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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.
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.
The 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 ..