New Millennium Announces Signing by TSMC of an Impact and Benefit Agreement with the Innu Takuaikan Uashat mak Mani Utenam of Sept-Iles, Quebec

CALGARY, ALBERTA--(Marketwire - Feb. 28, 2012) -

NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

New Millennium Iron Corp. ("NML" or the "Corporation") (TSX:NML) announced today the signing of an Impact and Benefit Agreement ("IBA") between Tata Steel Minerals Canada Ltd. ("TSMC"), a joint venture between NML and Tata Steel Limited, and Innu Takuaikan Uashat mak Mani Utenam ("ITUM") of Sept-Îles, Quebec. The "life of mine" agreement promotes and governs a mutually beneficial development of TSMC's direct shipping iron ore ("DSO") project located in north eastern Quebec and western Labrador, near Schefferville, Quebec.

The IBA establishes the processes and sharing of benefits that will ensure an ongoing positive relationship between the parties. In return for their consent and support of TSMC's DSO project, ITUM will benefit through training, employment, business opportunities and financial participation in the project.

The IBA was signed on February 9^th, 2012, at Uashat by ITUM Chief Georges-Ernest Grégoire and Mr. Rajesh Sharma, Managing Director and CEO of TSMC. The agreement with ITUM is the fourth and final IBA concluded with regard to the DSO Project. A first IBA with the Naskapi Nation of Kawawachikamach ("NNK") was concluded on June 10^th, 2010, a second IBA with the Nation Innu Matimekush-Lac John ("NIMLJ") on June 6^th, 2011, and a third IBA with the Innu Nation of Labrador ("IN") on November 11^th, 2011.

Rajesh Sharma, Managing Director and CEO of TSMC, said "This IBA is the result of a continuous dialogue over several years between ITUM, NML and subsequently TSMC. The parties have worked diligently to arrive at a mutually beneficial agreement. Through this IBA, we commit to implement the project in a manner that safeguards the environment and provides ITUM with social and cultural protection."

Chief Georges-Ernest Grégoire expressed his satisfaction with the conclusion of the agreement which sets the groundwork for the important work ahead in strengthening the relationship between TSMC and ITUM, while ensuring economic benefits for the Community, based on new emerging international norms guiding relationships between the mining industry and Indigenous Peoples.

Dean Journeaux, President and Chief Executive Officer of NML, said "NML is pleased that TSMC has successfully concluded all of the IBAs with the First Nations. They reflect many years of positive relationship building and NML congratulates TSMC and the First Nations in setting the stage for the further development of the large Taconite projects to come."

About New Millennium

The Corporation controls the emerging Millennium Iron Range, located in the Province of Newfoundland and Labrador and in the Province of Quebec, which holds one of the world's largest undeveloped magnetic iron ore deposits. In the same area, the Corporation is also advancing its DSO Project to near term production. Tata Steel Limited, one of the largest steel producers in the world, owns approximately 27% of New Millennium and is the Corporation's largest shareholder and strategic partner.

Tata Steel has exercised its exclusive option to participate in the DSO Project and has a commitment to take the resulting production (see news release 10-16 dated September 14, 2010). Tata Steel also has exercised its exclusive right to negotiate and settle a proposed transaction in respect of the LabMag Project and the KéMag Project (see news release 11-09 dated March 6, 2011).

The Millennium Iron Range currently hosts two advanced projects: LabMag contains 3.5 billion tonnes of Proven and Probable reserves at a grade of 29.6% Fe plus 1.0 billion tonnes of Measured and Indicated resources at an average grade of 29.5% Fe and 1.2 billion tonnes of Inferred resources at an average grade of 29.3% Fe (see news release 06-13 dated July 5 2006 and news release 07-11 dated July 17, 2007); KéMag contains 2.1 billion tonnes of Proven and Probable reserves at an average grade of 31.3% Fe, 0.3 billion tonnes of Measured and Indicated resources at an average grade of 31.3 % Fe and 1.0 billion tonnes of Inferred resources at an average grade of 31.2% Fe (see news release 09-01 dated January 16, 2009).

NML's DSO project contains 64.1 million tonnes of Proven and Probable Mineral Reserves at an average grade of 58.8% Fe, 8.1 million tonnes of Measured and Indicated Mineral Resources at an average grade of 58.8% Fe, 7.2 million tonnes of Inferred Resources at an average grade of 56.8% Fe and about 40.0 - 45.0 million tonnes of historical resources that are not currently in compliance with NI 43-101 (see news release 09-03 dated February 11, 2009, news release 09-05 dated March 4, 2009, news release 09-16 dated December 9, 2009 and news release 10-12 dated July 8, 2010).

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.

The Corporation's mission is to add shareholder value through the responsible and expeditious development of the Millennium Iron Range and other mineral projects to create a new large source of raw materials for the world's iron and steel industries. For further information, please visit www.NMLiron.com, www.tatasteel.com and www.tatasteeleurope.com.

Dean Journeaux, Eng., and Thiagarajan Balakrishnan, P. Geo., 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.

Forward-Looking Statements

This document may contain "forward-looking statements" within the meaning of Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995 These forward-looking statements are made as of the date of this document and the Corporation does not intend, and does not assume any obligation, to update these forward-looking statements.

Forward-looking statements relate to future events or future performance and reflect management of the Corporation's expectations or beliefs regarding future events and include, but are not limited to, statements with respect to the estimation of mineral reserves and resources, the realization of mineral reserve estimates, the timing and amount of estimated future production, costs of production, capital expenditures, success of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative of these terms or comparable terminology. By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, risks related to actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of resources; possible variations in ore reserves, grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities; 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, all of which are filed and available for review on SEDAR at www.sedar.com. Although the Corporation has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking statements.