If we get a positive update about this project too, CWRM may indeed be on the road to revenues.
RICHMOND, TX--(MARKET WIRE)--Feb 14, 2007 -- Cotton & Western Mining, Inc. (Other OTC:CWRN.PK - News) Robert L. Cotton, President & C.E.O. confirmed today that management representatives from Daye Steel, the People's Republic of China, will arrive in the United States before the end of February to finalize negotiations and contract terms and conditions with CWRN for the off-take of up to three million and six-hundred thousand (3,600,000) dry metric tons (DMT) of its Mindoro Island, The Philippines, Nagsabongan Iron Ore Fines; over a thirty-six (36) month period of time. CWRN will load and ship twenty-five (25) thousand DMTs of Magnetite Iron Ore Fines per week from the Wawa Port on the Verde Island Passage until such time that higher capacity loading facilities can be put into place. The Iron Ore Products will be sold as Free On Board (FOB) Port of Wawa at an estimated contract value of one hundred seventy-two million and eight hundred thousand dollars ($172,800,000.00). CWRN has set its guaranteed minimum iron mineral (Fe) content at 65% raw crude iron ore. The magnetite rich Nagsabongan Iron Deposit's average Fe content has been assayed at 67% Fe from the core drilling program that was completed in October of 2006. CWRN holds approximately one hundred and fifty million metric tons (150,000,000mt) of iron ore deposits on Mindoro Island, the Philippines, which include an estimated twenty-eight million metric tons (28,000,000mt) of high grade magnetite in the two (2) Nagsabongan Iron Deposits. The contract team from CWRN will be comprised of Robert L. Cotton, President & C.E.O together with Ms. Sharon Vazquez, Vice President, International Business and Mrs. Jinglan Cai Brinzer, B.E. of CAI Mineral Group, LLC. A meeting is tentatively set with the Daye Steel team in Las Vegas, Nevada around the 25th of February, 2007.
CWRN is eager to begin its Mindoro Island Project and hopes that the Project Financing can be completed by the end of February. The management of CWRN is mindful of its shareholders and will diligently negotiate terms and conditions that it deems the most advantageous to the company and its shareholders interest.
CWRN has stated in an earlier news release that its Mindoro Island magnetite iron ore deposits are valued at near $6,000,000,000.00 at the current FOB market price.
