BRIEF-New Millennium Iron announces cost reduction measures

Tue Jun 14, 2016 11:55am EDT
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June 14 (Reuters) - New Millennium Iron Corp :

* New Millennium Iron Corp. announces cost reduction measures

* Measures include a workforce reduction of 11 full-time employees

* Net annualized payroll savings will be approximately $1.35 million

* Level of exploration spending over next five years necessary to preserve NML's mining claims will reduce by as much as $3.4 million

* Cost reduction initiatives provide co with sufficient capital to support activities through 2018 at present expenditure levels Source text for Eikon: Further company coverage: