Itronics Stage 1 Silver Refinery Expansion to Expand Silver Output by Diversifying Silver Raw Material Sources
August 31 2009 - 5:00AM
Marketwired
Itronics Inc. (PINKSHEETS: ITRO) (FRANKFURT: ITG) (BERLIN: ITG)
reported today that its subsidiary, Itronics Metallurgical, Inc.,
has modified the installation plan and reduced the estimated
capital cost, significantly improving the outlook for proceeding
with its Stage 1 Silver Refinery expansion. The expansion will make
it possible for the Company to expand silver sales by diversifying
its silver-bearing raw material sources.
In early November 2008 Itronics announced plans for expansion of
its silver refining capacity in two stages. The Company also
disclosed that silver receipts in photographic liquids were
exceeding its capacity to refine the recovered silver on an
on-going basis, making the Stage 1 expansion a critical path item
for continuing the Company's growth. On March 17, 2009 Itronics
announced a new refining process that will significantly enhance
the profitability of the planned Stage 1 silver refinery expansion,
discussed in a press release issued on February 24, 2009.
Itronics today is announcing that it has revised the Stage 1
installation plan to utilize tanks and pumps that are already owned
by the Company. Using this approach reduces the estimated capital
cost of the installation from $500,000 to about $200,000.
Additional benefits include that only about 25 percent of the
funding is required before installation and preliminary operation
can begin. The time required from start of installation is reduced
from 8 months to less than 6 months. The Company is currently
seeking the necessary funds as part of a larger funding effort.
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 in the melt cost per ounce of
silver produced. 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 1 refinery expansion will produce two new fertilizer
raw materials as byproducts. These raw materials are expected to
improve GOLD'n GRO fertilizer quality and profitability by
replacing fertilizer ingredients which are presently purchased from
outside suppliers.
The Stage 1 refinery expansion will also make it possible for
the Company to diversify its sourcing of silver-bearing raw
materials by acquiring a category of silver-bearing solid waste
materials generated by the photographic industry.
The new source is steel wool recovery cartridges (called "ion
exchange cartridges") that are used for on site silver recovery by
photo and X-ray processors. There is a large supply of silver
recovery cartridges because they are the main method of
photo-liquid de-silvering by operators that use on site treatment
of the liquids before discharging them to sewer. The Company
estimates that millions of ounces of silver are being recovered by
these cartridges and processed annually by other refiners.
The Company plans to begin marketing this processing service as
Phase II of its Stage 1 silver refinery expansion which is expected
to significantly increase the amount of silver for refining.
Itronics previously announced that in the first half of 2009 silver
revenues increased 144 percent, with a 243 percent increase in
ounces sold.
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
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