New Millennium Capital Corp.

COMPANY DATA | INTRODUCTION | PROJECT IN HAND |  MANAGEMENT
NEWS UPDATE | CHINESE

COMPANY DATA

INTRODUCTION

The objective of the New Millennium Capital Corp. (NML) is to develop a mining and concentrating complex in Labrador that will mine 33 million tonnes of crude iron ore per year to produce 10 million tonnes per year of concentrate and pellets for a minimum of 20 years.

Subject to the completion of positive feasibility studies, project financing and project construction, the concentrate would be pumped from Labrador through a slurry pipeline, about 600 kilometres, to the Port of Sept-lles, Quebec.

The concentrate would be pelletised in Sept-lles. This port, which is located on the north shore of the St. Lawrence River, about 900 km east of Montreal, is open for year round vessel shipping. It is expected that the final pellet product would be shipped to markets in Canada, the United States, Western Europe and Asia, from a dock capable of loading vessels of 250,000 dwt to 360,000 dwt capacity.

The management try their best effort to add shareholder value through the responsible and expeditious development of the LabMag Iron Ore Project and other mineral projects to create a new large source of raw materials to the world's iron and steel industries.

PROJECT IN HAND

LabMag Iron Ore Project, Labrador

The LabMag Iron Ore Project near Howells River in Labrador which is located 30 kilometres west of Schefferville, Quebec, is one of the largest potential iron-ore resources of its type in the world. New Millennium Capital Corp. plans to develop this resource into a new world-class iron-ore project. The ownership of the LabMag Iron Ore Project is 80% New Millennium Capital Corp. and 20% Naskapi Nation of Kawawachikamach (NNK).

New Millennium Capital Corp.'s vision is to establish an iron ore mine and concentrator in Labrador connected by a 600 km pipeline to a 10 million tonne per year pellet plant and shipping facility in Quebec.

The first phase of their work was to establish an indicated resource estimate in accordance with NI 43-101 standards. A 160-hole drill program was proposed by the consulting firm of Watts, Griffis and McOuat at a cost of CDN$5 million. Seventy-two holes, 5,408 metres, were drilled during the 2004 season.

A second phase of work will be the completion of a pre-feasibility study. This will cost an additional CDN$4 million. Subject to successful completion of these work phases, the Company expects to proceed to the final stages' feasibility study, project construction and operations.

The Labrador-based LabMag Iron Ore Project Proposal include:

· It is envisioned that an open-pit mine, utilizing a standard shovel/truck operation, will mine 33 million tonnes of crude ore per year as a grade of 32% iron. Stripping ratios are expected to be very low.

· The crude ore is expected to be transported by truck to the concentrator, adjacent to the mine site. This will be ground in standard wet autogenous grinding mills with the ground product concentrated in low-in-tensity magnetic separators. The final concentrate is expected to be pumped to Sept-lles, Quebec through a 600 km slurry pipeline.

· It is anticipated that the concentrate will be dewatered at a new pellet plant in Sept-lles, Quebec, unless an existing idle pellet plant is available. The dewatered concentrate will be shaped into pellets and fired in indurating furnaces at this plant.

· Pellets will be conveys to a stockyard and eventually reclaimed for year round vessel shipment to steel plants in North America, Europe and Asia.

Ratios and Expectations

· From test work that was done previously by Iron Ore Company of Canada, it will take 3.3 tonnes of crude ore (iron formation) to make 1 tonne of iron ore concentrate. It will take one tonne of concentrate to make one tonne of pellets.

· The minimum mine life for an iron ore mine is 20 years; therefore, it will take a minimum of 33 million tonnes of crude ore per year for 20 years, or 660 million tonnes, to make the minimum required tonnage for the project.

MANAGEMENT

New Millennium Capital Corp. has a well management team with experience in different areas. Their experienced executive team has over 240 years of combined mining experience. The Company knows the mining industry and understands what it takes to put an iron ore project into production.

Robert Martin, President & CEO
Mr. Martin is former CEO of Iron Ore Company of Canada, discoverer of the Howells River magnetic iron formation deposit. He is a professional geologist and initiator of the LabMag Project.

Lee C.G. Nichols, Chairman and Director
Mr. Nichols is President and principal owner of Terracon Geotechnique. He is former exploration geologist with Iron Ore Company of Canada and major energy companies. He is a professional engineer and geologist, prominent resource industry businessman.

Willian (Bill) Almdal, Chief Financial Officer and Director
Mr. Almdal is former senior manager with Iron Ore Company of Canada, and major energy companies, active in coordinating Alberta's oil sands projects. He is a professional engineer and former President of the CIM.

G.E. (Tim) Wood, Secretary and Director
Mr. Wood is a senior mining industry executive, former President and CEO of Steep Rock Resources Ltd., Zemex Corp., Feldspar Corp., and other public companies, active in resource industry financing and investment banking. He is a professional engineer and former engineer with Iron Ore Company of Canada.

Roy Hudson, Director
Mr. Hudson is a prominent resource industry lawyer active in the fields of corporate and securities law. He is director of numerous other resource industry companies.

Dean Journeaux, Director
Mr. Journeaux is the Consultant-Project Manager of the LabMag Project. He is former senior engineer and manager with Quebec Cartier Mining Company and MET-CHEM Canada Inc. He is an international resource industry projects consultant and professional engineer.

John N. Schindler, Director
Mr. Schindler is former senior manager and consultant with major energy and mining companies such as Amax Inc. and Union oil Ltd. He is a consulting exploration geologist in the fields of ferrous, non-ferrous and industrial minerals. He is a professional geologist and holder of degrees in geology and mineral exploration.

NEWS UPDATE

On March 01, 2006, New Millennium Capital Corp. announced that as a result of recent meetings with representatives of the Government of Newfoundland and Labrador, NML will be modifying its pre-feasibility study ("PFS") design criteria for the LabMag Iron Ore Project. The PFS will focus on the possibility of locating the proposed pellet plant near Ross Bay Junction in Labrador, approximately 220 km south of the proposed mine site and approximately 60 km east of Labrador City by road. In that case, concentrate would be transported from the mine site through a 225 km slurry pipeline and the pellets would be transported by railway from Ross Bay Junction to the port at Pointe Noire, approximately 400 km, for shipping to markets in Canada, the United States, Western Europe and Asia.

On January 20, 2006, New Millennium Capital Corp. announced that it has established its pre-feasibility study design criteria for its LabMag Iron Ore Project. The design criteria have been established by NML management based on the drill core analysis, pilot plant testing and market study results received to date. Mine capacity is estimated to be 53.5 million tonnes per year (mtpy) of crude ore. Crushing, grinding and processing capacity at the concentrator are estimated to be 53.5 mtpy to produce 15 mtpy of magnetite concentrate. The requirements for power at the Howells River mine-mill complex are estimated to be 225 megawatts. Environmental studies continue with desk work and planning for the 2006 field-baseline studies. Also, an evaluation of the 2005 field season's work on NML's other iron-ore properties is ongoing including exploration planning for the next field season.

On November 29, 2005, New Millennium Capital Corp. announced its financial results for the third quarter ended September 30, 2005. The net loss for the nine month period ended September 30, 2005 was $728,224 or $0.02 loss per share compared to a net loss of $50,667 or $0.00 loss per share for the corresponding period in 2004. This loss represents expenses of $1,209,591 (2004 - $57,665) net of interest revenue of $53,648 (2004 - $6,998) and income taxes recoverable of $427,719 (2004 - Nil). Again the most significant expenses items were general and administrative of $608,000 (2004 - $42,000), market development of $324,000 (2004 - Nil) and professional fees of $225,000 (2004 - Nil).

On November 28, 2005, New Millennium Capital Corp. announced that it has entered into a Memorandum of Understanding ("MOU") with Sinosteel Corporation ("Sinosteel") of Beijing, P.R.C. whereby, with a view to expanding the iron ore markets and establishing stable and reliable overseas supply of pellets, Sinosteel is considering a joint venture with NML to develop, construct and operate the LabMag Iron Ore Project. NML is seeking project investment and iron ore sales, and has presented to Sinosteel its development plans, current status, technical work, financing requirements and schedule for the Project construction and production. Pursuant to the MOU, Sinosteel has undertaken to engage in further studies of the materials presented in the technical report on the property provided by NML and NML's plans for its development.

On October 19, 2005, New Millennium Capital Corp. announced that it has granted stock options to acquire up to 890,000 common shares of NML at an exercise price of $0.55 per common share, including options to acquire up to 675,000 common shares issued to certain of its officers and directors.

On October 03, 2005, New Millennium Capital Corp. announced the progress of its 2005 drilling activities on NML's LabMag Iron Ore Property in Labrador. This year, Heath & Sherwood Drilling mobilized three drill rigs and commenced drilling on June 29, 2005. Drilling performance has exceeded expectations and by September 30, 2005, 9,200 metres had been drilled. Core sample analysis has commenced at the Midland Research Laboratory (MRL) in Nashwauk, Minnesota and results are expected by the end of November, 2005. This brings the total drilling on this property to about 19,896 metres (by IOC, 6,088 metres and by NML, 13,808 metres).

A 200 tonne bulk sample has been prepared from the seen stratigraphic rock units and is due to be shipped in early October to MRL for pilot plant testing and process flow-sheet confirmation. Pilot plant testing should be complete by the end of November, 2005 with the final report due at the end of February, 2006.

On September 27, 2005, New Millennium Capital Corp. announced that it has drawn down the second and final $1,000,000 installment pursuant to the Credit Facility it has entered into with Middlemarch Partners Limited. The Credit Facility does not bear interest and is repayable in full on or before March 15, 2006.

On September 08, 2005, New Millennium Capital Corp. announced that it has entered into an engagement agreement with Raymond James Ltd. and Investpro Securities Inc. in connection with a proposed private placement financing of a minimum of $3.5 million to maximum of $7 million. The net proceeds of the financing will be used to fund the Corporation's 2005 drilling and bulk sampling program on the LabMag Iron Ore Project and to fund its pre-feasibility engineering, base-line environmental and marketing studies and for general working capital purposes.

On September 02, 2005, New Millennium Capital Corp. announced that it has entered into a loan agreement with Middlemarch Partners Limited ("Middlemarch") for a $2,000,000 credit facility (the "Credit Facility"). The Credit Facility may be drawn down at the option of NML in $1,000,000 installments. The first installment was drawn down on September 1, 2005 and the second installment may be drawn down after September 15, 2005. The Credit Facility does not bear interest and is repayable in full on or before March 15, 2006. As consideration for advancing the credit facility, NML has issued to Middlemarch 1,000,000 common share purchase warrants. The purchase warrants is exercisable into one common share of NML at an exercise price of $0.75 per share until August 15, 2007.

On August 19, 2005, New Millennium Capital Corp. announced its financial results for the second quarter ending June 30, 2005. The Interim Consolidated Statement of Loss and Deficit indicates a net loss for the three months ended June 30, 2005 of $275,651 or $0.01 loss per share compared to a net loss of $17,175 or $0.00 loss per share for the corresponding period in 2004.

The Interim Consolidated Balance Sheet as of June 30, 2005, indicates that the value of mineral properties increased to $5,446,402 from $4,529,538 as of December 31, 2004 or by $916,864. The components of this increase were engineering ($224,000), environmental ($209,000), drilling ($194,000), laboratory analysis ($99,000), outside exploration ($85,000), site infrastructure ($56,000), field labour and supplies ($35,000) and outside property mineral licences ($20,000) offset by a decrease in the LabMag mineral licence (-$5,000).

On July 14, 2005, New Millennium Capital Corp. announced the commencement of its 2005 drilling activities on NML's Iron Ore Property. Three drill rigs arrived in the area and commenced drilling on June 29, 2005. As part of its $4.7 million Phase I exploration program, NML plans to drill, during this season, up to 6,500 metres in approximately 100 holes primarily in Block "B" with the objective of increasing the already reported indicated resources in Block "A" of about 1.1 billion tonnes and to upgrade the existing resources to higher categories. Additional in-fill drilling of about 20 holes in 1,500 metres will be performed in Block "A" as part of Phase II. Drilling is being done by Health & Sherwood Drilling of Kirkland Lake, Ontario. The drilling program is expected to be completed by the end of October this year. The revised resource estimates are expected to be completed by March 30, 2006.

On May 30, 2005, New Millennium Capital Corp. clarified certain disclosure in its new release of May 20, 2005, which among other things, announced the results of a Mineral Resource estimate on its LabMag Iron Ore Project (the "Project") in Labrador. The Company also made a statement that could be interpreted as providing a forecast or project of an annual production rate and a mine-life for the Project. At this time the Company has not completed an economic evaluation of the Project and the Company retracts this statement and cautions investors from relying on this statement.

On May 30, 2005, New Millennium Capital Corp. announced that the Company realized a net loss of $238,272 or $0.01 loss per share for the first quarter ended March 31, 2005, compared to a net loss of $31,926 or $0.00 loss per share for the corresponding period in 2004. This loss represents total expenses of $390,105 (2004 - $34,402) net of interest revenue of $24,293 (2004 - $2,476) and income taxes recoverable of $127,540 (2004 - Nil). Expenses for the quarter were comprised of general and administrative of $305,369 (2004 - $12,174), professional fees of $76,736 (2004 - Nil), depreciation of $8,000 (2004 - Nil) and no evaluation expenses (2004 - $22,228).

On May 20, 2005, New Millennium Capital Corp. provided the results of the Mineral Resource estimate from the 2004 drilling program on its 80% owned LabMag Iron Ore Project. The results, which are effective May 12, 2005, demonstrate approximately 1.045 billion tonnes of Indicated Mineral Resources, sufficient for over 30 years of operation at 10 mtpy of pellets, and an additional 760.7 million tonnes of Inferred Mineral Resources. These results show that the Property contains the largest undeveloped magnetite Mineral Resource in North America known to NML management. The Corporation is planning to continue additional drilling and metallurgical analyses this year in an attempt to increase the Mineral Resources estimate and to upgrade the existing Mineral Resources from the "Inferred" category to "Indicated" and from "Indicated" to the "Measured" category.

On April 25, 2005, New Millennium Capital Corp. provided the last update on the results received of drill core analysis for the 2004 drilling program on its 80% owned LabMag Iron Ore Project. The objective of the ongoing drill program is to demonstrate the existence of a minimum indicated resource of iron ore, sufficient to operate the planned facilities for 20 years with the objective of increasing the indicated resource beyond a 20 year life. This drill program will extend into the fall of 2005. NML has also retained Watts, Griffis and McOuat (WGM) to act as an Independent Qualified Person to complete an "ore resource certification" of the Property based on the drilling done in 2004 and the data obtained there from. This report is expected to be received by NML by June 30, 2005.

The January 12 and February 28, 2005 News Update (#05-01 and #05-04) reported on the results of 36 holes or 2,401 metres that were drilled on 9 section lines traversing block "A". This news release reports the results of an additional 23 holes with a combined length of 1,586 metres that were drilled on 6 additional section lines traversing block "A" and 1 section on block "B". These latest results, as did the previous results, continue to indicate that a high quality concentrate, in the order of more than 69% Fe and less than 3% silica, can be made from the rock represented by these diamond drill cores.

A total of 4,782 m of core was sampled and the results are now all reported. The remainder of the 5,408 m program, that is 626 m, was not sampled. These core intersections were either in lean iron formation at the bottom of the holes or non-mineralized waste rock at the top of the holes. NML is integrating these results into a geological block model for resource determination and classification, open pit design and mine planning.

A scoping study had earlier been initiated by the NML (LabMag) team of technical specialists. This study will be available to WGM for their information.

On April 21, 2005, New Millennium Capital Corp. announced that its board of directors has adopted a shareholders rights plan on April 21, 2005. Shareholder approval of the plan will be sought at the upcoming shareholders' meeting scheduled for June 10, 2005. The plan is intended to provide the board and the shareholders sufficient time to assess and evaluate any offer for common shares of NML, which might at any time in the future be made, and, where appropriate, to enable the board to explore and develop alternatives to maximize value to shareholders.

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