Cotton & Western Mining, Inc. -- CWRN: $10,000,000.00 Baja Project Funding
January 05 2009 - 9:45AM
Marketwired
Cotton & Western Mining, Inc. (PINKSHEETS: CWRN) -- The recent
downturn in the steel industry coupled with the global economic
crisis has pushed iron ore pricing down to near the 2004 annual
fixed contact price. November iron ore imports to China rose 6.2%
to 32.52 million metric tons, mostly on annual contract commitments
from Australian, India and Brazilian suppliers. China Steel Makers
have been buying higher grade raw materials while lower grade
materials still remain overstocked. 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.
CWRN expects to proceed with the project within the first
quarter of year 2009.
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995: Except for historical information, the
forward-looking matters discussed in this news release are subject
to certain risks and uncertainties which could cause the Company's
actual results and financial condition to differ materially from
those anticipated by the forward-looking statements including, but
not limited to, the Company's liquidity and the ability to obtain
financing, the timing of regulatory approvals, uncertainties
related to corporate partners or third-parties, product liability,
the dependence on third parties for manufacturing and marketing,
patent risk, copyright risk, competition, and the early stage of
products being marketed or under development, as well as other
risks indicated from time to time in the Company's filings with the
Securities and Exchange Commission. The Company assumes no
obligation to update or supplement forward-looking statements that
become untrue because of subsequent events.
Contact: Cotton & Western Mining, Inc. 363 North Sam Houston
Parkway East Suite 1100 Houston, Texas 77060 USA
www.cottonwestern.com +1(281)820-7815
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