According to last PR 45k tons at port in Ensenada under dispute regarding the new customs regulations. Agreed...and also shipping in August is a strong possibility. We should see the holding area at the port start filling up with shipments 5 and 6 soon which will be another $12 million in revenues for the year. CWRN owns the mineral rights to BAHA 14 therefor all ore shipped and sold from Baha 14 which is operated under trust by Pan American Mineral Ventures is rightfully income earned by Cotton Western Mining Company (shareholders). As per PR's money from 1st shipment went to pay off CWRN debt, purchase new equipment, pay for trucking, pay for shipping and payed for storage.
I would believe that CWRN owns and pays Pan American Mineral Venture to operate the concession and utilizes income from ore sales to purchase new equipment for Pan American to operate. Whether that equipment is owned by and used for tax purposes and financials is under Pan Am or Cotton Western will have to wait to see. However the income from the sale of iron must at some point go through Cotton Western before being distributed to any other entity. If funds were strictly recieved and held by Pan American and not accounted for by Cotton Western I do believe Cotton Western would find itself in a multitude of legalities from misleading PR's and SEC regulations unless of course Pan American is owned on paper by Cotton Western. The question at hand is how is the paperwork worded between CWRN and Pan American writtin regarding Pan Americans operations. Are they strictly contracted workers paid to operate the equipment or is Pan American an actual subsidiary owned by Cotton Western hence making it part of CWRN's accounting books?
I would believe one of the delays in Financials is that most of the paperwork that should have been generated between Cotton and Pan American has not formally been completed between the two companies, partially due to the rapid developments that have consumed Bob and Sharon's time over the last 24 months. This will definitely need clarification to have an open trust with investors and the company. However I do believe CWRN has legally bound itself to ownership of all the concessions listed on the Mexican mining portal and that the steps CWRN is taking to change its name to Pan American Mineral Ventures to more openly reflect its affiliation with the operations run in Mexico is the first step in clearing some of these questions.
In closing CWRN shareholders have financed all that has become what we see today. All loans that Bob personally contributed to the devopment of Cotton Western have been paid back and the development of Pan American no doubt has been financed by Cotton Western shareholders. At some point all of this will have to be put to paper which will settle all disputes. Unless Bob could show that he personnaly financed Pan American Mineral Ventures on paper and all through his personal banks without any contributions from the shareholders of CWRN (buying all of the equipment operated at Baha 14 and paying claim fees, permits fees, Pan Americans recent audits to get a current status to ship in Mexico, monthly operating expenses, additional equipment, etc.) then there is no question about ownership and where the money is going. It is in the best interest of the shareholders and Bob Cotton (major shareholder) to ensure the documents reflect what is in the best interest for CWRN as he stands to gain the most reward from this. So, taking this account into perspective I am sure the paperwork is being gone over again and again and again to allow CWRN to receive maximum value for its investments and strong future returns for all investors!
CWRN LONG AND STRONG!
