SOURCE: Cotton & Western Mining, Inc.

August 16, 2007 09:45 ET

Cotton & Western Mining, Inc. -- Receives Shou Gang Huaxia Letter of Intent

HOUSTON, TX--(Marketwire - August 16, 2007) - Cotton & Western Mining, Inc. (PINKSHEETS: CWRM) / International Minerals Mining, Group, Inc. (PINKSHEETS: IMMN) -- Robert L. Cotton, President & C.E.O. of Cotton & Western Mining, Inc. announced today that the company has received a Letter of Intent from Beijing Shougang Huaxia International Trade Company, Ltd. The trade group is the appointed subsidiary of Shouang's steel group for purchasing raw steel making materials.

The LOI signed by Business Department Manager, Liu Hui, is for Mexico under International Minerals Mining Group, Inc. and Mineral Deposits in the Republic of the Philippines, under Cotton & Western Mining, Inc.

Management is now considering the possibility of moving all Iron Mineral Projects to the Quantum International joint venture while CWRM will move into the Copper Crude Ore Mining Sector. The company has been studying three copper deposits in the Philippines and will reach a board consensus before the end of August 2007. Copper ore pricing is at an all time high averaging near $1,000.00 per metric ton for ore testing at 28% copper. The company is not prepared or experienced in underground mining; therefore, only open pit mining techniques are under consideration. Operational cost of mining copper ore is about the same as mining iron ore, yet the market price per metric ton is more than ten times that of iron ore; this has driven management into an all out effort to find and secure a quality copper mineral deposit. Initial testing of two copper deposits has proven positive with chemical analysis averaging over 27% copper (Cu). A more detailed geological study is scheduled for September 2007.

A Consulting and Marketing Agreement was signed between CWRM and Agusan Petroleum and Mining, Corporation on July the 17th, 2007 in Manila and that agreement is outside of the CWRM and Quantum International Joint Venture Agreement; and does not impede the progress or mining development plans of the Joint Venturers.

Related Business:

Cotton & Western Mining, Inc. (PINKSHEETS: CWRM) is the sister company of International Minerals Mining Group, Inc. (PINKSHEETS: IMMN); both companies share founding members and Robert L. Cotton is the President and Chief Executive Officer of both firms.

The two companies have each executed joint venture agreements with Quantum International of Houston, Texas for project development financing and off-take of finished 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.

Contact Information

  • Cotton & Western Mining, Inc.
    Houston, Texas U.S.A.
    Telephone: + 1 281 280 7815
    Facsimile: + 1 702 387 2347