Probable 12 million plus net income-order 5 of 20k tons reported sold months ago on ihub by somebody else-based on thousands of hours dd rather than baseless satirical comments

Kriton left with 38524/tons Apr 2nd 2011-price was unknown but was reportedly more than the 155 somebody posted at the time-spot was 175-192 during that time-both 58% and 62% ore (hadn't reportedly acquired previous 68 drill hole reports yet which led to Coloso vein from whence Loreto ore and all subsequent ore came except for substantial 1-3mm already in inventory) millions of cash contributions from investors were paid off from just 30% of the income from this ship alone

Loreto left Aug 8 w 36002 tons- ca 170/ton spot- 1st order to come from the higher quality veins see Aug 8 PR (not on marketwire)

the 3rd ship has now left with 43829 tons,just as forecast by the Nov 17 PR,which said the next ship would be 40-45k tons. Somebody else discovered the ship-its called dd -and then we tracked the ship via various public ship tracking sites-its again called dd.

4th ship expected in August-probably for the ca 75k tons sinter fines processed by the trommel -see last 2 PR's

shipments 3 and 4 (ca 60 k tons total) paid for in Dec -thus all the millions in new equipment--1 independent source says for 140/ton-about right- spot was ca 140 then (now ca 148 last I knew) plus premium ore

so 134526 tons sold in 2011 for ca 155/ton average or more
-some juniors have negative cost due to premium ore (5/ton for every % over 62%) see Cohibaman's article in Max's dd summary so avg jr miner cost is ca 25/ton plus shipping and trucking (trucking was 9.24/ton for Loreto) 1st 2 loads shipping were ca 30/ton but a Panamax shouldnt be more than 15/ton?as per my extensive calculations posted on other board back in October

so cost of ca 65/ton or less and profit of 90/ton but to be safe I only estimated 75/ton profit times 134526 tons is $10,089,000 net income plus 5th order of ca 1.25 million profit (trying to be conservative) so total profit to date plus revenue from other products like the cement totals a probable profit of ca 12 million.

start up costs probably raise costs and are unknown but
going forward costs will fall and ancillary income streams of sub 1mm iron chips, fertilizer will kick in- CWRN already has cement revenue stream.

part of orders 3,4 and 5 was just shipped on the Qin Hai-DWT of ca 45600 tons minus ballast ,water and people resulted in 43829 tons shipped-(Nov 17 PR forecast ca 40-45k tons) now on a possible round circuit from China to save on shipping-and order 5 started trucking mid March or earlier-

-independent pics as well as CWRN pics showed order 5 trucking at port ca Mar 19-depending on size of order 5 that would be more than the max size of a Panamax-(orders 3 and 4 reportedly total 60k tons) which are rated at 60-80k/ton but cant carry more than ca 75k because have to leave room for people,fuel and ballast

fertilizer as is without any further processing brings a min of 90/ton as verified by independent sites but posted by Rocket email re possible JV plant onsite w OMRI to process fertilizer would result in 325-550/ton (550 for pelleted)see Apr 13 PR

the cheap 1.73% azomite fertilizer offered elsewhere is going for 325-550 I think and CWRN'S fert is 55.55% iron (posted SGS analysis)-will have to be diluted or cut (as the druggies say) many times-so thats good-

150k tons 1-3mm in inventory ? plus as posted ca 200k tons 0-1mm in inventory,which is now being processed or has been processed for separation into sub 1mm iron chips to be pelleted and fertilizer. as noted by at least the last 2 PR's