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Tata Steel Minerals Canada Acquires Remaining Interest in Howse Joint Venture, Announces New Millennium Iron

Editorial Checklist

Reviewed

Apr 3 2015

New Millennium Iron Corp. announced today that Tata Steel Minerals Canada Limited, in which NML has a 20% interest, has acquired the remaining 49% interest TSMC does not already own in the Howse Joint Venture, for a total cash consideration of $5 million, by exercising its rights under the terms of the Joint Venture Agreement entered into in September 2013 with Labrador Iron Mines Holdings Limited ("LIM") for the exploration and development of the Howse iron ore deposit in the Schefferville region of the Labrador Trough in Canada.

As previously announced (please see NML NR 13-25 dated September 18, 2013), TSMC and LIM entered into a number of inter-related agreements that included the formation of a joint venture to develop the Howse deposit, which is geographically proximate to TSMC's Timmins operations. An exploration program was carried out on the Howse Deposit in two phases over 2013 and 2014, and a feasibility study is now in progress.

Source:

http://nmliron.com/

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