| Press
Release Archives: 09/03/2009
Itronics
Announces
Auric Gold & Minerals, a Special Purpose Mining Company
--
Itronics Strengthens Itself As “Green” Natural Resources
Company --
RENO, Nevada, September 3, 2009 -- Itronics Inc. (OTC: ITRO; Frankfurt
and Berlin Stock Exchanges: ITG) reported today that its wholly-owned
subsidiary, Whitney & Whitney, Inc., is assisting the formation
of Auric Gold & Minerals, Inc., (Auric), a special purpose company
that will acquire multi-mineral (polymetallic) gold properties and
strategically invest in junior gold and minerals companies that
provide the opportunity to develop and commercialize environmentally
friendly polymetallic gold projects.
Itronic’s
wholly-owned subsidiary, Whitney & Whitney has used its world-wide
data base and its extensive mineral property library to identify
an attractive mineral project in Nevada and agreed to help Auric
Gold & Minerals acquire the project. For this, Whitney &
Whitney, Inc. will be issued shares equal to 83 percent initial
ownership in the new company. Whitney & Whitney, Inc. has also
agreed to enter into a management services agreement to facilitate
the start up and operation of the new company.
Auric’s
funding plan is to privately place shares in the new company with
qualified investors to provide start up capital. The company is
private, but may elect to go public in two to three years to provide
measured share value and liquidity for its investors. Using this
approach avoids dilution of Itronics shareholders.
“Assisting
with the formation and activation of Auric at this time is a sound
business decision,” said Dr. John Whitney, Itronics President.
“The Whitney & Whitney analysis indicates that there is
a rapidly expanding move world-wide to invest in and acquire mineral
resource assets. Large investments are now flowing into the minerals
sector, especially to acquire resources as “hard assets”
in the ground. From an investment view this is very timely and will
make Itronics more attractive to investors by strengthening its
position as a “green” resource company. Direct private
investment by qualified investors, including Itronics shareholders,
in Auric will also be possible.”
Itronics is continuing its business development by using its demonstrated
environmental and mining clean technology skills to implement its
eight part, five-year business plan that was summarized in a press
release on June 3, 2005. In doing so it is becoming an “environmentally
green” natural resource company. The move into mineral project
development was announced in a press release dated September 25,
2007.
About Itronics
Headquartered in Reno, Nevada, Itronics Inc. is a "Creative
Clean Technology" company. Itronics, through its subsidiary,
Itronics Metallurgical, Inc., is the only company with a fully permitted
“Beneficial Use
Photochemical,
Silver, and Water Recycling” plant in the United States that
converts used photoliquids into pure silver and GOLD’n GRO
liquid fertilizers. The Company is developing environmentally compatible
mining technology, provides project planning and technical services
to the gold mining industry, and operates the popular InsideMetals.com
web site, http://www.insidemetals.com , which provides a value-added
WORLD VIEW of Gold Producer Stocks, Mineral Producer Stocks, Junior
Gold Stocks, and Junior Mineral Stocks.
Itronics
has received numerous domestic and international awards that recognize
its ability to successfully create and implement new environmentally
clean recycling and fertilizer technologies. The Company’s
environmentally friendly GOLD’n GRO liquid fertilizers, which
are extensively used in agriculture, can be used for lawns and houseplants,
and are available, along with liquid fertilizer injectors, at the
Company's "e-store" catalog at http://goldngro.com . The
popular Silver Nevada Miner bars are available at the Company's
“e-store” catalog at http://www.itromet.com
VISIT
OUR WEB SITE: http://www.itronics.com
("Safe
Harbor" Statement under the Private Securities Litigation Reform
Act of 1995: This press release contains or may contain forward-looking
statements such as statements regarding the Company's growth and
profitability, growth strategy, liquidity and access to public markets,
operating expense reduction, and trends in the industry in which
the Company operates. The forward-looking statements contained in
this press release are also subject to other risks and uncertainties,
including those more fully described in the Company's filings with
the Securities and Exchange Commission. The Company assumes no obligation
to update these forward-looking statements to reflect actual results,
changes in risks, uncertainties or assumptions underlying or affecting
such statements, or for prospective events that may have a retroactive
effect.)
Contact:
Paul Knopick
888-795-6336
|
