The following review of the Company's financial performance is based on the unaudited Condensed Interim Consolidated Financial Statements ("Financial Statements") and Management's Discussion and Analysis ("MD&A"), which have been filed on the SEDAR website at www.sedar.com.
Progress continued in the second quarter in NML's principal areas of activity, two of which involve projects being carried out with strategic partner and shareholder Tata Steel Limited.
At the general NML corporate level, the Company announced the results of the Annual General Meeting held
For the three months ended
The Company's working capital at
About New Millennium
The Corporation controls the emerging
Tata Steel exercised its exclusive option to participate in the
LabMag contains 3.9 billion tonnes of Proven and Probable reserves at a grade of 29.7% Fe plus 376 million tonnes of Measured and Indicated resources at an average grade of 29.6% Fe and 891.0 million tonnes of Inferred resources at an average grade of 29.3% Fe. KeMag contains 2.4 billion tonnes of Proven and Probable reserves at an average grade of 30.6% Fe and 1.0 billion tonnes of Inferred resources at an average grade of 31.7% Fe (
Two other taconite deposits are located south of the LabMag deposit in the
The Corporation's mission is to add shareholder value through the responsible and expeditious development of the
For further information, please visit www.NMLiron.com, www.tatasteel.com, www.tatasteelcanada.com, and www.tatasteeleurope.com.
Dean Journeaux, Eng., Moulaye Melainine, Eng., and
This news release contains certain forward looking statements and forward looking information (collectively referred to herein as "forward looking statements") within the meaning of applicable Canadian securities laws. All statements other than statements of present or historical fact are forward looking statements. Forward looking information is often, but not always, identified by the use of words such as "could", "should", "can", "anticipate", "expect", "believe", "will", "may", "projected", "sustain", "continues", "strategy", "potential", "projects", "grow", "take advantage", "estimate", "well positioned" or similar words suggesting future outcomes. In particular, this news release may contain forward looking statements relating to future opportunities, business strategies, mineral exploration, development and production plans and competitive advantages.
The forward looking statements regarding the Corporation are based on certain key expectations and assumptions of the Corporation concerning anticipated financial performance, business prospects, strategies, regulatory developments, exchange rates, tax laws, the sufficiency of budgeted capital expenditures in carrying out planned activities, the availability and cost of labour and services and the ability to obtain financing on acceptable terms, the actual results of exploration and development projects being equivalent to or better than estimated results in technical reports or prior activities, and future costs and expenses being based on historical costs and expenses, adjusted for inflation, all of which are subject to change based on market conditions and potential timing delays. Although management of the Corporation consider these assumptions to be reasonable based on information currently available to them, they may prove to be incorrect.
By their very nature, forward looking statements involve inherent risks and uncertainties (both general and specific) and risks that forward looking statements will not be achieved. Undue reliance should not be placed on forward looking statements, as a number of important factors could cause the actual results to differ materially from the beliefs, plans, objectives, expectations and anticipations, estimates and intentions expressed in the forward looking statements, including among other things: inability of the Corporation to continue meet the listing requirements of stock exchanges and other regulatory requirements, general economic and market factors, including business competition, changes in government regulations or in tax laws; general political and social uncertainties; commodity prices; the actual results of exploration, development or operational activities; changes in project parameters as plans continue to be refined; accidents and other risks inherent in the mining industry; lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting the Corporation; timing and availability of external financing on acceptable terms; conclusions of, or estimates contained in, feasibility studies, pre-feasibility studies or other economic evaluations; and lack of qualified, skilled labour or loss of key individuals; as well as those factors detailed from time to time in the Corporation's interim and annual financial statements and management's discussion and analysis of those statements, along with the Corporation's annual information form, all of which are filed and available for review on SEDAR at www.sedar.com. Readers are cautioned that the foregoing list is not exhaustive.
The forward looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward looking statements included in this news release are made as of the date of this news release and the Corporation does not undertake and is not obligated to publicly update such forward looking statements to reflect new information, subsequent events or otherwise unless so required by applicable securities laws.
With respect to the disclosure of historical resources in this news release that are not currently in compliance with National Instrument 43-101, a qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves, the Corporation is not treating the historical estimate as current mineral resources or mineral reserves and the historical estimate should not be relied upon.
FOR FURTHER INFORMATION PLEASE CONTACT:
New Millennium Iron Corp. Robert PatzeltPresident & Chief Executive Officer (709) 770-2635 or (514) 935-3204 ext. 370 New Millennium Iron Corp. Ernest DempseyVice-President, Investor Relations and Corporate Affairs (514) 935-3204 ext. 349 New Millennium Iron Corp. Andreas CurkovicInvestor Relations (416) 577-9927 Source: New Millennium Iron Corp.