emphasis added-(we now know financials were delayed by shorters shout fire of a Jan promo that never existed but because pps was rising so rapidly otc punished the stock and JV partner allegedly commingled finances and allegedly refused to provide records )
SOURCE: Cotton & Western Mining, Inc.
November 22, 2010 08:30 ET
CWRN: "B.O.D. November 20 Meeting Held"
HOUSTON, TX--(Marketwire - November 22, 2010) - Cotton & Western Mining, Inc. (PINKSHEETS: CWRN )-- Robert L. Cotton, President of Cotton & Western Mining, Inc. announced that a special meeting of the Company's Board of Directors was held on November 20 th , 2010 to discuss the following points of reference. The following is the agenda as laid out in the September 30 th news release followed by notes.
1. Review the year to date mining progress at the Baja Pacific Iron Mineral Mining Project.
Year to date progress on the Baja Pacific Iron Mining project is improving on a daily basis with a substantial amount of raw crude iron ore crushed and stockpiled to size specifications, awaiting magnetic scrubbing to comply with the customer's iron (Fe%) content specifications. The 1,000 metric ton per hour magnetic separator that is being custom build by Valley Equipment Company, Salem, Oregon is expected to be completed and delivered to Baja before the end of November. Ensenada, B.C. loading berths for bulk mineral shipping is not yet completed; arrangements are being made to load-out from three 10,000 metric ton transfer barges onto a bulk cargo vessel within the port's break-walls. The contract heavy-haul transportation from the mine to the port has been settled and will begin after two days of magnetic separation of the 3 by 18 millimeter iron ore fines. Magnetic separators for the 0 to 3 millimeter super fines are on location and the installation of these units will begin within the next week. It may not be possible for the cargo vessel once ordered in to reach the Port of Ensenada before the end of 2010; however, the Company is still pursuing the shipping target of December loading. On site mine stripping and iron mineral scalping is in full operations producing pre-crush iron materials to keep the crushing operations in production. There are currently 17 pieces of heavy equipment working on site with an additional 6 to 8 more pieces scheduled to be incorporated into the mining plan in January 2011. Overburden stripping continues on the upper elevations of the mine and has uncovered large consolidated magnetite ore bodies that will require blasting; these areas will not be mined until 2011 as the Company is concentrating on the mixed Magnetite / Hematite iron ore bodies that can be broken out by heavy machinery. The newly permitted land-usage that encompasses the Magma Uplifts has not yet been touched.
2. Review the issued and outstanding public share structure and vote on the number of common shares that will be made available to the public. The Company is contemplating a treasury buy back program for sixty (60%) percent of the public free trading common shares in year 2011.
Officers, Directors and Affiliates (all of which are insiders) currently hold over sixty (60%) of the outstanding common shares of CWRN. The B.O.D. has voted to incorporate a structured plan that will provide for a combination of buyback and retirement of CWRN common shares that will balance the control of voting shares in favor of the Management. At this time all of the Officers, Directors and Affiliate company Pan Am, each holding more than ten (10%) percent of the outstanding shares and are subject to SEC rules regarding trading of said common shares.
3. Review the common share count percentage held by affiliates and insiders. Currently Pan American Mineral Ventures, LLC., State of Nevada, is the largest shareholder controlling 1.75 billion common shares. Both Pan American Mineral Ventures, LLC. and Panamerican Minerals Ventures, S.A. de C.V. Baja California, Mexico are CWRN affiliates, both companies are co-managed and controlled by Robert L. Cotton Jr. and Sharon Vazquez for and on behalf of Cotton & Western Mining, Inc. as trustees, pursuant to a corporate consent resolution and trustee contract by and between the parties.
By consent; the Directors of Pan Am LLC., U.S.A. shall retire by deleting a percentage of common shares now held as new common shares that are accumulated though the public market beginning in the later part of the first quarter of 2011.
4. Review and discuss the possibility of a corporate name change from Cotton & Western Mining, Inc. to Pan American Mineral Ventures, Inc. to better reflect the Mexico In-country affiliate operations.
By consent; the Board of Directors has approved the name change of Cotton & Western Mining, Inc. to Pan American Mineral Ventures, Inc . The Company shall submit to NASDAQ the request for name change together with a new CUSIP number in early January 2011. Currently the Company is dark on reporting to the new Pinksheets guide lines, beginning with the first quarter of 2011, audited consolidated financial statements will be made available and posted on Pinksheets. First quarter financials should be completed no later than April 15 th , 2011 and shall be immediately posted for the general public together with complete share structure. Projected consolidated revenues for the first quarter 2011 will approximately fall between 30 and 50 million dollars, depending on the number of shipments of finished iron ore product the Company will be able to provide. The Company has recently been contacted by Merchant Bankers to sponsor an Initial Public Offering (IPO) on another index. The Company has looked at both the NASDAQ and German DAX, no discussion has yet been determined as to where the Company may land in the future, but it is doubtful that the Company can remain on the Pinksheets past 2011. In the event that the Company does move to another index, current shareholders shall be issued the new listing common shares in proportion to their holdings.
5. Review and discuss the possibility of relocating the corporate office to San Diego, California, to better serve the project operations, currently Management Officers are on location in Ensenada, B.C. The Houston office number +1 713 482 7593 now transfers into Mexico.
By Consent; the Board of Directors has rejected the corporate move to California, for various reasons and shall remain domiciled in Texas for the near future.
Officers and Directors: Robert L. Cotton, Jr. / President-Director; Sharon Vazquez / Vice President-Corp Secretary-Director; Robert L. Cotton, III / Corp Treasurer-Director; Emily Cotton / Director; Jennifer Cotton Scott / Director
Related News: The Spot Crude Iron Ore Price for the China Seaborne Trade as reported on closing Friday, November 19 th . 2010 at CFR $157.53 per dry metric ton Port of Qingdao. Daily index prices may be viewed at the Metal Bulletin link below.
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."
