Since Nazarena is back in the pic, I note the following PR which references the Nazarena concession. Note- OTC throws up such a gauntlet (which takes most co's near 2 years to meet) to removal of the improper class that a month or so later CWRN's SEC adviser (Balahi posted dd re her a long time ago) advised CWRN to uplist instead to OTCBB, as noted in the May 26 2011 PR
Also subsequent to this PR they realized the metso screens for processing the 1-3mm were taking too many passes and so acquired millions of dollars of purchases from Powerscreen for equipment that could do the job in 1 pass-see April-May 2011 PR's.
Also reportedly May 2011 they acquired the drill results from the 1st 68 holes-which revealed at that time the presence of 4 veins. Long term this was excellent news-however short term they realized they were going to need a lot more equipment to take advantage of the veins (including short term overburden removal as we have seen)
All these things delayed the buyback. Also I presume that when Bao paid for the ca 89000 tons (45k tons remain at port-6-25-12 PR) of ore that was at the port before Qin Hai sailed w 43829 tons that Bao stipulated the funds would be used primarily for equipment, and so we saw an impressive equipment buildup -see Bingos sticky here and Kubi's equipment post in Max's dd summary
None of this is directly from the company-all my dd/logic/opinion
Note Nazarena is 82 sq miles-larger than the average city of 250,000
The website is being updated
SOURCE: Cotton & Western Mining, Inc.
February 28, 2011 08:30 ET
CWRN: "Rate Fixed; Iron Cargo to Sail in March"
HOUSTON, TX--(Marketwire - February 28, 2011) - Cotton & Western Mining, Inc. (PINKSHEETS: CWRN ) revealed today that due to the recent escalation in fuel cost a fixed rate for China Seaborne Iron Ore has been agreed to. The recent rise in Ocean Freight was the direct result of civil unrest in oil producing countries, resulting in an increase of $12.00 per metric ton in the last ten days. Panamanian Flagged MV AZUMA PHOENIX (or substitute) is scheduled to dock at the Ensenada International Terminal on March 17 th , 2011. Management stated today that the seasonal rains have been relatively mild this year and that to date only eight days of production was lost due to inclement weather. The Baja Pacific Iron Mineral Mining Operations have now moved into continuous operations for Extraction, Processing, Grading, Trucking, Port Stockpiling and Shipping.
Pending Issues:
Pink OTC Markets: "Caveat Emptor symbol." CWRN Management has been vigorously working on clearing the CE issue, and expects it to be resolved before the end of March 2011. Our attorneys are diligently working on the matter by following the OTC Markets guidelines. We reiterate that Cotton & Western Mining, Inc. has not promoted its shares, and feel the value of our company will ultimately be realized in the near future by the market.
The Rumor Mill / New Iron Mineral Deposits and Buyout and Buy-in Proposals:
Due to the constant internet chatter, phone calls and electronic mails asking the Company about a large new iron mineral project, and if we have received an buyout offer; management has decided to disclose to the public that it has paid $30,000.00 in mineral taxes on the 21,000 hectare (52,500 acres) "Mina Nazarena" as part of its contribution in a Consortium Group that is planning to develop the large iron mineral deposit within year 2011. The CWRN Team will be responsible for development and operations of the project. The mineral concession is located in south central Baja California, approximately 80 kilometers from the Sea of Cortez and 50 kilometers from the Pacific Ocean. The highlight of the project is a 14 kilometer (8.75 miles) long magnetite strike. The Company will begin exploration within the next few weeks. The estimated size of the ore bodies has not been confirmed; however, it is believed to be one of largest in Baja California if not the largest. The Company is also reviewing its options on two other iron mineral concessions located outside of Baja, pending the investment strategy of its U.S. investors which have indicated to management, that they are willing to go the distance on larger iron mineral projects.
Cotton & Western Mining, Inc. U.S.A. has received an unsolicited Buyout or Buy-in offer from a U.S. private investment firm for all outstanding and issued shares for $0.15 cents per share. We have decided to decline the offer for our shareholders, as we feel it does not represent the true value we envisioned; however, if a future offer is accepted, all shareholders will be updated at the proper time.
Buy Back Program:
As stated in a previous News Release, the Company will begin a "Market Share" buyback program of CWRN common free trading shares on a per shipment basis.
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.
A collection of photographs posted on a U-Tube video by an unknown party, has recently come to our attention and it reflects the progress of the Baja Pacific Mining Project from day one through stockpiling finished products at the Port of Ensenada, interested parties may view the collection at: http://www.youtube.com/watch?v=BxcFCjKd7OU ; thanks to whoever put it together.
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 ) is a Nevada Corporation that 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 .
