New Millennium Capital Corp. Announces the Delineation of Numerous New DSO and Taconite Targets Based on the Interpretation of 2010 Airborne Gravity and Magnetometer Survey Results

CALGARY, ALBERTA, Jan. 31, 2011 (Marketwire) --

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New Millennium Capital Corp. ("NML" or "the Company") (TSX VENTURE:NML) announced today that its Geophysical Consultant Jean Hubert has completed the final interpretation of the Airborne Gravity and Magnetometer survey that was previously reported (see news release 10-19, November 3, 2010). This survey was conducted by Fugro Airborne Surveys Corp. at Schefferville, Quebec between September 14 and November 11, 2010. The survey covered all of NML's taconite and direct shipping ore ("DSO") properties. In total 8,979 line kilometres were flown (refer to the attached Figure 1).

Robert Martin, New Millennium President and CEO, said, "We are pleased with the results of this airborne geophysical survey that have provided us with new drill targets. It is especially welcome that many of these new targets are in close proximity to where we will commence production at our DSO Project. We now have over 50 prospective targets having the potential to expand our DSO resources. This data has been handed over to our joint venture company Tata Steel Minerals Canada Ltd. ("TSMC") for development of a follow-up program this summer. Even more impressively, several taconite targets have been identified that could potentially rival our LabMag and KeMag deposits. Several of these targets are expected to be investigated in 2011."The detailed interpretation indicates the presence of more than 50 strong gravity anomalies associated with low magnetic values. These anomalies are located in a north-westerly trending iron formation from Schefferville to Goodwood and further northward over a length of approximately 50 km (refer to attached Figure 2). All these anomalies are located on NML's 100% owned claims and licences in Quebec ("QC") and Newfoundland and Labrador ("NL"). At the south end of the survey area, a group of 13 anomalies are outlined within a radius of 5 km of the proposed Timmins processing Plant location (refer to the attached Figure 2). The first phase of mining of DSO will start in 2012 in this area.

A second group of 10 anomalies occurs within a radius of 5 km of the Goodwood-Kivivic, near the north end of the surveyed area, where over 80% of all currently known resources occur. The second phase of mining in the DSO Project is expected to commence in this location. Between Timmins and Goodwood over a length of 19 km, 20 anomalies are outlined over the iron formation bands. Beyond Goodwood-Kivivic, over a length of 12 km, 11 anomalies are identified. High gravity anomalies associated with low magnetism are favourable targets for locating enriched DSO deposits (refer to the attached Figure 2).

The interpretation of the airborne high sensitivity magnetometer survey data conducted over the Millennium Iron Range in QC and NL covering magnetic taconite formations has also been completed. Several magnetic anomalies comparable in intensity to the LabMag and KeMag taconite deposits are outlined in the north and south sections of these deposits. In NL, five anomalies, one to the north and four to the south of the LabMag deposit were identified. In QC, five anomalies to the north of the KeMag deposit were outlined (refer to the attached Figure 3). All these anomalous zones have the potential to host sizable magnetic taconite deposits.

Dean Journeaux, Eng., Chief Operating Officer of NML and Jean Hubert, Eng.,Geophysicist are the Qualified Persons as defined in NI 43-101 who have reviewed and verified the scientific and technical mining disclosure contained in this news release on behalf of NML.