SOURCE: International Minerals Mining Group, Inc.

August 24, 2007 10:51 ET

International Minerals Mining Group, Inc. Formalizes Letter of Intent

HOUSTON, TX--(Marketwire - August 24, 2007) - International Minerals Mining Group, Inc. (PINKSHEETS: IMMN) / Cotton & Western Mining, Inc. (PINKSHEETS: CWRM) -- A Letter of Intent has been issued to both CWRM and IMMN from RTE Glory Team Energy of Beijing, the People's Republic of China, for long-term off-take of 300,000 Dry Metric Tons per month for the Company's finished iron ore products. In recent weeks there has been a surge in orders for raw steel making products such as iron ore which has caused a spike in demand as highlighted by the tremendous amount of off-take enquiries directed at both CWRM and IMMN.

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.

Under the terms and conditions of the Agreement, each of the two parties will share ownership in the J/V on a 50/50 percent basis once the project funding has been released. Quantum International committed to the entire off-take of the iron minerals for export to the People's Republic of China and budgeted $18,000,000.00 for the selected projects; however, technical problems on the funding side have delayed the project development. It is anticipated that Quantum will release the project funding as soon as possible and start-up operations will begin immediately upon funds release. Confirmed purchase orders for specialized mining equipment have been issued, and the selected vendors are standing by with most of the equipment ready for immediate delivery.

In light of the recent stock dividend announcement that CWRM shareholders of record (TBA) will receive, CWRM and IMMN will both be performing complex capital structure alignments that could include consolidation of the present Common and /or Preferred equity of either or both Corporations.

Related Business:

IMMN and CWRM consolidate offices and corporate officers. All future communications to the companies should be directed to:


Minerals Group
363 North Sam Houston Parkway, East
Suite 1100
Houston, Texas 77060 U.S.A.
Ph: + 1 281 280 7815
Fx: + 1 702 387 2347 (direct to electronic mail)
info@mineralsmininginc.com
www.mineralsmininginc.com
www.cottonwestern.com

Robert L. Cotton
President & C.E.O.
Sharon Vazquez
Vice President & Corporate Secretary
Trey Cotton
Vice President & Corporate Treasurer

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:
    International Minerals Mining, Inc.
    363 North Sam Houston Parkway
    Suite 1100
    Houston, Texas 77060 USA
    www.mineralsmininginc.com
    (281) 820-7815