New Millennium Iron Corp. Announces Financial Results for the Fourth Quarter and Year Ended December 31, 2016

CALGARY, ALBERTA--(Marketwired - March 27, 2017) - New Millennium Iron Corp. ("NML" or the "Company") (TSX:NML) announced today its financial results for the fourth quarter and year ended December 31, 2016.

The following review of the Company's financial performance is based on the audited Consolidated Financial Statements and Management's Discussion and Analysis ("MD&A") for the year ended December 31, 2016, which have been filed on the SEDAR website at www.sedar.com. The Financial Statements have been prepared in accordance with International Financial Reporting Standards.

NML's principal activities in the fourth quarter and year were as follows:

On NML's principal asset - its taconite properties: 1) Completion of the NuTac initiative pre-feasibility study, under which the Company carried out an in-house analysis of an approach to taconite development that considers all of NML's taconite deposits, applies transferable information from the 2014 Taconite Project feasibility studies, contemplates using existing rail and port infrastructure as opposed to the slurry transportation mode assumed in the earlier studies, and is sized for a smaller market entry position; 2) filing on SEDAR of the NuTac NI 43-101 Technical Report prepared in collaboration with a group of Independent Qualified Persons; and 3) a retrospective change in accounting policy regarding mineral exploration and evaluation expenditures in order to recognize these expenditures directly to profit or loss instead of capitalizing them as mineral exploration and evaluation assets.

At the general NML corporate level: 1) Appointment of Mr. Howard Lutley as the new Chair of the Board of Directors; 2) changes to the Board at the Annual General Meeting, with appointments of two independent successor directors; 3) formation of special committee at Board level to focus on strategic options for the Company; 4) further corporate restructuring, including the appointment of Mr. Ernest Dempsey as CEO on an interim basis; 5) earlier requisitioned Special Meeting of shareholders and vote against Director Removal Resolution; and 6) notice of termination of the July 2012 contract with the Sept-Îles in respect of the multi-user dock, including its take-or-pay provisions.