Itronics Announces Auric Gold & Minerals, a Special Purpose Mining Company
September 03 2009 - 5:00AM
Marketwired
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.
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.
The 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: Paul Knopick 888-795-6336
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