New Millennium Iron Corp. Announces Financial Results for the First Quarter

New Millennium Iron Corp. (TSXV:NML) reports its financial results for the first quarter ended March 31, 2011.

The press release is quoted as saying,

The Company’s results of operations for the three months ended March 31, 2011 is a net loss of $$2,771,000 ($0.02 per share) compared to a net loss of $498,000 ($0.00 per share) for the corresponding period in 2010. This loss represents expenses of $3,456,000 (2010 – $670,000), partially offset by other income of $600,000 (2010 – $Nil), investment income of $85,000 (2010 – $4,000) and an increase in fair value of long-term investments of $Nil (2010 – $168,000). The most significant expense items were professional fees of $1,892,000 (2010 – $187,000), general and administrative of $1,421,000 (2010 – $396,000) and market development of $123,000 (2010 – $75,000).

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