CWRN: China Hua Dong Issues Letter of Intent for Baja Iron Ore
27 Juli 2009 - 2:00PM
Marketwired
Cotton & Western Mining, Inc. (PINKSHEETS: CWRN) -- China Hua
Dong Corp Limited issued its letter of Intent (LOI) to CWRN on July
23, 2009 for 624,000 Dry Metric Tons (DMT) of the company's Baja
Pacific Magnetite Iron Ore, for 2010 delivery beginning in January
2010. The 2010 annual fixed contract prices have not been set and
the company will negotiate the price per unit in December 2009. The
current FOB value of the cargo at $45.00 per DMT would be
approximately $28,080,000.00; however, recent increase prices in
the China seaborne iron ore trade has improved and market
indicators are optimistic that the 2010 annual fixed contract
prices will be substantially higher than current values.
Interested parties may read several news articles reflecting
recent price increases in the iron ore industry covered by the
Minerals and Metals Industry Blog Pages at:
http://minerals-and-metals.blogspot.com/search/label/iron%20ore
The full text of the China Hua Dong Crop Limited Letter of
Intent may be viewed on the CWRN website link at:
http://www.cottonwestern.com/pdf/LOI%20China%20Hua%20Dong%20Group_Page_1.pdf
Cotton & Western Mining recently projected revenues in
excess of $126 Million based on an average 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. 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: e-media Direct, Inc. Investor Relations (866)284-2835
info@e-mediadirect.com
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