CWRN: Buyer's Government Approval for Baja Iron Ore Import Expected
07 July 2009 - 11:45PM
Marketwired
Cotton & Western Mining, Inc. (PINKSHEETS: CWRN) stated today
that its Asian iron ore buyers and Investors have agreed in
principal with the contract terms and conditions and have applied
to the Chinese government for import permits under new government
guidelines established in 2009. Company management is expecting
that all permits needed by the buyers will be approved before the
end of July 2009. Setbacks on opening the Baja Mining Project have
primarily been contributed to the down-turn in the world economy;
however, optimism remains high that the project will move forward
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. 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
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