IN Innovium Media Properties Corp.

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New Millennium Iron Corp. ("NML" or the "Corporation") (TSX:NML) announced today
the signing of an Impact and Benefit Agreement ("IBA") between Tata Steel
Minerals Canada Ltd. ("TSMC"), a joint venture between NML and Tata Steel
Limited, and Innu Takuaikan Uashat mak Mani Utenam ("ITUM") of Sept-Iles,
Quebec. The "life of mine" agreement promotes and governs a mutually beneficial
development of TSMC's direct shipping iron ore ("DSO") project located in north
eastern Quebec and western Labrador, near Schefferville, Quebec. 


The IBA establishes the processes and sharing of benefits that will ensure an
ongoing positive relationship between the parties. In return for their consent
and support of TSMC's DSO project, ITUM will benefit through training,
employment, business opportunities and financial participation in the project. 


The IBA was signed on February 9th, 2012, at Uashat by ITUM Chief Georges-Ernest
Gregoire and Mr. Rajesh Sharma, Managing Director and CEO of TSMC. The agreement
with ITUM is the fourth and final IBA concluded with regard to the DSO Project.
A first IBA with the Naskapi Nation of Kawawachikamach ("NNK") was concluded on
June 10th, 2010, a second IBA with the Nation Innu Matimekush-Lac John ("NIMLJ")
on June 6th, 2011, and a third IBA with the Innu Nation of Labrador ("IN") on
November 11th, 2011.


Rajesh Sharma, Managing Director and CEO of TSMC, said "This IBA is the result
of a continuous dialogue over several years between ITUM, NML and subsequently
TSMC. The parties have worked diligently to arrive at a mutually beneficial
agreement. Through this IBA, we commit to implement the project in a manner that
safeguards the environment and provides ITUM with social and cultural
protection." 


Chief Georges-Ernest Gregoire expressed his satisfaction with the conclusion of
the agreement which sets the groundwork for the important work ahead in
strengthening the relationship between TSMC and ITUM, while ensuring economic
benefits for the Community, based on new emerging international norms guiding
relationships between the mining industry and Indigenous Peoples.


Dean Journeaux, President and Chief Executive Officer of NML, said "NML is
pleased that TSMC has successfully concluded all of the IBAs with the First
Nations. They reflect many years of positive relationship building and NML
congratulates TSMC and the First Nations in setting the stage for the further
development of the large Taconite projects to come."


About New Millennium 

The Corporation controls the emerging Millennium Iron Range, located in the
Province of Newfoundland and Labrador and in the Province of Quebec, which holds
one of the world's largest undeveloped magnetic iron ore deposits. In the same
area, the Corporation is also advancing its DSO Project to near term production.
Tata Steel Limited, one of the largest steel producers in the world, owns
approximately 27% of New Millennium and is the Corporation's largest shareholder
and strategic partner. 


Tata Steel has exercised its exclusive option to participate in the DSO Project
and has a commitment to take the resulting production (see news release 10-16
dated September 14, 2010). Tata Steel also has exercised its exclusive right to
negotiate and settle a proposed transaction in respect of the LabMag Project and
the KeMag Project (see news release 11-09 dated March 6, 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 dated July 5 2006 and news release 07-11 dated
July 17, 2007); KeMag 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 dated
January 16, 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 dated February 11, 2009, news release 09-05
dated March 4, 2009, news release 09-16 dated 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 or mineral reserves, the Corporation is
not treating the historical estimate as current mineral resources or mineral
reserves and the historical estimate should not be relied upon. 


The Corporation'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.NMLiron.com,
www.tatasteel.com and www.tatasteeleurope.com. 


Dean Journeaux, Eng., and Thiagarajan Balakrishnan, P. Geo., are the Qualified
Persons as defined in National Instrument 43-101 who have reviewed and verified
the scientific and technical mining disclosure contained in this news release.


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 Corporation 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 Corporation'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 Corporation 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 Corporation'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
Corporation 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.

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