Itronics Gold’N Minerals, a Special Purpose Mining Subsidiary, is Launched
RENO, Nev., Jan. 8 /PRNewswire-FirstCall/ — Itronics Inc. (OTC Bulletin Board: ITRO; Frankfurt and Berlin Stock Exchanges: ITG) today reported that it has formed Itronics Gold’n Minerals, Inc., a special purpose subsidiary, that will acquire gold and mineral properties and invest in Junior Gold and Mineral Companies which provide the opportunity to develop and commercialize environmentally friendly mining and mineral extraction and processing technologies.
Now that Itronics’ technical services group, Whitney & Whitney, Inc. has established the global Gold Producing Stocks web site, http://www.insidemetals.com/, it will use this worldwide data base and its extensive mineral property library to identify certain properties and/or companies that the new subsidiary can acquire or invest in at relatively low cost. Properties acquired will be developed or joint ventured, and may be able to utilize Itronics’ metal and mineral extraction technologies to achieve environmentally compatible mineral processing.
“Adding this new subsidiary to Itronics integrated group of businesses accomplishes two important objectives for the Company,” said Dr. John Whitney, Itronics President. “It creates a third path to large scale growth for Itronics, and it provides Itronics an opportunity to monetize more of its intellectual property for the benefit of its shareholders.”
Whitney & Whitney, Inc. will provide management and technical services to the new subsidiary, which will seek multi-mineral properties and make strategic investments in small specialty companies that are in early stage operation development or small scale commercial operation and that have the potential for expansion. A strategic objective is for this subsidiary to become an operating mining division for Itronics, which will utilize advanced environmentally compatible technologies to mine, extract, and sell mineral and metal products from multi-mineral properties.
The Company believes that this expansion will increase the rate of income and asset growth for Itronics’ shareholders. The funding plan is to privately place shares in the subsidiary with qualified investors to provide start up capital and then to take it public within a two to three year time frame. The Company believes that this will become the exit strategy for the initial private investors, and it will create measurable market value for Itronics.
Itronics believes that sharply rising gold and silver prices in particular and rising prices for all metals and minerals in general, are providing a strong incentive for investors to fund new mining projects as well as mineral extraction and processing technology development. “With our demonstrated ability to create and commercially establish revolutionary new recycling and chemical process technology, and with Whitney & Whitney’s successful track record of assisting mining companies with new mine development, we are confident that Itronics is well positioned to participate in this new and rapidly emerging technology segment,” said Dr. Whitney.
Establishing the Itronics Gold’n Minerals is being implemented pursuant to Itronics eight-part, five year business plan that was first 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 development 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.)
Itronics Inc.
CONTACT: Paul Knopick, +1-888-795-6336, for Itronics Inc.
Web site: http://www.itronics.com/http://www.insidemetals.com/http://goldngro.com/http://www.itromet.com/