SOURCE: Itronics Inc.

September 03, 2009 05:00 ET

Itronics Announces Auric Gold & Minerals, a Special Purpose Mining Company

Itronics Strengthens Itself as "Green" Natural Resources Company

RENO, NV--(Marketwire - September 3, 2009) - Itronics Inc. (PINKSHEETS: ITRO) (FRANKFURT: ITG) (BERLIN: 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.

Itronics' wholly-owned subsidiary, 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.

Auric's 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.

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 Information

  • Contact:
    Paul Knopick
    888-795-6336