and operator of a direct shipping ore ("DSO") project in the Schefferville/Menihek region of Canada's Labrador Trough.

The transaction, which is expected to close by November 1, 2016, totals $175 million, comprised of a loan of $50 million from Investissement Québec along with $125 million for an 18% equity stake in TSMC through Ressources Québec. The shareholdings in TSMC of Tata Steel and NML are adjusted to 77.68% and 4.32%, respectively.

Robert Patzelt, NML's President and CEO, said, "We join Tata Steel in welcoming the Quebec Government as an equity partner in TSMC and believe this participation will facilitate the implementation of TSMC's operating plan for the DSO project. Through its financial support of TSMC and investments in related infrastructure during these challenging times for the global iron ore industry, the Quebec Government has further demonstrated its commitment to sustainable mining and regional development in accordance with the objectives and vision of its Plan Nord initiative."

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 Québec, in the Menihek Region around Schefferville, Québec. The Company's project areas are connected via a well-established, heavy-haul rail network to the Port of Sept-Îles, Québec.

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. ("TSMC"), the two companies have developed a direct shipping ore project that is producing and shipping sinter fines.

Beyond TSMC, 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 KéMag - were the subject of large-scale development feasibility studies carried out by the Company and Tata Steel and published in March 2014.