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Press
Release Archives: 09/25/2007
Itronics
Establishing Two Subsidiaries to Develop More
Environmentally Beneficial Mining
- Diversifies Itronics; Increases Revenue Potential -
RENO, Nev., Sept. 25 /PRNewswire-FirstCall/ -- In a
major move to diversify and increase revenues, Itronics
Inc. (OTC Bulletin Board: ITRO; Frankfurt and Berlin
Stock Exchanges: ITG) today reported that its Board of
Directors has approved the formation of two special
purpose subsidiaries to develop and commercialize
environmentally friendly mining and mineral extraction
and processing technologies.
"There is a significant need for more environmentally
friendly mining. We believe that industry wants and
needs the technologies Itronics will bring to the
marketplace," said Dr. John Whitney, President.
One subsidiary will research, develop, and commercialize
the photochemical based thiosulfate technology to
replace or neutralize cyanide, which is currently used
in mining operations and which has been criticized for
its impact on the environment. Itronics' new technology
is expected to be used for mineral extraction, including
mine tailings, and reclamation of heap leach operations.
The other subsidiary will acquire multi-mineral
properties and strategic small specialty companies that
are in early stage or commercial operation. These can be
combined to form a larger operating company that will
utilize advanced environmentally compatible technologies
to mine, extract, and sell mineral and metal products
from multi-mineral properties.
"This is a third pathway to large scale growth for
Itronics," said Dr. John Whitney, Itronics President. "A
major component of the photochemical wastes we turn into
environmentally beneficial fertilizers is able to
completely detoxify and eliminate cyanide, which is the
main ingredient used to extract gold and silver out of
low-grade ore. The mining industry has long sought a way
to make this process environmentally benign." The other
pathways are the sale of the Company's environmentally
beneficial GOLD'n GRO fertilizer to large agricultural
entities, and the sale of GOLD'n GRO Guardian deer
repellent fertilizer, the only product of its kind in
the U.S., that both safely repels animals and helps
plants grow more quickly, to firms and individuals
throughout the country.
"Now that Whitney & Whitney, Inc. has established the
global Gold Producing Stocks web site, http://www.insidemetals.com
, it will use this world-wide data base and its
extensive mineral property library as a source of
property information to identify certain properties or
companies that the new subsidiary can acquire at
relatively low cost," Dr. Whitney said. Properties
acquired will be developed or joint ventured, and may be
able to utilize the thiosulfate technology for
environmentally compatible mineral processing.
Itronics Board of Directors and its advisors believe
that the new direction being established for the Whitney
& Whitney technical services group will produce more
rapid income and asset growth for Itronics'
shareholders. The plan being implemented anticipates
that shares in each subsidiary will be placed with
private investors to provide start up capital and that
the business plan of each will include provisions for
taking them public. The Company believes that taking
these subsidiaries public will become the exit strategy
for the initial private investors, and that it will
create measurable market value for Itronics.
"The market for leaching chemicals and for new
processing technology we plan to develop will be much
larger and less seasonal than fertilizers," Dr. Whitney
said. "We believe that the combination of our
management's significant mining technical expertise, and
the fact that photochemicals are already used to leach
silver from film, will allow us to bring to the mining
industry a way to protect the environment from the
potentially harmful effects of cyanide while, at the
same time, enhancing silver and gold recovery and
expanding the number of mining projects that can be
successfully permitted for operation."
Itronics believes that sharply rising prices for gold,
silver and other metals will serve as a strong incentive
for mining companies to fund new mineral extraction and
processing technology development. "With our
demonstrated ability to create and commercially
establish revolutionary new recycling and chemical
process technology, we believe Itronics is well
positioned to participate in this new and rapidly
emerging mining technology segment," said Dr. Whitney.
Establishing the two special purpose subsidiaries is
being implemented pursuant to Itronics eight-part, five
year business plan that was summarized in a press
release on June 3, 2005.
About Itronics:
Itronics, through its subsidiary, Itronics
Metallurgical, Inc., is the only company in the world
with a fully permitted "Beneficial Use Photochemical,
Silver, and Water Recycling" plant located in the United
States which can convert used photoliquids into pure
silver and liquid fertilizers. At the Company's Reno,
Nevada factory more than 99 percent of the silver and
virtually all the other toxic heavy metals are extracted
from used photoliquids. The purified liquids are
converted into environmentally beneficial, chelated,
micronutrient and multinutrient liquid fertilizers sold
under the GOLD'n GRO trademark. The silver is refined
and sold as bullion and 5 troy ounce, 0.999 pure, Silver
Nevada Miner numismatic bars. The environmentally
friendly liquid fertilizers can be used for lawns and
houseplants, and are available, along with GOLD'n GRO
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.
Headquartered in Reno, Nevada, Itronics Inc. is a
"Creative Environmental Technology" company and a world
leader in photochemical recycling. The Company also
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 and Junior Gold Stocks. Itronics has received
numerous domestic and international awards that
recognize its ability to successfully create and
implement new recycling and fertilizer technologies.
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
Source: Itronics Inc. |
