Expert Analysis

Santo Ranieri, Paradigm Capital (10/25/12) "New Millennium Iron Corp. issued an update on its 20%-owned direct shipping ore project. . .it is developing plans to potentially increase production capacity to 6 Mt/year from 4.2 Mt/year in 2015 to optimize the use of its current facilities under construction. . .we maintain our Buy recommendation."

Michael Goldberg, Stonecap Securities (10/24/12) "New Millennium Iron Corp. announced an update at its 20%-owned (80% Tata Steel Ltd.) direct shipping ore project in Schefferville. The joint venture has produced 250 Kt of 63%+ Fe to date. . .the next major catalyst for the company is publication of the feasibility studies on the Taconite project. . .we recommend buying at current levels."

Colin Healey, Haywood Securities (10/24/12) "New Millennium Iron Corp. has provided an update on operations at its direct shipping ore project. . .production in 2012 to date of 250 Kt is encouraging. . .in addition, the company reaffirmed production targets for 2013 and 2014 that meet or exceed our model profile. . .we are increasing our production profile from 2015 onward to 5 Mtpa of ore concentrate grading 64.5%. . .and we maintain our Sector Outperform and Speculative Risk ratings."

Colin Healey, Haywood Securities (10/24/12) "New Millennium Iron Corp. has provided an update on operations at its direct shipping ore project. . .the company reaffirmed production targets for 2013 and 2014 that meet or exceed our model profile (2013: 2 Mt, 2014: 4.2 Mt; 100% basis). New Millennium Iron also indicated Tata Steel Minerals Canada Ltd.'s plan to potentially increase output to 6 Mtpa by 2015 to maximize use of the facilities. . .we maintain our Sector Outperform rating."

Nathan Littlewood, Credit Suisse (10/23/12) "We are encouraged by the potential to expand New Millenium Iron Corporation's hematite operation from its initial 4.2 to 6.0 Mtpa."