RENO, Nev., Sept 25, 2007 /PRNewswire-FirstCall via COMTEX/ -- In a major move to diversify and increase revenues, Itronics Inc. (OTC Bulletin Board: 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 internati
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