SOURCE: Cotton & Western Mining, Inc.

April 13, 2009 09:45 ET

Cotton & Western Mining, Inc. - CWRN: Sets 2009 Fixed Iron Ore Price at $45.00 per Dry Metric Ton FOB Mexico

HOUSTON, TX--(Marketwire - April 13, 2009) - Cotton & Western Mining, Inc. (PINKSHEETS: CWRN), China Steel Makers (fueled by the hundreds of smaller steel mills) have greatly exceeded the China Sea Bourne Trade expectations by setting a record import of 52.8 million metric tons of iron ore in March. It is not entirely surprising given that the smaller mills with less overhead expense can produce a number of lower end steel products as opposed to the larger mills specializing in high end steel products, (i.e., the auto and petroleum industries, which demands are still down world-wide) and with larger overheads. The 2009 annual fixed contract prices have not yet been agreed upon between China's major steel mills and the Big 3 producers; however, CWRN has concentrated its efforts in financing the Baja iron ore project through negotiations with smaller steel mills that have a need for a steady supply of quality iron ore. The company has reached an agreement for a base price of $45.00 per dry metric ton, FOB, Ensenada, Baja California, Mexico less a per ton discount for financing the project together with exclusive rights to the iron ore production from Baja Nos. 4 and 14, CWRN's 2009 fixed price represents approximately a 40 to 45% reduction form the 2008 prices, FOB Mexico.

Read more about the recent iron ore imports to China from Alfred Cang, reporting for Reuters on Friday April 10, 2009: http://www.reuters.com/article/rbssIndustryMaterialsUtilitiesNews/idUSSHA519220090410?rpc=401&amp

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 East
    Suite 1100
    Houston, Texas 77060 USA
    www.cottonwestern.com
    +1(281)820-7815