New Millennium Iron Corp. Announces Financial Results for the First Quarter
05/20/2015 - New Millennium Iron Corp. (“NML” or the “Company”) announced its financial results for the first quarter ended March 31, 2015.
Progress continued in the first quarter in NML’s principal areas of activity, two of which involve projects being carried out with strategic partner and shareholder Tata Steel Limited.
The Direct Shipping Ore Project, through a 20% ownership interest in Tata Steel Minerals Canada Ltd. (“TSMC”), operator of the Project, during the quarter continued to advance construction of the processing plant and ancillary facilities, and continuation of the operational readiness process. Subsequent to the quarter, TSMC acquired the 49% interest it does not already own in the Howse Joint Venture and the NML Board of Directors decided not to make an additional investment in TSMC that will result in a dilution of its 20% equity interest in TSMC.
On NML’s Taconite Project, the next stage of Feasibility Study work continued to make the Project investor and lender ready.
At the general NML corporate level, Mr. Chanakya Chaudhary, Tata Steel Limited’s Group Director —Corporate Communications & Regulatory Affairs was appointed to NML’s Board of Directors.
The Company’s working capital at March 31, 2015 is $27,578,000 (December 31, 2014 - $28,871,000).
The net loss for the three months ended March 31, 2015, is $1,156,000 ($0.01 per share) compared to a net loss of $1,735,000 ($0.01 per share) for the comparative period in 2014. This loss represents general and administrative expenses of $1,331,000 (2014 - $2,034,000) partially offset by investment income of $175,000 (2014 - $282,000). The decrease in the quarter’s general and administrative expenses is mainly due to a decrease in stock-based compensation expense from $645,000 in the 2014 corresponding quarter to $302,000 this quarter.
As at March 31, 2015, the company’s mineral exploration and evaluation assets increased to $60,647,000 from $60,240,000 as of December 31, 2014, or by $407,000. The components of mineral properties at March 31, 2015, were: mineral licences of $2,627,000, drilling of $32,258,000, resource evaluation of $41,054,000, environmental of $19,338,000 and amortization of property and equipment of $109,000. These expenditures are partially offset by tax credits and mining duties of $12,918,000 and the Tata Steel payments on account of their Taconite Project options of $21,821,000.
Additional information on NML's Q1 results is available at www.nmliron.com.
The Direct Shipping Ore Project, through a 20% ownership interest in Tata Steel Minerals Canada Ltd. (“TSMC”), operator of the Project, during the quarter continued to advance construction of the processing plant and ancillary facilities, and continuation of the operational readiness process. Subsequent to the quarter, TSMC acquired the 49% interest it does not already own in the Howse Joint Venture and the NML Board of Directors decided not to make an additional investment in TSMC that will result in a dilution of its 20% equity interest in TSMC.
On NML’s Taconite Project, the next stage of Feasibility Study work continued to make the Project investor and lender ready.
At the general NML corporate level, Mr. Chanakya Chaudhary, Tata Steel Limited’s Group Director —Corporate Communications & Regulatory Affairs was appointed to NML’s Board of Directors.
The Company’s working capital at March 31, 2015 is $27,578,000 (December 31, 2014 - $28,871,000).
The net loss for the three months ended March 31, 2015, is $1,156,000 ($0.01 per share) compared to a net loss of $1,735,000 ($0.01 per share) for the comparative period in 2014. This loss represents general and administrative expenses of $1,331,000 (2014 - $2,034,000) partially offset by investment income of $175,000 (2014 - $282,000). The decrease in the quarter’s general and administrative expenses is mainly due to a decrease in stock-based compensation expense from $645,000 in the 2014 corresponding quarter to $302,000 this quarter.
As at March 31, 2015, the company’s mineral exploration and evaluation assets increased to $60,647,000 from $60,240,000 as of December 31, 2014, or by $407,000. The components of mineral properties at March 31, 2015, were: mineral licences of $2,627,000, drilling of $32,258,000, resource evaluation of $41,054,000, environmental of $19,338,000 and amortization of property and equipment of $109,000. These expenditures are partially offset by tax credits and mining duties of $12,918,000 and the Tata Steel payments on account of their Taconite Project options of $21,821,000.
Additional information on NML's Q1 results is available at www.nmliron.com.
