Cotton & Western Mining Inc. (CWRN)

[balihi]

Chemical Analysis - PACIFIC PEARL

Independent Analysis Pacific Pearl Iron Ore Mine
Conducted by Nippon Steel / Futtu Lab March 15, 2005

As reported by Nippon Steel Corp. to Cotton & Western Mining, Inc.




Chemical Element


Percent of Elements




Total Fe


66.940%




FeO


06.160%




CaO


00.020%




Al2O3


00.580%




SiO2


01.620%




P


00.101%




K


00.001%




Na


00.004%




S


00.025%




V


00.003%




Ti


00.010%




Cu


00.016%




Zn


00.006%




Cl


00.001%




CW


01.750%




The above analysis was taken on surface samples that Cotton & Western Mining, Inc. shipped to Nippon Steel in March, 2005. The sample was Magnetite and was tested out as grade A crude iron ore at 66.94% Fe (iron)…