New Millennium Iron Corp. ("NML" or the "Corporation") (TSX:NML)(OTCQX:NWLNF) 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.
NML announced on November 28, 2013 (NR 13-27) that it intended to release the NI 43-101 compliant results of the feasibility study as prepared by Met-Chem Canada, a firm qualified as an Independent Qualified Person. These results are now expected in January, 2014 and are based on the Study Manager's feasibility study report to an accuracy of +/- 15% covering the technical aspects for mining, process, power supply, transportation, pelletizing, materials handling and with the estimates for project completion, capital and operating costs.
NML has prepared the financial models for the project based on the Study Manager results, including after tax results. NML, after consultation with Tata Steel, decided recently to engage an internationally recognized firm of financial experts to review the financial models and assumptions to give more assurance of the results. This work is expected to be completed by mid-January, 2014.
Once complete, the study results will be reviewed at the NML Board level for approval prior to release of the results in a news release to be followed by filing of the Technical Report on Sedar within 45 days.
Dean Journeaux said, "We believe that the results are positive and considering the size and investment for this large project and its infrastructure made up of the Ferroduct and port terminal handling facilities, the infrastructure portion will be ideal for specialized long term financing at competitive interest rates and it was determined that these options should form part of the study parameters."
