– CANADA, Calgary – New Millennium Iron Corp. (TSX: NML), today announced the appointment of Prasanto Kumar Ghose to the Corporation’s Board of Directors. Mr. Ghose succeeds Mr. Chanakya Chaudhary, who was a director since February 2015.
Mario Caron, Chairman and Acting CEO of NML, commented, “We are pleased to welcome Mr. Ghose as a member of our Board and we thank Mr. Chaudhary for his contributions over the past several years and wish him the best with his ongoing responsibilities within the Tata Group.”
About New Millennium
NML is a Canadian iron ore exploration, evaluation, and development company with an extensive property position called the Millennium Iron Range in Canada’s principal iron ore district, the Labrador Trough, straddling the Province of Newfoundland and Labrador and the Province of Quebec, in the Menihek Region around Schefferville, Quebec. The Company’s project areas are connected via a well-established, heavy-haul rail network to the Port of Sept-Îles, Quebec.
Tata Steel Limited, a global steel producer and industry leader, owns approximately 26.2% of the Company and is the Company’s largest shareholder.
NML has a 4.32% interest in Tata Steel Minerals Canada Ltd., which is owner and operator of a direct shipping ore project near Schefferville. The DSO project produces and ships sinter fines. Subsidiaries of Tata Steel and the Quebec Government’s financing arm, Investissement Québec, own the remainder of TSMC.
Beyond TSMC, the Company offers further development potential through a group of long-life taconite properties capable of producing high-quality pellets and pellet feed to service the requirements of steel makers with either blast furnace or direct reduced iron making operations. Two of these deposits – LabMag and KéMag – were the subject of large-scale development feasibility studies carried out by the Company and Tata Steel and published in March 2014.
With these feasibility study results as a foundation and seven taconite properties now explored to a NI 43-101 compliant resource, the Company optimized its taconite development strategy through the design of a smaller market entry initiative called the NuTac Project, for which a NI 43-101 prefeasibility study was carried out and published in June 2016.
In the currently challenging market environment for new iron ore projects, NML has implemented cash conservation measures, while protecting its mineral claims and iron ore development positioning.
For more information: http://www.nmliron.com
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