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

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1 NEWS RELEASE NEW MILLENNIUM CAPITAL CORP. ANNOUNCES UPDATE OF KÉMAG MINERAL RESOURCE ESTIMATE BASED ON THE SPRING DRILLING PROGRAM, AND POSITIVE RESULTS OF KÉMAG PRE-FEASIBILITY STUDY, NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES CALGARY, Alberta, Canada (Marketwire January 15, 2009) New Millennium Capital Corp. ( NML or the Corporation ) (TSX-V: NML) is pleased to announce the results of the Pre- Feasibility Study ( the Study ) on its 100% owned KéMag property ( the Project ) by the Consulting Engineer BBA Inc. ( BBA ) located in Montreal, Quebec. The estimated mineral resources supporting the study were established by Geostat Systems International ( Geostat ) located in Blainville, also in Quebec. An updated National Instrument ( NI ) Technical Report, prepared by BBA, which includes the results of the 2008 Spring drilling program is required to be filed on SEDAR within 45 days of this news release. The Project assumes a mine and concentrator at Harris Lake, Quebec, and a 750 km slurry pipeline to a pellet plant and ship loading facility at Pointe-Noire, Quebec. The results of the Study are positive. The projected cash flows and economic parameters are: Highlights of the KéMag Pre-Feasibility Study: Production assumption of 15 million tonnes per year ( mtpy ) pellets and 7 mtpy concentrate Proven and Probable Mineral Reserves of billion tonnes Stripping ratio of 0.39 in the first 25 years Total initial capital cost of US$3.8 billion and working capital of US$26.4 million Internal rate of return ( IRR ) of 25% (unleveraged and before corporate taxes and mining taxes) Return on equity ( ROE ) of 39% (before corporate taxes and mining taxes) 1 Net present value ( NPV ) of US$ 7.3 billion (before corporate taxes and mining taxes) 2 Payback of 4 years after the start of commercial production Minimum 28 years mine life Direct jobs creation of 1,230 at the mine, concentrator, pipeline, pellet plant and shiploading facility. Selling Price: BF grade pellets : US$ 89.8/tonne, Concentrate: US$58.7/tonne Robert Martin, President and CEO, stated: This Study firmly positions the KéMag Project as a potential long term source of low cost and high quality products for global steelmakers. Most importantly, the NPV of the Project has exceeded our already strong expectations. The NPV is robust and relatively insensitive to a number of different cost and pricing variations. The total reserves in the Millennium Range now stand at billion tonnes of NI compliant reserves, recognized as the world's largest undeveloped source of magnetite iron ore. This milestone for KéMag means that it, along with the associated LabMag Project, has now advanced to the feasibility stage. Our next step is to continue the project approval process and initiate a feasibility study ( FS ) which, if successful, would lead to project financing in 2011 and production by Based on a 30/70 equity/debt ratio. 2 Based on a 8% discount rate. NR0901 1(7)

2 Update of Resource Estimate based on 2008 Spring Drilling Program The objective of the spring 2008 drilling program was to confirm that the eastern extension of the KéMag deposit lies under Lac Harris and Lac de la Frontière and the swampy ground to the south. Fifteen holes were drilled between March 5 and April 30, 2008 on lines spaced 250 metres apart for a total of 2,216 meters ( please refer to Figure 2 showing the locations of holes drilled in 2008, together with those drilled in 2006 and 2007.). The corporation engaged Geostat to model the deposit by incorporating the results from 2008 drill holes. The results were used as the basis to update the categorized block model resource estimate. Table 1 Mineral Resource Estimate 2006, 2007 and 2008 Drilling (Tonnes in millions) (using a Davis Tube Weight Recovery ( DTWR ) cut-off grade of 18%) Resource classification Tonnage (Millions) 2006 & 2007Drilling Tonnage (Millions) Drilling DTWR % % Fe Head % Fe Conc % SiO 2 Conc Measured 991 1, Indicated 1, Total Measured + Indicated 2,314 2, Inferred 1,034 1, Robert Martin, President and CEO, said: We are pleased that our 2008 spring drilling results confirmed the eastern extension of the deposit. We have also been able to increase the measured category with an overall increase in the combined measured and indicated resources. Moreover, the results indicate that there remain possibilities to further increase the resource base by additional drilling." These Mineral Resource estimates are provided subject to a number of assumptions including that the KéMag Project is economic and technically feasible, that all regulatory and environmental approvals and permits will be obtained, that sufficient financing can be raised to develop the project and that sufficient markets are available to accept the products produced. There is no assurance that the commercial production of iron ore concentrate or pellets will achieve the test results noted above. Mineral resources which are not classified as reserves do not have demonstrated economic viability. Pre-Feasibility Study and Upgrading of Resources to Reserves: The Pre-Feasibilty Study results are shown in Table 2 Table 2 Iron Ore Mineral Reserves (BBA 2008) Classification Tonnes (millions) DTWR* % Crude Fe% Concentrate Fe% Concentrate SiO 2 % Proven 1, Probable Total 2, * Davis Tube Weight Recovery NR0901 2(7)

3 The Mineral Reserves were established using the following parameters: In pit mining recovery of 100% DTWR% cut-off grade of 18% Overall pit slope angle of 50 degrees in the hanging wall Dilution accounted for in the bench compositing. The Quebec based KéMag Project has the potential to introduce a globally significant new source of iron ore, with Proven and Probable Mineral Reserves estimated at billion tonnes. In addition to the reserves there are remaining Measured and Indicated Mineral resources estimated at 307 million tonnes and Inferred Mineral Resources estimated at billion tonnes. The iron ore grades 31.3% Fe for both the Proven and Probable Mineral Reserves. The Davis Tube concentrates have an average grade of 27% DTWR, 69.1% Fe and 2.7% SiO 2. These results are based on a cut-off grade of 18% DTWR. Other Project Highlights: Anticipated start of construction during 2 nd quarter 2011 Anticipated start of commercial production in 2014 Accuracy of the cost estimates in the Study is considered to be +/- 25% Exchange rates used for cost estimates and revenues are 0.85 US$ per CDN$ Operating cash cost of US$ 23 per tonne of pellets (BF) NPV at 8% discount rate is estimated at US$ 7.3 billion Total undiscounted Cash Flow of US$ 28.1 billion Forecast average yearly Cash Flow after debt payments exceeds US$ 1.1 billion Economics presented are based on an estimated 25 year mine plan Mine life is expected to exceed 28 years, based on current Proven and Probable Mineral Reserves and estimated pipeline throughput of 21.2 mtpy of concentrate Financial Analysis, Revenues and Sensitivity Analysis of the Study: The revenue assumptions are based on prices of US$ 89.8 per tonne of BF pellets, US$ per tonne of DR pellet and US$ 58.7 per tonne of concentrate. The assumed prices are in average 60% of the contract price in 2008 which have increased by 86.6% over the 2007 price. Pellet prices started to increase rapidly in 2005 and have grown by 350% since This underscores the strong fundamentals that underpin pellet demand. Before the current financial crisis, analysts were projecting another 10-20% increase in The severe monetary crisis and the resulting credit crunch worldwide have affected the demand for steel. As a result, there are new projections of a 20-30% decline in the price in However, most analysts are of the opinion that the steel market will start stabilizing in Long term prices projected by these analysts are in line with NML s assumptions. The sensitivity analysis illustrated below, indicates that project economics are expected to remain strong even in the case of iron ore prices falling below the base prices used in the Study. The impact of capital and operating costs is also demonstrated by the model and are relatively insensitive. NR0901 3(7)

4 Table 3 Sensitivity of IRR Variation (%) Sales Revenue (%) Initial Capital (%) Operating Costs (%) Figure 1 Market Projections: NML has received two independent market studies that were performed by recognized iron ore market experts. In addition, since 2005, the Corporation has visited or contacted more than 70 potential mining, steel and trading companies in Asia, Europe and North America in order to NR0901 4(7)

5 exchange ideas regarding future iron ore requirements. NML expects that the strong trend towards high quality pellets with low impurities will necessitate the development of major greenfield projects like the KéMag Project. Despite the current slump in the demand for steel products, the markets are expected to recover by 2010 due to, among other things, various stimulative measures put in place by major Western and developing economies. Technical Report by BBA: An updated NI Technical Report by BBA will be posted on within 45 days. This will include a summary of the results from the KéMag Pre-Feasibility Study. BBA, and their Independent Qualified Persons, are experienced mining and metallurgical engineering professionals in the field of exploration and mining evaluations and Mineral Resource/Reserve estimates, with particular expertise in iron ore. The forthcoming NI report is prepared under the direction of André Allaire, Eng. Ph.D, General Manager of Mining and Processing Group, BBA and John Dinsdale, Eng., Senior Metallurgist, BBA. Mr. Allaire and Mr. Dinsdale are both independent Qualified Persons as defined by NI Other contribution to the Study refer to the review on the pipeline in the technical report on the KéMag Assessment Report dated September 19, 2007 by Brad Ricks, P.Eng., President of BRASS Engineering International, LLC, an internationally known iron ore slurry pipeline expert with Arctic pipeline design know-how: and, Robert de l Étoile, Eng., of Geostat for the mineral resource estimate. All are Independent Qualified Persons as defined by NI Dean Journeaux, Eng., and Moulaye Melainine, Eng., are the Qualified Persons as defined in NI who have reviewed and verified the scientific and technical mining disclosure contained in this news release on behalf of NML. About New Millennium New Millennium controls the emerging Millennium Iron Range, which holds the world s largest undeveloped iron ore deposits in the Province of Newfoundland and Labrador and in the Province of Quebec. In the same area, the Company is also advancing to near term production its DSO (Direct Shipping Ore) Project. Tata Steel, the world s sixth largest steel company, owns 19.9% of New Millennium and is the Company s largest shareholder and strategic partner. Tata has an exclusive option to fund the DSO Project, a commitment to take the resulting production, and an exclusive right to negotiate and settle a proposed transaction in respect of the LabMag Project (see news release 0817, October 1, 2008). The Millennium Iron Range currently hosts two advanced projects: LabMag contains 3.5 billion tonnes of Proven and Probable reserves plus 1.0 billion tonnes of Measured and Indicated resources and 1.2 billion tonnes of Inferred resources; KéMag contains 2.1 billion tonnes of Proven and Probable reserves, 0.3 billion tonnes of Measured and Indicated resources and 1.0 billion tonnes of Inferred resources. The Company s DSO project contains, based on historical estimates that are not in compliance with NI , in excess of 100 million tonnes of direct shipping quality ore (see news release 0805, February 5, 2008). The historical estimates contained in this news release of quantities of direct shipping quality ore are not in accordance with the mineral resources or mineral reserves classifications contained in the CIM Definition Standards on Mineral Resources and Mineral Reserves, as required by National Instrument ("NI "). Accordingly, NML is not treating these historical estimates as current mineral resources or mineral reserves as defined in NI and such historical estimates should not be relied upon. A qualified person has not done sufficient work to date to classify the historical estimates as current mineral resources or mineral reserves. These Inferred estimates should not to be misconstrued as representing NR0901 5(7)

6 current economic viability. The term "ore" in this release is being used in a descriptive sense for historical accuracy and is not to be misconstrued as representing current economic viability. A feasibility study has not been completed in respect of the DSO properties and there is no certainty the proposed operations will be economically viable. 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 and This release may contain forward looking statements within the meaning of the safe harbor provisions of US laws. These statements are based on management s current expectations and beliefs and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward looking statements. New Millennium does not assume any obligation to update any forward looking information contained in this news release. NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE Contacts: New Millennium Capital Corp. Robert Martin, President & CEO Tel: (514) rmartin@nmlresources.com Investor Relations. Andreas Curkovic Tel: (416) andreascurkovic@sympatico.ca NR0901 6(7)

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