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ITRONICS
ESTABLISHING TWO SUBSIDIARIES TO DEVELOP MORE ENVIRONMENTALLY BENEFICIAL MINING
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Diversifies Itronics; Increases Revenue Potential -
RENO,
Nevada, September 25, 2007 – In a major move to diversify and increase
revenues, Itronics Inc. (OTC BB: 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.
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