CWRM Penny Stocks News
Jul 25, 2008 9:45:00 AM
HOUSTON, TX -- (MARKET WIRE) -- 07/25/08 -- Robert L. Cotton, President of Cotton & Western Mining, Inc. (PINKSHEETS: CWRM) said today that Sharon Vazquez, Vice President, Cotton & Western Mining, Inc., has executed an agreement for the mineral rights to Baja Pacific No. 14 on behalf of and in trust for CWRM as a Mexican national; the exploration and exploitation rights will be transferred to the CWRM Mexican subsidiary once the final agreement is reached with the company's foreign partner/buyer. Photographs of the concession will be posted within a few days on the company website: www.cottonwestern.com under Photo Gallery, large volumes of magnetite iron minerals can be seen on the surface of the 575 acre concession. The value of the iron mineral is understated above as the company feels that more than two million metric tons of usable iron is present in the deposit.
The environmental impact study for Baja Pacific No. 14 and No. 4 is completed and will be submitted to the environmental agency within the next week. The company's mining plans have changed somewhat to accommodate permitting schedules, No.4 will most likely be the first iron mineral production followed closely by No. 14. The company is still actively pursuing other iron reserves and is in the process of negotiating agreements for numbers 11 and 13.
IBC Strategic Limited, Hong Kong is near completion of negotiations involving both the purchase of raw crude 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 CWRM which would allow the company to open iron ore production in Baja California, Mexico.
CWRM expects contract terms and conditions will be agreed upon very soon.