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In a press release dated November 11, 2008, Itronics announced plans for expansion of its silver refining capacity in two stages from 24,000 ounces per year to 2.4 million ounces per year. The Stage I expansion will increase nominal silver refining capacity to 240,000 ounces per year by increasing the per melt capacity of the refining operation by 10 times with no increase in per melt cost. This produces a 90 percent decrease of the per melt cost of each ounce of silver produced.
Production at the new capacity, with a price of $15.00 per troy ounce of silver, would increase refined silver sales from $360,000 per year to $3.6 million per year.
The increase in per melt capacity will be more than sufficient to accommodate intermediate term growth, and will also provide the capacity for acquisition of new silver-bearing sources to further expand growth.
The Stage I refinery expansion incorporates two new environmentally beneficial leaching processes, Itromet FeLix Process and Itromet Sulix Process, which were described in a press release dated November 6, 2007. The Itromet FeLix and SuLix Processes provide the ability to separate nutrient metals and minerals (iron, zinc, and sulfur) from silver- and gold-bearing solids. The solids are produced by the spent photoliquid demetallization process that Itronics Metallurgical uses to remove the silver from spent photographic liquids. The nutrient metals are put into liquid solution for use in the GOLD'n GRO liquid fertilizers, and the silver- and gold-bearing solids are sent to the refinery for recovery of the precious metals from the residual non-nutrient impurities.
The Itromet FeLix and SuLix Processes produce two new fertilizer raw materials as byproducts. These raw materials are expected to improve GOLD'n GRO fertilizer quality and profitability, and to stabilize ingredient costs by replacing fertilizer ingredients which are presently purchased from outside suppliers.
The Stage I refinery expansion will make it possible for the Company to diversify and expand its sourcing of silver-bearing raw materials for processing by acquiring a new category of silver-bearing solid materials, steel wool recovery cartridges (sometimes called "ion exchange cartridges") generated by the photographic industry. The Company estimates that millions of ounces of silver are being recovered annually by the steel wool recovery cartridges in the United States.
Iron contained in the steel wool recovery cartridges will be recovered for use in the GOLD'n GRO liquid fertilizers. The contained silver will be refined and sold. Currently the iron in these cartridges is thrown away. Itronics Metallurgical believes that Itromet FeLix and Itromet SuLix technologies may also be adaptable to process certain types of silver/gold-bearing mineral concentrates produced by mines.
Itronics, through its subsidiary Itronics Metallurgical, is the inventor and operator of award winning recycling technology that converts spent photographic liquids into pure silver and GOLD'n GRO fertilizers. Commercialization of this technology has created a "Green Consumer Option" for photo and x-ray processors and "Green fertilizers" for horticulture and agriculture. The fertilizers incorporate the "essence" of green because of how they are sourced and because of their excellent performance in the field.
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: Paul Knopick 888-795-6336
SOURCE: Itronics Inc.
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