CWRN, Cotton & Western Mining, Inc. (CWRN.PK)
$10 Million Hong Kong Credit Facility Renewed
for 2009 Through IBC Strategic Limited
DrStockPick Stock Alert! May 14, 2009
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Dr Stock Pick Stock Alert! CWRN, Cotton & Western Mining, Inc. |
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CWRN, Cotton & Western Mining, Inc. Last $ 0.015 |
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CWRN, Cotton & Western Mining, Inc. (CWRN.PK) is a Production Company specializing in metal minerals, primarily developing Iron Minerals (Magnetite) Deposits in Baja California, Mexico under its subsidiary Pan American Minerals Ventures, S.A. de C.V. The company also holds interest in Iron Mineral Deposits on Mindoro Island in the Philippines, which is being developed by Augsan Petroleum & Mining Corporation of Manila. Cotton & Western Mining, Inc. is a pubic corporation, traded under the symbol CWRN on the Over-the-Counter Pink Sheets. The Company was founded in early 2005 as a Nevada Corporation by Robert L. Cotton, with a specific plan and goal in mind; that being, to operate a low cost and high profit junior “Iron Mineral Mining” company. Iron ore mining can be a simple low-tech process or a very expensive and sophisticated undertaking. Cotton & Western Mining, Inc. aims to provide the targeted Asia Pacific Steel Manufacturing Sector as the primary export destination of our crude iron ore products, for classifications of “Concentrated Fines” (0.15 ~10mm size) for Mini Mills (those using electric blast furnaces) and Lump Ore (25~40mm size) for fully integrated steel mills; the secondary markets are North America and the European Union. CWRN seeks to generate significant increases in sales revenues in each operating quarter, beginning with our first shipment of crude iron ore fines scheduled for the third quarter of year 2008.
Cotton & Western Mining, Inc. recently announced China Steel Makers have been buying iron ore from India with December seeing an increase of raw materials imported. Forecasters believe that within the first half of year 2009, some upward movement of spot market supplies will improve. High grade magnetite iron ore such as the CWRN Baja California, Mexico iron deposits are still viable to the market and CWRN is receiving many inquiries for high grade crude iron ore. The company’s funding source has asked for re-price negotiations to begin in February 2009, and it is expected that by the time the project is ready for production, market conditions will be greatly improved. The project is still economically viable at 2004 contract prices. |
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CWRN, Cotton & Western Mining, Inc. (CWRN.PK): $10 Million Hong Kong Credit Facility Renewed for 2009 Through IBC Strategic Limited
HOUSTON, TX–(CRWE NEWSWIRE)–May 11, 2009 — Cotton & Western Mining, Inc. (Other OTC:CWRN.PK) announced today that the company’s Hong Kong credit facility has been renewed for 2009. The credit facility was arranged by IBC Strategic Limited, a Hong Kong company specializing in finance procurement for Chinese projects. The credit facility was backed by Standby Letters of Credit, which were issued by a substantial Hong Kong buyer of iron ore products. Current FOB annual contract pricing is $45.00 per each Dry Metric Ton (DMT) shipped while one-off Spot Sales are nearing $68.00 CIF in main China ports. Cotton & Western is expected to open production at 52,000 DMT per month, which will be shipped from the Pacific Ocean Port of Ensenada, Baja California, Mexico. The company has reopened negotiations involving both the purchase of iron ore materials on annual contract pricing, packaged with financing incentives for the exclusivity of the company’s Baja iron ore production. The Buyer will issue a $10,000,000.00 Standby Letter of Credit in favor of CWRN which would allow the company to open iron ore production in Baja California, Mexico. Cotton & Western Mining recently projected revenues in excess of $126 Million based on an agreed base price of $45.00 FOB Mexico, per each dry metric ton sold on a guaranteed 64.5% Fe (iron content) with bonus payment of $0.6976 for each 1% Fe content above the minimum contract specifications. The average Fe content as tested in 2008 for Baja NO. 14 is 67% Fe content. About Cotton & Western Mining, Inc. Cotton & Western Mining, Inc. (PINKSHEETS:CWRN ) was founded in early 2005 as a Nevada Corporation by Robert L. Cotton, with a specific plan and goal in mind; that being, to operate a low cost and high profit junior “Iron Mineral Mining” company. Cotton & Western Mining’s mission is to offer reliable, high-quality and cost effective raw materials to the steel manufacturing industry on a global scale. The current pricing situation is at an all time high, with strong demand for raw materials coming from the People’s Republic of China and it is expected to remain strong for several years ahead. For more information, please visit the company’s website at www.cottonwestern.com. Safe Harbor: Statements regarding financial matters in this press release other than historical facts are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The Company intends that such statements about the Company’s future expectations, including future revenues and earnings, technology efficacy and all other forward-looking statements be subject to the Safe Harbors created thereby. The Company is a development stage firm that continues to be dependent upon outside capital to sustain its existence. Since these statements (future operational results and sales) involve risks and uncertainties and are subject to change at any time, the Company’s actual results may differ materially from expected results. Contact: ____________________________________
Cotton & Western Mining, Inc. CWRN.PK |
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