Developing Millennium Iron Range

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					       Developing Millennium Iron Range
11th China International Steel & Raw Materials Conference
                  September 27-29, 2011

   Presentation by: Dean Journeaux, President & CEO
             Safe Harbour Statement

          New Millennium Iron Corp. shall not be liable or responsible for any
            claim or damage, direct or indirect, special or consequential,
            incurred by the user arising out of the interpretation, reliance upon or
            other use of the information. Users should not rely on information for
            any purpose other than for gaining general knowledge of New
            Millennium Iron Corp. Although New Millennium Iron Corp. believes
            that its expectations reflected in these forward-looking statements
            are reasonable, such statements involve risks and uncertainties and
            no assurance can be given that actual results will be consistent with
            these forward-looking statements.




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             New Millennium Iron Corp.

                                                            MAJOR PROJECT AREA
                                                               Schefferville, QC
   • Canadian iron ore exploration
     and development company             Calgary, AB
                                                               Labrador
                                                                City, NL
   • Publicly-traded on the TSX
     Venture Exchange
     TSX-V: NML
                                                                    Sept-Iles,
                                                                          QC
   • Head office in Calgary,                           Montreal,
                                                            QC             St. John’s,
     Alberta with Corporate                                                       NL
     office in Montreal



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             Dedicated exclusively to iron ore projects

             • Goal: Develop iron ore projects within the Millennium Iron
                     Range (MIR)

             • Vision: become a significant, low cost iron ore producer in
               North America by the end of this decade

             • Strengths:
                – Working with joint venture partners to bring projects into
                  production
                – Experienced team in all aspects: mine discovery,
                  construction, mine operations, transportation, product
                  sales
                – Broad range of professional backgrounds: mining,
                  geology, business and marketing, and strategy


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             Massive land holdings

                                  Taconite Project
                                  New Taconite Projects
                                  Other Taconite Anomaly      Millennium Iron Range
                                  Claim: DSO
                                  Claim: Taconite & Other

                                                             Hosts Canada’s richest known iron
                                                              ore deposit

                                                             Controlled by NML

                                                             Comparable to Mesabi Iron Range
                                                              in Minnesota

                                                             Potential new large source of raw
                                                              materials for the world’s iron and
                                                              steel industries




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             Strong partner with resource need
                                  …a respected multi-national company
                                     One of the world’s 10 largest steel companies

                                     Crude steel capacity of 31 mtpy with plan to
                                      increase to 40 mtpy by 2020

                                     Requires 20-25 mtpy of iron ore in Europe

                                     No captive iron ore source for its European
                                      operations, which provides a strategic
                                      foundation for an investment in NML

                                      Start small (DSO), then big (Taconite)
                                     NML and Tata’s strategy is to start with the
                                      development of the smaller DSO Project, with
                                      the ultimate goal being to develop the larger
                                      Taconite project


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             New Millennium’s Projects

             DSO
                            Direct Shipping Ore       • High-grade hematite
                            Construction stage        • Brownfield project
                                                      • Shipped to port by rail

           Taconite
                            KéMag & LabMag deposits   • 9 Billion tonnes of Taconite
                                                      • Positive pre-feasibility studies
                            Feasibility stage
                                                      • Low-cost slurry pipeline transport

         Exploration
                            $3.5 Million              •       200+ km long range
                            2011 Exploration Budget   •       Only 10% of the range explored
                            Drilling underway
                                                      •       100% owned by NML
                                                      •       Airborne magnetometer surveys
                                                              have identified strong targets


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             DSO: Near-term Production
                                    Joint Venture Operator:
                              Tata Steel Minerals Canada Ltd.




      20% OWNERSHIP OF JV                       80% OWNERSHIP OF JV
      CONTRIBUTIONS                             CONTRIBUTIONS
      •   Puts 25 DSO deposits into JV          • Provides expertise in mine development
                                                • Arranges financing up to $300 M of project
                                                  costs
                                                • Finances 80% of project costs over $300 M
      BENEFITS                                  BENEFITS
      • Ready market for iron                   • Guaranteed 100% off-take of DSO
      • Receives 80% of historical costs          production at market price
      • Receives 20% of JV cash distribution
      • Cash flow to NML anticipated to be
        $20 - $40 M / year

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             DSO: Development to Production


        2011                           2012                      2013



                                                                      Start Production
                                                                      in area 4


                                                         Q3: Start Production in area 3
                                                         Start Construction in area 4

                             Summer:
                             Start Mine Construction in area 3

        2011                           2012                      2013


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             Taconite Project: Binding Agreement

               Subject to a positive investment decision:
               Tata Steel will invest up to C$4.85 billion

 Total Equity for NML
      Up to 40%




                                                                 Option to acquire up to
                                                                 16% within 60 days
                                                                 following an investment
                                                                 decision



                                                    4% ROFR if Tata Steel
                                                    decides to sell part of its
                                                    share to a third party



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             Taconite Project: LabMag + KéMag

       LabMag
         CATEGORY                           TONNES (millions)   GRADE (%)

         Reserves - Proven + Probable             3,545           29.6%

         Resources - Measured + Indicated         1,045           29.5%

         Resources - Inferred                     1,151           29.3%


       KéMag
         CATEGORY                           TONNES (millions)   GRADE (%)

         Reserves - Proven + Probable              2,141          31.2%

         Resources - Measured + Indicated           307           31.3%

         Resources - Inferred                      1,014          31.2%

                       ONE OF WORLD’S LARGEST
                UNDEVELOPED MAGNETIC TACONITE DEPOSITS


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             Taconite Project:
             The most competitive in North America
   Fine-grained concentrate ideally
                                                            High-Quality Products
   suited or low-cost pipeline transport
                                                            Concentrate
                                  OpEx Comparison                Fe 69.7%
                                  Rail $15 - 20 / tonne          SiO2 2.7%
                                  Pipeline $2 / tonne       BF Pellets
                                                                 Fe 66.4%
                                                                 SiO2 3.7%
                                                            DR Pellets
                                    This pipeline                Fe 67.5%
                                    makes NML                    SiO2 1.8%

                                   potentially the
                                    lowest-cost
                                   North American
                                   pellet producer



NML will not be dependent on the existing rail system,
which would need significant capital to increase capacity
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             Taconite: Development to Production
            Development to Production
        2011                         2012                     2013    2016

                                                                          Production

                                                                Construction

                                       Complete Feasibility
                                       Study
                                       Tata Steel: final
                                       investment decision

               Start Feasibility
               Study, jointly with
               Tata Steel

        2011                         2012                     2013    2016


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             Exploration Projects: Millennium Iron Range

        • NML controls the emerging Millennium Iron Range (MIR),
          220 km taconite belt

        • 10% explored: LabMag & KéMag, optioned to Tata Steel

        • Potentially, MIR could hold other large deposits, which
          could be developed with another partners

        • Two magnetic anomalies, 100% controlled by NML, will
          be explored this year

        • Area between LabMag and KéMag will also be
          investigated


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             Exploration: Other Project Opportunities
                                     Taconite Project
                                     New Taconite Projects
                                     Other Taconite Anomaly
                                     Claim: DSO                     2011 Exploration Program
                                     Claim: Taconite & Other
                      18 km2
                                     High priority drill targets
                                                                         Over 7,000 meters
                      51 holes:                                         planned to be drilled
                      3,350 meters


                                                              $5.0 million for drilling and analyses
      8 holes:
                                                              3 drills are currently engaged at Lac
      800 meters
                                                              Ritchie

                                                              1st Phase: Lac Ritchie
                                                              2nd Phase: Perrault Lake
                                                              3rd Phase: 8 holes will be drilled
                                                                         to explore possible
                                                                         continuation of the KéMag
      10 km2                                                             orebody
      49 holes:
      3,500 meters


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             Exploration: Program Schedule
            Development to Production
     May 2011                     November 2011              Q1, 2012        Q2, 2012

                                                                   NI 43-101
                                                                   Certification

                                                             Scoping Study


                                         Completion of resource
                                         estimate: Q1, 2012



                      Drilling


     May 2011                     November 2011              Q1, 2012        Q2, 2012


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             Project Jurisdiction

            • NML will have projects located in two provinces in Canada:
                  – Newfoundland and Labrador
                  – Québec.
             • According to Fraser Institute’s study, both are amongst the ten
               top most mining friendly jurisdictions in the world.
             • Provinces are rich in mineral resources like iron, gold,
               uranium, base metals and many other commodities
             • Other positive attributes are:
                  –   Streamlined regulatory process
                  –   Business-attraction funding and tax exemptions
                  –   Competitively priced hydroelectric power
                  –   Export oriented using ice-free deep water port of Sept-Iles for
                      iron ore shipments



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             Exploration Projects: Development Strategy

             • NML’s goal is to accelerate development of the
               MIR to add to shareholders’ value
             • The experience of LabMag & KéMag Projects will
               reduce the time required to reach a production
               decision
             • To take advantage of the current market condition,
               interested parties will be contacted to form a
               strategic alliance
             • NML’s expertise should achieve low operating
               costs, which would be a competitive advantage


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             Investment Highlights

            PROPERTIES LOCATED IN
            MINING-FRIENDLY JURISDICTIONS

            TWO ADVANCED PROJECTS IN ONE OF
            WORLD’S RICHEST IRON REGIONS

            EXPERIENCED MANAGEMENT TEAM

            WORLD-CLASS STRATEGIC JV PARTNER IN TATA STEEL

            HIGH-VALUE IRON TO SUPPLY RISING GLOBAL DEMAND

            STRATEGY IN PLACE TO FORM NEW ALLIANCE



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            Thank you.




           www.NMLiron.com
CISA conference, September 2011   20

				
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