CWRN: "Revenues Distributed, 2nd Bulk Shipment Close"
May 26 2011 - 8:30AM
Marketwired
Cotton & Western Mining, Inc. (PINKSHEETS: CWRN), the company
under Irrevocable Assignment of Documentary Letter of Credit
Proceeds, distributed the revenues from its first bulk shipment of
iron ore under the following percentages; 60% to ongoing
operations, 30% to Project Investors and 10% to Management. The
Project Investors recovered approximately 75% of their cash
contributions; The Ensenada International Terminal was paid
approximately $320,000.00 for receiving, storage, material handling
and cargo loading, $356,000.00 was paid to Road-Runner Trucking,
$1,115,000.00 was paid to COSFAR Bulk Cargo Shipping, $220,000.00
was paid in royalty fees and surface rights. The Company was also
able to meet its obligations to PowerScreen of California paying a
balance of $975,000.00 for the crushing equipment. We would like to
thank PowerScreen for their ability to provide us with over
$1,500,000.00 in equipment that was paid off under settlement of
DLC proceeds, without their help it would have been very difficult
to secure the equipment we had specified for the production. The
Company will be receiving more equipment from PowerScreen shortly.
Operations Update: The Company has been
continuously excavating, crushing and processing raw crude iron ore
since the first shipment departed the Pacific Ocean Port of
Ensenada, Baja California, Mexico on April the second, 2011.
Currently 3-18mm and 1-3mm iron ore is being processed and stored
at the Company's on site Lay-down Yard, trucking to the port is
scheduled to re-start within the next couple weeks, with more
trucks than we used on the first shipment. As of this date, no
Fixture Note has been signed with any bulk cargo shipper, we have
yet to determine a vessel size for the next shipments depending on
grades and sizes, it is most likely to be a mixed shipment of +61%
and -61% Fe on a sliding scale basis reject less than 56% and
guarantee at 58% for lower grade and reject less than 58% and
guarantee 61% Fe for higher graded iron ore.
CWRN Current Share Structure: The Company
has stated that it is not currently providing any Market Awareness
nor is it involved with the market in any way. The share price of
the Company's stock for now will be dictated by the market and will
be for a few more months. The outstanding shares for CWRN have not
changed since early November 2010. The following share count is
from November 2010 and as of May 26, 2011.
Authorized Shares: 6,000,000,000
Outstanding Shares: 4,361,635,980
Restricted Shares: 2,056,610,879
Free Trading Shares: 2,305,025,101
Free Trading Shares Held Close: 550,000,000
Free Trading Shares on the Street: 1,755,025,101
Note: Pan American Mineral Ventures, LLC.
Officers, Directors, Insiders and Affiliates control over 50% of
the Company's Outstanding Shares, Robert L. Cotton and Sharon
Vazquez are co-managers of Pan American Mineral Ventures, LLC.,
State of Nevada, both are Officers and Directors of CWRN.
OTC:PK Status: CWRN is no longer a
developing company and as such the non-reporting SEC status in not
desirable to maintain a healthy share value for the shareholders;
therefore, the Board of Directors have agreed to move on. The
company will be merging into a new mining company that will be
involved with several other iron ore mining projects and will be an
SEC reporting company listed on the OTC:QB; this process shall take
some time and will require shareholder's voting approval. A
Shareholders meeting will be held, all shareholders of record will
be given a 45 day written notice of the time and place of the
meeting. A news release will also be issued with the Shareholders
notice.
Notes: The Baja Pacific -- "Mina
Guadalupe" is operated by Panamerican Minerals Ventures, S.A. de
C.V., Ensenada, Baja California, under contract with CWRN and held
in trust for CWRN by its principal officers and directors, Robert
L. Cotton and Sharon Vazquez.
Related News: China Seaborne Trade, Spot
Price Iron Ore may be viewed at the following link; Metal Bulletin
Iron Ore Index Link http://www.mbironoreindex.com/
About Cotton & Western Mining, Inc.
Cotton & Western Mining, Inc. (PINKSHEETS: CWRN), a Nevada
Corporation, is engaged in metal mineral exploration, development
and operations for "Iron Mineral Mining." For more information,
please visit the company's website at www.cottonwestern.com.
Safe Harbor: Statements regarding
financial matters in this press release other than historical facts
are "forward-looking statements" within the meaning of Section 27A
of the Securities Act of 1933, Section 21E of the Securities
Exchange Act of 1934, and as that term is defined in the Private
Securities Litigation Reform Act of 1995. The Company intends that
such statements about the Company's future expectations, including
future revenues and earnings, technology efficacy and all other
forward-looking statements be subject to the Safe Harbors created
thereby. The Company is a development stage firm that continues to
be dependent upon outside capital to sustain its existence. Since
these statements (future operational results and sales) involve
risks and uncertainties and are subject to change at any time, the
Company's actual results may differ materially from expected
results.
Investor Relations Director Emily Cotton
emilycotton@cottonwestern.com +1 713 482 7593
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