Newz :: Iron ore on the way to ChinaM.V. Kriton Sailing Under 1st Ever MexSecEcon Iron Export Permit
Cotton and Western Mining Inc New
CWRN | 4/5/2011 8:31:20 AM
, TX, Apr 05, 2011 (MARKETWIRE via COMTEX News Network) --
Cotton& Western Mining, Inc. (PINKSHEETS: CWRN) The Company announcedtoday that the Bulk Carrier M.V. Kriton loaded out and departed theEnsenada International Terminal at 8:30pm PDT April 2nd on its 24 dayjourney to The People's Republic of China. This landmark voyage has beenmarked by two distinctions: the Mexico Secretary of Economy's firstever issued 45,000 metric ton iron mineral export permit following thenew iron mineral export law enacted on March 18th, 2011, and the firstever bulk cargo shipment of iron minerals from the Ensenada PacificOcean Port. The permit was issued in the name of Subsidiary PanamericanMinerals Ventures, S.A. de C.V. California, Mexico, which owns the mineral mining rights to the "Mina Guadalupe" Iron Mineral Concession.
Managementstated that overall it is very pleased with the load-out efforts fromthe Ensenada International Terminal and is looking forward to the nextcargo vessel to be landed in the very near future. There was a shortinterruption in the loading process due to contracted priorities for theterminal's main scheduled container vessels, interruptions such asthese are standard protocol and are no cause for concern.
TheCompany is now in the process of screening out its 0-3mm fines, whichhad accumulated around the mining site, into several massive stockpiles.This undertaking should be accomplished within 10 days, resulting in afinished product of 1-3mm fines that will be sold under a new contractwhile the company is preparing the second shipment. In addition to allof this, The Company is adding more heavy excavation equipment toincrease production.
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 byits principal officers and directors, Robert L. Cotton and SharonVazquez.
Related News: China Seaborne Trade, Spot Price Iron Oremay be viewed at the following link; Metal Bulletin Iron Ore IndexLink https://www.mbironoreindex.com/