New Millennium Iron Corp. (TSX:NML)(OTCQX:NWLNF) ("NML" or the "Corporation") today provided an update on the progress of the Taconite Project Feasibility Study ("TFS"), which is being jointly undertaken by Tata Steel Limited ("Tata Steel") and NML, and financed by the parties on a 64% - 36% basis, respectively.
Since receipt of the TFS final draft from the Study Manager, Tata Steel and NML have carried out a review, including value engineering and an assessment of alternative production scenarios. In preparation for publication of the highlights of the TFS report and financial results, the parties have engaged Met-Chem Canada Ltd., Montreal, Quebec, who is qualified to compile a National Instrument 43-101 technical report. The TFS results are expected to be published in a news release and subject to approval by NML's board of directors and Tata Steel management, before year end. The technical report will be filed on SEDAR within 45 days of publication of the news release.
"We are very pleased to be close to completing and publishing the results of the Feasibility Study," said Dean Journeaux, President and CEO of NML. "It is a very large undertaking with many stakeholders. We have been working closely with Tata Steel to develop the most robust project fundamentals and look forward to continuing these efforts. As we go forward, we continue our joint work with other stakeholders to make further improvements to the project."
"Also, we will intensify the ongoing search for additional partners for the Taconite Project once the TFS technical and financial information can be made available to prospective parties."