SOURCE: Cotton & Western Mining, Inc.
CWRN: Cotton & Western Mining, Inc. Projects Baja NO. 14 Iron Ore Reserves of 6.5 Million Metric Tons
HOUSTON, TX--(Marketwire - April 28, 2009) - Cotton & Western Mining, Inc. (
Cotton & Western Mining previously estimated that it would be able to produce approximately 2.8 million dry metric tons of ore for transport to Chinese steel manufacturers. The geological samples confirm that the Baja NO. 14 site alone could sustain that production for at least two to three years.
"Now that we've been fortunate enough to establish a set price for our iron ore, we are in a great position to determine our financial projections for this year. Our geologists are confident that Baja NO. 14 is the best iron deposit of our properties, but we have several other promising magnetite deposits and we look forward to sharing more on those very soon," stated Bob Cotton, CEO of Cotton & Western Mining, Inc.
Cotton & Western Mining has recently announced that it has set 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. CWRN fully expects to conclude the project financing package with a Chinese Steel Mill within this year. China Seaborne Trade continues to improve; however, the market remains cautious as reports on economic indicators raise expectations that the world economy is starting to recover.
About Cotton & Western Mining, Inc.
Cotton & Western Mining, Inc. (
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.
