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Press Release Source: Cotton & Western Mining, Inc.
Cotton & Western Mining, Inc. -- CWRM Set to Undertake $52 Million Domestic Mill Scale Waste Project
Wednesday April 9, 9:45 am ET
HOUSTON, TX--(MARKET WIRE)--Apr 9, 2008 -- Cotton & Western Mining, Inc. (Other OTC:CWRM.PK - News) announced today that the company is in the process of preparing to screen and magnetically scrub the 400,000 metric tons of Mill Scale that was left abandoned after the closer of a domestic steel mill.
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Until recently it would not have been feasible to transport the materials from the Midwest United States to a seaport for export; however, recent surges exceeding $130.00 per dry metric ton in Spot Sales for steel making materials has awaken this project. The materials range between 67 and 72% Fe. The cargo will be transported via unit train to the Gulf of Mexico, Port of New Orleans, Louisiana and shipped via PanaMax to the People's Republic of China.
Financing for the project is being undertaken by the LC Xchange, Inc. Houston, Texas U.S.A.
The CWRM Board of directors approved this project to produce financial activity for the company during the pending permit process for the company's Baja Pacific Mining Project; which has been delayed until the third quarter of year 2008.
WHAT IS MILL SCALE?
Mill Scale consists primarily of magnetite, Fe3O4, of characteristic blue-gray "steely" color. An extremely thin outer film of hematite, Fe2O3, is invisible to the naked eye. The inner portion of the magnetite contains fine metal grains and sometimes, residual black FeO (see below), which contribute to the roughness of de-scaled metal. Mill Scale is found on all hot-rolled steel products unless processed in a protective atmosphere.
At hot-rolling temperatures, an inner layer of wüstite, FeO, exists between the steel and magnetite. At elevated temperatures, FeO constitutes about 85% of the scale thickness, Fe3O4 about 10 to 15% and Fe2O3 about 0.5 to 2%. During slow cooling [below 1040 F] of hot-rolled coils of hot-rolled strip [and heavy shapes], most of the FeO is transformed to Fe and Fe3O4, and the latter oxide is predominant after cooling.
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.
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