New Millennium Capital Corp. Announces the Delineation of Numerous New DSO and Taconite Targets Based on the Interpretation of 2010 Airborne Gravity and Magnetometer Survey Results

CALGARY, ALBERTA--(Marketwire - Jan. 31, 2011) -

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New Millennium Capital Corp. ("NML" or "the Company") (TSX VENTURE:NML) announced today that its Geophysical Consultant Jean Hubert has completed the final interpretation of the Airborne Gravity and Magnetometer survey that was previously reported (see news release 10-19, November 3, 2010). This survey was conducted by Fugro Airborne Surveys Corp. at Schefferville, Quebec between September 14 and November 11, 2010. The survey covered all of NML's taconite and direct shipping ore ("DSO") properties. In total 8,979 line kilometres were flown (refer to the attached Figure 1).

Robert Martin, New Millennium President and CEO, said, "We are pleased with the results of this airborne geophysical survey that have provided us with new drill targets. It is especially welcome that many of these new targets are in close proximity to where we will commence production at our DSO Project. We now have over 50 prospective targets having the potential to expand our DSO resources. This data has been handed over to our joint venture company Tata Steel Minerals Canada Ltd. ("TSMC") for development of a follow-up program this summer. Even more impressively, several taconite targets have been identified that could potentially rival our LabMag and KéMag deposits. Several of these targets are expected to be investigated in 2011."The detailed interpretation indicates the presence of more than 50 strong gravity anomalies associated with low magnetic values. These anomalies are located in a north-westerly trending iron formation from Schefferville to Goodwood and further northward over a length of approximately 50 km (refer to attached Figure 2). All these anomalies are located on NML's 100% owned claims and licences in Quebec ("QC") and Newfoundland and Labrador ("NL"). At the south end of the survey area, a group of 13 anomalies are outlined within a radius of 5 km of the proposed Timmins processing Plant location (refer to the attached Figure 2). The first phase of mining of DSO will start in 2012 in this area.

A second group of 10 anomalies occurs within a radius of 5 km of the Goodwood-Kivivic, near the north end of the surveyed area, where over 80% of all currently known resources occur. The second phase of mining in the DSO Project is expected to commence in this location. Between Timmins and Goodwood over a length of 19 km, 20 anomalies are outlined over the iron formation bands. Beyond Goodwood-Kivivic, over a length of 12 km, 11 anomalies are identified. High gravity anomalies associated with low magnetism are favourable targets for locating enriched DSO deposits (refer to the attached Figure 2).

The interpretation of the airborne high sensitivity magnetometer survey data conducted over the Millennium Iron Range in QC and NL covering magnetic taconite formations has also been completed. Several magnetic anomalies comparable in intensity to the LabMag and KéMag taconite deposits are outlined in the north and south sections of these deposits. In NL, five anomalies, one to the north and four to the south of the LabMag deposit were identified. In QC, five anomalies to the north of the KéMag deposit were outlined (refer to the attached Figure 3). All these anomalous zones have the potential to host sizable magnetic taconite deposits.

Dean Journeaux, Eng., Chief Operating Officer of NML and Jean Hubert, Eng.,Geophysicist are the Qualified Persons as defined in NI 43-101 who have reviewed and verified the scientific and technical mining disclosure contained in this news release on behalf of NML.

About New Millennium

The Company controls the emerging Millennium Iron Range, located in the Province of Newfoundland and Labrador and in the Province of Quebec, which holds the world's largest undeveloped magnetic iron ore deposits. In the same area, the Company is also advancing to near term production its DSO Project. Tata Steel, one of the top 10 steel producers of the world, owns 27.2% of New Millennium and is the Company's largest shareholder and strategic partner.

Tata Steel has exercised its exclusive option to participate in the DSO Project and has a commitment to purchase at world prices the resulting production (see news release 10-16, September 14, 2010). Tata Steel also has an exclusive right to negotiate and settle a proposed transaction in respect of the LabMag Project and the KéMag Project (see news release 08-17, October 1, 2008, news release 09-11, June 30, 2009 and news release 11-01, January 4, 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, July 5 2006 and 07-11, 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, January 15, 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, February 11, 2009 and news release 09-05, March 4, 2009, news release 09-16, 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 and the historical estimate should not be relied upon.

The Company'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.nmlresources.com, www.tatasteel.com and www.tatasteeleurope.com.

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 Company 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 Company'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 Company 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 Company'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 Company 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.

To view Figures 1-3, please visit the following link: http://media3.marketwire.com/docs/131NML_map.pdf