Tata Steel Increases Interest in New Millennium Capital

Calgary-based New Millennium Capital Corp. announced that Tata Steel has completed the purchase of an additional 14,285,714 common shares of the corporation at a subscription price of $1.40 per common share, for aggregate gross proceeds of C$20 million. Tata Steel now holds 40,429,270 common shares, representing an increase from 19.9% to 27.4% of the outstanding common shares of the New Millennium. The common shares issued to Tata Steel in connection with the private placement will be subject to a four month hold period that expires on October 5, 2010. New Millennium controls the Millennium Iron Range which holds undeveloped magnetic iron ore deposits in Newfoundland and Labrador and in Quebec. In the same area, the corporation is also advancing to near-term production its direct shipping ore (DSO) project. Under the initial agreement, Tata Steel has an exclusive option to participate in the DSO Project.