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Chemical Analysis - PACIFIC PEARL

Independent Analysis Pacific Pearl Iron Ore Mine
Conducted by Nippon Steel / Futtu Lab March 15, 2005

As reported by Nippon Steel Corp. to Cotton & Western Mining, Inc.

Chemical Element

Percent of Elements

Total Fe

66.940%

FeO

06.160%

CaO

00.020%

Al2O3

00.580%

SiO2

01.620%

P

00.101%

K

00.001%

Na

00.004%

S

00.025%

V

00.003%

Ti

00.010%

Cu

00.016%

Zn

00.006%

Cl

00.001%

CW

01.750%

The above analysis was taken on surface samples that Cotton & Western Mining, Inc. shipped to Nippon Steel in March, 2005. The sample was Magnetite and was tested out as grade A crude iron ore at 66.94% Fe (iron)…

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