SOURCE: Cotton & Western Mining, Inc.

February 06, 2007 09:45 ET

Cotton & Western Mining, Inc. Nears Agreement on Mindoro Joint Venture Proposal

RICHMOND, TX -- (MARKET WIRE) -- February 6, 2007 -- Cotton & Western Mining, Inc. (PINKSHEETS: CWRN) -- Robert L. Cotton, President & C.E.O. stated today that CWRN and Astrolabe Mining Corporation, have presented an alternative operating plan to the joint venture candidate's initial technical proposal that would exclude the need to build a stationary iron ore processing plant for the Mindoro Island Project; instead, the management of CWRN and Astrolabe Mining both agree that since the Nagsabongan Iron deposit is of high quality magnetite iron ore, the minerals only need to be crushed, screened and magnetically cleaned to meet customers' steel mill specifications. The production cost would also be less by using mobile tracked equipment, thus reducing the material handling cost by eliminating the need to use mining trucks to transport the blasted materials to a stationary processing plant. And, in addition, reducing the time and cost needed to build a stationary processing plant. The management of CWRN together with the negotiating team from Astrolabe Mining believes that the differences between the parties, which are of a technical nature, can be resolved within the next week and have set a tentative target date of February 20, 2007 to formalize and execute the joint venture agreement. All the parties involved in the negotiating process believe that a consensus on the proposed production techniques can be agreed upon and should not become a major problem for either side. The company is obligated under a non-disclosure agreement to withhold announcing the third party joint venture candidates name until such time an agreement has been executed between the parties.

CWRN has stated in an earlier news release that its Mindoro Island magnetite iron ore deposits are valued at near $6,000,000,000.00 at the current FOB market price.

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About Cotton & Western Mining, Inc.:

Cotton & Western Mining, Inc. (PINKSHEETS: CWRN) is a U.S. corporation structured to produce and sell iron ore on a global scale. Currently, the Company is engaged in mining activities to provide the Asia Pacific Steel Manufacturing Sector with high grade raw crude iron ore products.

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.

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