New Millennium Iron Corp. announced the results of its NuTac initiative begun in September 2015 to examine a further range of options for the development of the seven NI 43-101-compliant iron ore taconite properties it controls in the Schefferville/Menihek area of the Labrador Trough, straddling the border between the Province of Newfoundland and Labrador and the Province of Québec, approximately 600 km north of the port city of Sept-Îles, Québec. The NuTac initiative responds to the changed macroeconomic environment for iron ore and supplements earlier feasibility studies carried out on the Company's LabMag and KéMag taconite deposits, mainly through a re-scoping of the previous mining and processing work, coupled with examination of the use of existing infrastructure for transportation of concentrate to a pellet plant at the loading port, all aimed at designing a project sized and costed for market entry when conditions permit. The taconite deposits controlled by the company have similar characteristics in terms of geology, mineralogy and metallurgical properties. Each is a long-life property that can yield high quality saleable products with the same processing technologies. Under NuTac, a Pre-Feasibility Study reviewed all development aspects of each of company's taconite deposits, including resources, location, ownership, jurisdictional considerations and historical work, and the KéMag deposit, in which NML holds a 100% interest, was selected for base case analysis.