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Press Release Source: Cotton & Western Mining, Inc.
Cotton & Western Mining, Inc. -- CWRM Signs Agreement With Agusan Petroleum and Mining, Corp.
Tuesday July 24, 9:45 am ET
HOUSTON, TX--(MARKET WIRE)--Jul 24, 2007 -- Cotton & Western Mining, Inc. (Other OTC:CWRM.PK - News) -- Robert L. Cotton, President & C.E.O. of Cotton & Western Mining, Inc. announced today that the company has accepted an appointment as the Technical and Marketing Director for the development of the Mindoro Island Iron Mineral Deposits, Republic of the Philippines.
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To clarify for our investors that have been patiently awaiting development news of the Nagsabongan Iron Deposit on Mindoro Island; there was a problem concerning the lawful ownership of the Mindoro Island Mineral Rights. The Mineral Sharing Agreement that was executed between Cotton & Western Mining, Inc. and Astrolabe Mining and Development, Corp. was found to be invalid. Astrolabe had represented to CWRM that its application (Filed in 2005) for the Mindoro Island mineral rights would be granted within two weeks of the effective date of the CWRM / Astrolabe agreement; however, it was discovered that Agusan Petroleum and Mining, Corp. (Manila) has held the lawful mineral rights since 1995.
The Agreement signed between CWRM and Agusan on July the 17th, 2007 in Manila 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.
Agusan Petroleum and Mining, Corp. will provide one hundred percent of the project funding and shall be the primary execution contractor for the works. CWRM has submitted its initial recommendations to Agusan regarding equipment utilization, mining technique plan and projected production schedule for both Concentrated Crude Iron Ore Fines and Crude Iron Ore Lump finished products.
Agusan Petroleum and Mining, Corp. has a large inventory of mining equipment and ancillary mechanisms in place.
Project infrastructure including the construction of a deep-water pier and high-speed loading band to be located near Wawa on the Verde Island Passage is under design and engineering study. It is hopeful that production may be possible before the end of year 2007.
Cotton & Western Mining, Inc. wishes to thank the board of directors of Agusan Petroleum and Mining, Corporation for its confidence in our company and invitation to be a part of this exciting iron mineral development project.
Related Business:
Cotton & Western Mining, Inc. (Other OTC:CWRM.PK - News) is the sister company of International Minerals Mining Group, Inc. (Other OTC:IMMN.PK - News); 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:
Cotton & Western Mining, Inc.
Houston, Texas U.S.A.
http://www.cottonwestern.com
Telephone: + 1 281 280 7815
Facsimile: + 1 702 387 2347
