Cotton & Western Mining, Inc. (PN CE) (USOTC:CWRN)
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5 Years : From Jun 2014 to Jun 2019
HOUSTON, Sept. 29, 2011 /PRNewswire/ -- Cotton & Western Mining, Inc. (OTC/Pinksheets: CWRN) Management stated today that the original drilling program consisted of 68 shallow drill holes into the Guadalupe iron ore bodies; 66 of the 68 drilled holes contained iron ore lenses varying in thickness from 2 to 14 meters thick. The deepest drilled hole was 20 meters in depth. The last shipment of iron ore and the current stockpiles of finished products have all come from a small section of the 1,500 meters long Coloso Vein (one of four long iron ore veins on the mineral concession) and 26 meters of overburden and iron ore have been extracted out of the section. Currently the company has begun a remedial drilling program to extend the drilling depth to a minimum of 25 meters under the previously discovered iron ore lenses and up to 100 meters deep should the ore body continue at greater depth. In the first of a series of mini drilling programs, four drill sites were chosen approximately 300 meters apart along the 275 degree Northwest Coloso strike in areas of confirmed heavy ore bodies. The results of the program will be made available to our shareholders and the general public upon completion.
Shipping Update: Bulk vessel shipping is currently on hold, pending the evaluation of cost savings on shipment size. The first two shipments of Guadalupe raw crude iron ore were delivered via HandyMax at 38,500 and 36,000 dry metric tons of ore, the latter shipment ended at a cost of $43.00 per wet metric ton of product. Shipping cost has recently decreased, primarily on larger capacity vessels; therefore, Management has asked the John F. Dillon & Company, LLC., to assist in finding and negotiating the best Seaborne dry bulk freight rates available. A decision will be make within the next couple weeks to either ship numbers 3 and 4 separately in HandyMax or combine the two shipments into a SuperMax at 58,000 WMT or a PanaMax at 70-75,000 WMT shipment.
CWRN Current Share Structure: The Company has stated that it is not currently providing any Market Awareness nor is it involved with the market in any way. The share price of the Company's stock is solely dictated by the market.
Authorized Shares: 6,000,000,000
Outstanding Shares: 4,361,635,980
Restricted Shares: 2,056,610,879
Free Trading Shares: 2,305,025,101
Notes: The Baja Pacific No. 14 -- "Mina Guadalupe" is operated by Panamerican Minerals Ventures, S.A. de C.V., Ensenada, Baja California, Mexico.
Related News: China Seaborne Trade, Spot Price Iron Ore may be viewed at the following link;
Metal Bulletin Iron Ore Index Link http://www.mbironoreindex.com/
About Cotton & Western Mining, Inc.
Cotton & Western Mining, Inc. (Pink Sheets: CWRN) a Nevada Corporation that is engaged in metal mineral exploration, development and operations for "Iron Mineral Mining". 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.
Investor Relations Director
Emily Cotton firstname.lastname@example.org
+1 713 482 7593
SOURCE Cotton & Western Mining, Inc.