03/29/2013 09:15 EDT | Updated 05/29/2013 05:12 EDT

New Millennium Iron Corp. reports $2.18 million fourth quarter loss

CALGARY - New Millennium Iron Corp. (TSX:NML) reported a fourth quarter loss of $2.18 million or one cent per share, compared to net income of $28 million, or 16 cents per share, for the same period in 2011.

In explaining its results, the company said the fourth quarter of 2011 had benefited from a gain on the sale of its Direct Shipping Ore Properties which had amounted to $31 million.

The company's net loss for fiscal 2012 was $9 million or five cents per share, compared to net income of $21 million or 12 cents per share for the 2011 fiscal year.

The company controls the Millennium Iron Range, in Newfoundland and Labrador and in Quebec.

The range reportedly holds one of the world's largest undeveloped magnetic iron ore deposits.