Mr. Dean Journeaux reports

NEW MILLENNIUM ANNOUNCES FINANCIAL RESULTS FOR THE FOURTH QUARTER AND YEAR ENDED DECEMBER 31, 2014

New Millennium Iron Corp. has released its financial results for the fourth quarter and year ended Dec. 31, 2014.

The following review of the company's financial performance is based on the audited consolidated financial statements and management's discussion and analysis for the year ended Dec. 31, 2014, which have been filed on the SEDAR website. The financial statements have been prepared in accordance with international financial reporting standards.

Progress continued in the fourth quarter and year on NML's projects being carried out with strategic partner and largest shareholder Tata Steel Ltd. In addition, there were important organizational changes.

The direct shipping ore project, through a 20-per-cent ownership interest in Tata Steel Minerals Canada Ltd., owner and operator of the project:

1. Advancement on construction of the processing plant and ancillary facilities, and start of an operational readiness process;
2. Continued development of the crushed and screened ore operation;
3. Completion, commissioning and operation of the Genesee & Wyoming's KeRail spur line servicing the DSO project;
4. Further trial cargo of DSO product to Tata Steel Europe;
5. Increased resource estimate based on 2012 drilling program;
6. Completion of exploration on the Howse joint venture deposit and commencement of feasibility study.

On NML's Taconite project:

1. Publication of techno-economic results of feasibility study carried out on each of the large LabMag and KeMag deposits;
2. Completion and filing on the SEDAR website of National Instrument 43-101 technical reports on the feasibility studies;
3. Commencement of next stage of activity to make the Taconite project investor and lender ready.

At the general NML corporate level:

1. Robert Patzelt succeeding Dean Journeaux as president and chief executive officer of the company, and joining the board of directors;
2. Mr. Journeaux becoming executive vice-chairman;
3. Implementation of a human resource restructuring plan;
4. Adoption of an advance notice bylaw with respect to the election of a director of the company;
5. Subsequent to the year-end, the resignation of Koushik Chatterjee from the board of directors and the successor appointment of Chanakya Chaudhary.

Other general activity of significance for NML during 2014 included completion of the civil work on the Sept-Iles Port Authority's new, deepwater multiuser dock at Pointe-Noire, Que.; and subsequent to the year-end, delivery and commencement of installation of the dock's two shiploaders.

The company undertook during the year a strategic review of its mining claims and identified a number of claims which did not present any future economic value. Accordingly, NML has taken an impairment of $4,133,000 on these claims reflecting the expenditures incurred on them, and this amount is recorded in the loss for 2014. The company currently still has the rights to these claims, but is not expecting to exploit them in the future and their eventual release will not result in any loss to the company's resource base.

The corporation's net loss for the three months ended Dec. 31, 2014, is $5,681,000 (three cents per share) compared with a net loss of $1,609,000 (one cent per share) for the comparative period in 2013. The most significant items comparing the results of operations in the fourth quarter of 2014 versus the same period in 2013 is an impairment of mineral exploration and evaluation assets of $4,133,000 in the fourth quarter of 2014 for which there was no such impairment in the fourth quarter of 2013. Partially offsetting this increase in expenses is a decrease in share-based compensation to $192,000 in the fourth quarter of 2014 for which the corresponding expense in the fourth quarter of 2013 is $769,000, a decrease in general and administrative expenses to $1,714,000 in the fourth quarter of 2014 from $1,761,000 in the fourth quarter of 2013 and an increase in investment income to $191,000 in the fourth quarter of 2014 from $120,000 in the fourth quarter of 2013. The most significant items affecting general and administrative expenses are an increase in office and administrative expenses from $582,000 in the fourth quarter of 2013 to $984,000 in the fourth quarter of 2014 and increase in professional fees from $188,000 in the fourth quarter of 2013 to $383,000 in the fourth quarter of 2014. The increase in investment income is due to the loan receivable from TSMC which bears interest at U.S. Libor plus 6.5 per cent per year.

NML's working capital at Dec. 31, 2014, is $28,871,000, a decrease of $6.42-million from the Dec. 31, 2013, total of $35,291,000.

The corporation's net loss for the year ended Dec. 31, 2014, was $10,705,000 (six cents per share) compared with a net loss of $7,721,000 (four cents per share) for the 2013 fiscal year. This loss includes general and administrative expenses of $7,417,000, (2013 -- $8,642,000) and an impairment of mineral exploration and evaluation assets of $4,133,000 (2013 -- nil), net of investment income of $845,000 (2013 -- $684,000). The decrease in the year's general and administrative expenses is mainly due to a decrease in stock-based compensation expense from $4,063,000 in 2013 to $2,041,000 in 2014 that was partially offset by the decline in service fee revenue from $236,000 in 2013 to nil in 2014.

As at Dec. 31, 2014, after accounting for the impairment, the corporation's mineral exploration and evaluation assets decreased to $60.24-million from $61,138,000 as of Dec. 31, 2013, or by $898,000. The components of mineral exploration and evaluation assets at Dec. 31, 2014, are: mineral licences $2,597,000, drilling $32,209,000, resource evaluation $40.28-million, environmental $19,162,000, and amortization of property and equipment $109,000. These expenditures are partially offset by tax credits and mining duties of $12,914,000 and the Tata Steel payments of $21,203,000.

Dean Journeaux, Eng, and Thiagarajan Balakrishnan, PGeo, are the qualified persons as defined in National Instrument 43-101 who have reviewed and verified the scientific and technical mining disclosure contained in this news release.

We seek Safe Harbor.