SOURCE: International Minerals Mining Group, Inc.

August 17, 2007 09:45 ET

International Minerals Mining Group, Inc. -- Joint Venture Documentary Credit of $2,870,000.00 Is Confirmed

HOUSTON, TX--(Marketwire - August 17, 2007) - International Minerals Mining Group, Inc. (PINKSHEETS: IMMN) / Cotton & Western Mining, Inc. (PINKSHEETS: CWRM) -- Robert L. Cotton, President and Chief Executive Officer of International Minerals Mining Group, Inc., revealed today that an Irrevocable Documentary Credit advice has been received from Wells Fargo HSBC Trade Bank N.A. confirming an Irrevocable Documentary Credit issued by the Bank of Communications, the People's Republic of China on behalf of the applicant, Hangzhou Hanggang Foreign Economic Relations and Trade Company, Ltd. The Letter of Credit is issued to cover a partial shipment of iron ore fines from the first production:

Irrevocable Documentary Credit Number: LCZE03200700925
Issue Date: August 7, 2007
Date of Expiry: December 31, 2007
Amount: USD $2,870,000.00
Percentage Credit Amount Tolerance: Plus or Minus 10%
Beneficiary: Quantum International (Houston, Texas)
Goods / Commodity: 35,000 Metric Tons of Iron Ore Fines / Plus or Minus 10%
Unit Price: USD $82.00 Per Dry Metric Ton CIF
Port of Discharge: Changzhou, China

The IMMN and CWRM iron mineral projects are all apart of the Joint Ventures between IMMN and Quantum International and CWRM and Quantum International of Houston, Texas.

Quantum International has committed to the entire off-take of the iron minerals for export to the People's Republic of China and has budgeted $18,000,000.00 for the projects.

It is anticipated that the projects will be started before the end of August 2007. Management has set a target date of December 15, 2007 for the first partial shipment of iron ore fines; in the event that production is underway prior to November 15, 2007, it may be possible to complete a full shipment of 75,000,000 Dry Metric Tons of product.

Related Business:

In the event that CWRM commits to the mining of copper for its future business, all iron mineral mining projects shall become exclusive to IMMN.

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 Group, Inc.
    363 North Sam Houston Parkway
    Suite 1100
    Houston, Texas 77060 USA
    (281) 820-7815