SOURCE: Cotton & Western Mining, Inc.

October 02, 2007 11:01 ET

Cotton & Western Mining, Inc. -- CWRM Receives New Letter of Intent for Iron Ore

HOUSTON, TX--(Marketwire - October 2, 2007) - International Minerals Mining Group, Inc. (PINKSHEETS: IMNM) / Cotton & Western Mining, Inc. (PINKSHEETS: CWRM), Cotton & Western Mining, Inc. received a Letter of Intent on Monday from the Ham Shun Group, Hong Kong for Crude Iron Ore Fines with favorable finished product specifications. "There is an unbelievable amount of interest in CWRM iron and copper deposits and we are receiving many inquires and letters of intent for off-take of our products," Robert L. Cotton, President & C.E.O. of CWRM and IMNM said.

It has been forecast by several commodities analysts including Paul Gray at Goldman Sachs that growth in the consumption of iron minerals together with increases in price will continue for several years to come. Prices may rise by more than 50% for year 2008 as predicted by Merrill Lynch analysts in a report on September 25, 2007.

"With exception to our agreement with Agusan Petroleum & Mining Corp., Manila, who are working now to open the Nagsabongan Iron Mineral Deposit, CWRM and IMNM both have been sidelined the entire year of 2007 waiting for the project funding from our Joint Venture Partner, Quantum International; we are expecting to be funded for project development no later than the end of this month and we cannot and will not delay any longer than October 30. If we are not funded by the end of the month, we will begin negotiations with other groups who are willing and able to fund our projects, we owe it to our shareholders to get busy and move on with the programs," Robert L. Cotton says.

Related Business:

In April of 2007 Quantum International of Houston, Texas signed a Joint Venture agreement with CWRM (Cotton & Quantum Mineral Ventures, Inc.). A J/V Corporation was created as per the Agreement as stated in the CWRM new release of April 13th, 2007.

Mr. Al Johnson, Director of Quantum International, has informed the Management of CWRM / IMNM that project funding for both CWRM and IMNM projects has been moved into a Custodian Bank waiting to be distributed to the agreed upon and approved mineral mining projects. Management is ready to begin predevelopment infrastructure of the mineral mining projects. It is anticipated that the project funding will be in place before the end of October 2007.

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 Information

  • Contact:
    Cotton & Western Mining, Inc.
    363 North Sam Houston Parkway
    Suite 1100
    Houston, Texas 77060 USA
    (281) 820-7815