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Itronics operates the only EPA approved plant in the nation to manufacture environmentally friendly fertilizers that are sold under the Company's GOLD n'GRO brand, recovering the heavy metals which it then manufactures into numismatic quality five-ounce silver bars from the silver recovered through its patented process.
Plant capacity and process limitations have kept Itronics from recovering more silver from spent photochemical liquids while identifying more sources of raw material for recycling by the introduction of new silver-bearing sources, namely, steel wool recovery cartridges used in the photographic industry which Itronics estimates can greatly expand its silver-bearing raw materials.
On Thursday, Itronics announced that its first phase silver refining expansion would become a reality having obtained the financing needed. But in the process of building out its phase one expansion, Itronics is now able to introduce those new sources of raw materials that in turn will expand its GOLD n'GRO line of liquid fertilizers through the recovery of materials that will replace fertilizer ingredients which are presently purchased from outside suppliers.
Investors showed their support, pushing Itronics shares up more than 40% in record trading volume when the market learned that Itronics would increase silver production 10 fold, which could make Itronics one of the largest green silver manufacturers in the nation in the process.
While Itronics estimates $3.6 million in silver sales capacity, weakness in the dollar has fueled a buying frenzy for gold and silver which could push average silver prices up into the $18 to $20 per ounce range going into the holiday jewelry buying period due to gold's record-setting levels. India's jewelry buying period just began and demand for the precious metal is lower than normal, though the global economic downturn is most likely why. Metals pundits see a shift to the 'poor man's gold' with higher silver jewelry demand as a result. Prices are likely to remain above $17 well into 2010. What that could mean for Itronics is strong, on-going demand for its green silver to make the Company's phase 2 silver refining expansion a near-term reality.
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