Cotton & Western Mining Inc. (CWRN)

[Peniferous]

Hola mi amigos!

I assume Pesquero is referring to the fact that this export permit was for a one-time shipment at $80/MT. The 2 key pieces of information of concern on the document are the lower than anticipated price per MT and that it is limited to the amount that was shipped.

To ship more ore we will need another permit and hopefully the price per ton will be increased.

I am not familiar with the export requirements of Mexico but it is possible we will need an export license for each shipment so this may or may not be bad news. Hopefully subsequent shipments to this and other buyers will be more than $80/MT.

CWRN long-holder and this is my first post.