CWRN: Buyers for Baja Iron Ore Set Site Visit for June 30
24 June 2009 - 11:45PM
Marketwired
Cotton & Western Mining, Inc. (PINKSHEETS: CWRN) announced
today that its Asian iron ore buyers together with Investors will
meet with management and geologist at the Baja Iron Ore Mining
Project site on June 30, 2009 for a first hand look at the
magnetite rich iron deposits and the shipping facilities at the
Pacific Ocean Port of Ensenada, Baja California. Management is
hopeful that all the terms and conditions (as stated the company's
June 10, 2009 news release) can be agreed upon by the first week of
July with contract execution tentatively set for mid July 2009.
Market conditions as witnessed by the China Seaborne Trade increase
are a good indicator that near term and long term supply and demand
for quality raw steel making materials will improve. Setbacks on
opening the Baja Mining Project have primarily been contributed to
the down-turn in the world economy; however, optimism remains high
that conditions have improved enough to go forward with the project
in 2009.
Current FOB annual contract pricing is $45.00 per each Dry
Metric Ton (DMT) shipped while one-off Spot Sales now at $76.50 CIF
in main China ports on base Fe content of 62%. Cotton & Western
is expected to open production at 52,000 DMT per month, which will
be shipped from the Pacific Ocean Port of Ensenada, Baja
California, Mexico.
Cotton & Western Mining recently projected revenues in
excess of $126 Million based on an agreed base price of $45.00 FOB
Mexico, per each dry metric ton sold on a guaranteed 64.5% Fe (iron
content) with bonus payment of $0.6976 for each 1% Fe content above
the minimum contract specifications. The average Fe content as
tested in 2008 for Baja NO. 14 is 67% Fe content.
About Cotton & Western Mining, Inc.
Cotton & Western Mining, Inc. (PINKSHEETS: CWRN) was founded
in early 2005 as a Nevada Corporation by Robert L. Cotton, with a
specific plan and goal in mind; that being, to operate a low cost
and high profit junior "Iron Mineral Mining" company. Cotton &
Western Mining's mission is to offer reliable, high-quality and
cost effective raw materials to the steel manufacturing industry on
a global scale. The current pricing situation is at an all time
high, with strong demand for raw materials coming from the People's
Republic of China and it is expected to remain strong for several
years ahead. For more information, please visit the company's
website at www.cottonwestern.com.
Safe Harbor: Statements regarding financial matters in this
press release other than historical facts are "forward-looking
statements" within the meaning of Section 27A of the Securities Act
of 1933, Section 21E of the Securities Exchange Act of 1934, and as
that term is defined in the Private Securities Litigation Reform
Act of 1995. The Company intends that such statements about the
Company's future expectations, including future revenues and
earnings, technology efficacy and all other forward-looking
statements be subject to the Safe Harbors created thereby. The
Company is a development stage firm that continues to be dependent
upon outside capital to sustain its existence. Since these
statements (future operational results and sales) involve risks and
uncertainties and are subject to change at any time, the Company's
actual results may differ materially from expected results.
Contact: e-media Direct, Inc. Investor Relations (866)284-2835
info@e-mediadirect.com
Cotton and Western Mining (GM) (USOTC:CWRN)
Historical Stock Chart
From Dec 2024 to Jan 2025
Cotton and Western Mining (GM) (USOTC:CWRN)
Historical Stock Chart
From Jan 2024 to Jan 2025