New Millennium Capital Corp. Increases Bought Deal Offering to $55 Million

New Millennium Capital Corp. ("New Millennium" or the "Company") (TSX VENTURE:NML) today announced that it has agreed with Jennings Capital Inc. and Credit Suisse Securities (Canada), Inc. (collectively, the "Underwriters") to increase the base size of the previously announced offering of shares such that the Underwriters have now agreed to purchase an aggregate of 15,714,286 common shares of the Company on a "bought deal" basis at a price of C$3.50 per share for aggregate gross proceeds of approximately C$55 million.

New Millennium has agreed to grant the underwriters an over-allotment to purchase an additional 15% of the offering, which option shall be exercisable for 30 days following the closing of the offering to cover over-allotments and for market stabilization purposes.

As previously noted, Tata Steel Global Minerals Holdings Pte Ltd. ("Tata Steel") has a pre-emptive right (the "Pre-emptive Right") in the event of a financing by the Company to maintain its pro-rata interest in the Company, which is currently approximately 27.2% of the total basic shares outstanding. To the extent that Tata Steel exercises the Pre-emptive Right, the Underwriters shall be entitled to act as agents in placing with Tata Steel on a best efforts basis the common shares issuable in connection with the Pre-emptive Right, unless Tata agrees on terms acceptable to the Company to accept receipt of such shares under a private placement.

In connection with the offering, New Millennium intends to file a short form prospectus in each of the provinces of Canada other than Québec. The offering is expected to close on or about February 24, 2011. The transaction is subject to the receipt of all necessary regulatory approvals, including the acceptance and approval of the TSX Venture Exchange. The net proceeds from the offering will be used to advance the Taconite Project and for general working capital purposes.

The securities being offered have not been, nor will they be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States.

About New Millennium

The Company controls the emerging Millennium Iron Range, located in the Province of Newfoundland and Labrador and in the Province of Quebec, which holds the world's largest undeveloped magnetic iron ore deposits. In the same area, the Company is also advancing to near term production its DSO (Direct Shipping Ore) Project. Tata Steel, one of the top 10 steel producers of the world, owns 27.2% of New Millennium and is the Company's largest shareholder and strategic partner.

Tata Steel has exercised its exclusive option to participate in the DSO Project and has a commitment to purchase at world prices the resulting production (see news release 10-16, September 14, 2010). Tata Steel also has an exclusive right to negotiate and settle a proposed transaction in respect of the LabMag Project and the KéMag Project (see news release 08-17, October 1, 2008, news release 09-11, June 30, 2009 and news release 11-01, January 4, 2011).

The Millennium Iron Range currently hosts two advanced projects: LabMag contains 3.5 billion tonnes of Proven and Probable reserves at a grade of 29.6% Fe plus 1.0 billion tonnes of Measured and Indicated resources at an average grade of 29.5% Fe and 1.2 billion tonnes of Inferred resources at an average grade of 29.3% Fe (see news release 06-13, July 5 2006 and 07-11, July 17, 2007); KéMag contains 2.1 billion tonnes of Proven and Probable reserves at an average grade of 31.3% Fe, 0.3 billion tonnes of Measured and Indicated resources at an average grade of 31.3 % Fe and 1.0 billion tonnes of Inferred resources at an average grade of 31.2% Fe (see news release 09-01, January 15, 2009).

NML's DSO project contains 64.1 million tonnes of Proven and Probable Mineral Reserves at an average grade of 58.8%Fe, 8.1 million tonnes of Measured and Indicated Mineral Resources at an average grade of 58.8% Fe, 7.2 million tonnes of Inferred Resources at an average grade of 56.8% Fe and about 40.0 - 45.0 million tonnes of historical resources that are not currently in compliance with NI 43-101 (see news release 09-03, February 11, 2009 and news release 09-05, March 4, 2009, news release 09-16, December 9, 2009 and news release 10-12 dated July 8, 2010). A qualified person has not done sufficient work to classify the historical estimate as current mineral resources and the historical estimate should not be relied upon.

The Company's mission is to add shareholder value through the responsible and expeditious development of the Millennium Iron Range and other mineral projects to create a new large source of raw materials for the world's iron and steel industries. For further information, please visit [ www.nmlresources.com ], [ www.tatasteel.com ] and [ www.tatasteeleurope.com ].

Forward-Looking Statements

This document may contain "forward-looking statements" within the meaning of Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements are made as of the date of this document and the Company does not intend, and does not assume any obligation, to update these forward-looking statements.

Forward-looking statements relate to future events or future performance and reflect management of the Company's expectations or beliefs regarding future events and include, but are not limited to, statements with respect to the estimation of mineral reserves and resources, the realization of mineral reserve estimates, the timing and amount of estimated future production, costs of production, capital expenditures, success of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative of these terms or comparable terminology. By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, risks related to actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of resources; possible variations in ore reserves, grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities; as well as those factors detailed from time to time in the Company's interim and annual financial statements and management's discussion and analysis of those statements, all of which are filed and available for review on SEDAR at [ www.sedar.com ]. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking statements.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

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New Millennium Capital Corp. Increases Bought Deal Offering to $55 Million