Cotton & Western Mining Inc. (CWRN)

[bullmarkethobo2000]

MBIO Index 26 January 2011; $183.21/tonne; Index edges downwards to $183.21

January 26, 2011

MBIO Index 26 January 2011; $183.21/tonne MBIO Index 25/1/11 $183.48/tonne % Change -0.1%/tonne $ Change -$0.27/tonne The MBIO Index today calculated to $183.21/tonne cfr Qingdao on a 62% Fe basis. This is a fall of $0.27/tonne on yesterday as the index falls again. Assessments for 63.5% Indian material remained flat again today, at $188-$191/tonne. The number of transaction has remained low today as mills continue to stay out of the market. It has been reported that iron ore miners in the southwestern Indian state of Goa are returning to normal operations after the end of a strike by transportation workers that began in early January. It has also been reported that Port Hedland on the west coast of Australia has seen ship loading suspended with the onset of cyclone Bianca. This may cause some mills to enter the spot market to make up any short falls but this effect should not be immediate.