November 11, 2008
Itronics Plans 100 Times Increase in Silver Refining Capacity
Itronics Inc. (OTCBB: ITRO) (FRANKFURT: ITG) (BERLIN: ITG) reported today that its wholly-owned subsidiary, Itronics Metallurgical, Inc., is working to increase its silver refining capacity in two stages, from 24,000 troy ounces per year to 2.4 million troy ounces annually, a 100 times increase. Production at capacity with $10 per troy ounce silver would increase silver sales from $240,000 per year to $24 million.
The silver captured by Itronics is recovered from used photo liquids, a highly acclaimed environmentally "Green" and environmentally beneficial process.
Stage 1 will increase the per melt capacity of the refining operation by 10 times with no increase in per melt cost. This produces a 90 percent reduction of the per melt cost of each ounce of silver produced. Stage 2, installation of the new melting system, will further reduce the per melt cost and substantially increase operational efficiencies. This two stage capacity expansion will not only reduce direct operating costs, but will also reduce "in process inventories" which will reduce working capital requirements and improve the rate of inventory turnover, major financial benefits to the Company and its shareholders.
"The increase in silver refining capacity will require related expansion and improvement of materials handling capabilities at our facility," said Dr. John Whitney, Itronics President. "We are estimating that each of the two stages of expansion can be completed for $500,000, for a combined capital investment of $1 million. Each installation is expected to take about 8 months to complete. This relatively modest investment is made possible because we already have two permitted locations within the facility for these new operations."
"Existing limitations on silver recovery capacity and increases in receipts of used silver-bearing photochemical liquids needed to support expanding GOLD'n GRO liquid fertilizer and GOLD'n GRO Guardian Deer Repellent sales, is driving this expansion," said Dr. Whitney. "The silver produced by Itronics Metallurgical fits the definition of 'Green Silver' and will open up new silver sales opportunities."
On-going clean, cost reducing, process technology developments are expected to provide the basis for continuing long term growth. Itronics' expansion is a result of years of research and development that has made its innovative vertically integrated photochemical recycling technology an award winning success. The technology completely converts the waste stream to pure silver, and the high quality GOLD'n GRO brand of environmentally compatible fertilizers. GOLD'n GRO Guardian Deer Repellent is a direct extension of the GOLD'n GRO technology and is opening up a significant new market segment for the Company.
Headquartered in Reno, Nevada, Itronics Inc. is a "Creative Environmental 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 also provides environmentally compatible mining technology development, 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 compatible recycling and fertilizer technologies.
The Company's environmentally friendly GOLD'n GRO liquid fertilizers 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
SOURCE: Itronics Inc