The Progress of The Taconite Project Feasibility Study It Is Carrying out with TATA Stell

New Millennium Iron Corporation announced that the progress of the Taconite Project Feasibility Study it is carrying out jointly with TATA Steel. An interim report has been submitted by the Study Manager. Certain sections remain to be completed. The SM wishes a further period to complete its internal corporate review process, which includes technical aspects and finalization of the capital cost estimates. NML and TATA Steel have agreed to the SM's request.

Mr Dean Journeaux President and CEO of NML said that "The Feasibility Study has progressed steadily and is now at the point where we can see its completion. The Study has been comprehensive and the SM has been thorough in recognizing the project's great scale and incorporating that into their interim report. We look forward to receiving the SM's final draft report at which time TATA Steel and NML can plan for the release of the Feasibility Study."

NML will make a further announcement once the final report is received.