Mr. Robert Patzelt reports

NEW MILLENNIUM IRON CORP. ANNOUNCES QUEBEC GOVERNMENT'S AWARD OF FINANCIAL CONTRIBUTION TO TATA STEEL MINERALS CANADA'S DIRECT SHIPPING ORE PROJECT

New Millennium Iron Corp. minority holding Tata Steel Minerals Canada (TSMC) has received a financial contribution of $175-million from the Quebec government in support of TSMC's direct shipping ore (DSO) project.

The announcement follows a January, 2016, agreement in principle between the parties (see NR 16-02 dated Jan. 21, 2016) and was made in conjunction with a news conference held today in Sept-Iles, Que., and attended by senior government officials, including the deputy premier, Lise Theriault, and the Minister of Energy and Natural Resources, Pierre Arcand, who is also responsible for the Plan Nord and North Shore region, as well as by senior representatives of TSMC and NML.

The related transaction would include a loan of $50-million from Investissement Quebec, acting as an agent of the government, as well as an equity stake of $125-million through the government's Capital Mining Hydrocarbons Fund. No determination has been made as to the effect on the company's interest in TSMC as a result of the government investment.

Robert Patzelt, NML's president and chief executive officer, said: "This very significant award solidifies the future of the DSO project and, when coupled with the government's investment in rail and port assets in the Sept-Iles area at Pointe Noire, underscores the government's support of our industry and communities during these challenging times. We look forward to a successful completion of this important initiative."

We seek Safe Harbor.