/ CORRECTION - Itronics Announces Auric Gold & Minerals, a Special Purpose Mining Company
September 03 2009 - 2:36PM
Marketwired
In the news release, "Itronics Announces Auric Gold & Minerals,
a Special Purpose Mining Company," issued earlier today by Itronics
Inc. (PINKSHEETS: ITRO) (FRANKFURT: ITG) (BERLIN: ITG), we are
advised by the company that the first sentence of the second
paragraph should begin with "Itronics' wholly-owned subsidiary,"
followed by the original sentence "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." The first
sentence of the third paragraph should begin with the word
"Auric's" rather than "The" as originally issued. Complete
corrected text follows.
Itronics Announces Auric Gold & Minerals, a Special Purpose
Mining Company
Itronics Strengthens Itself As "Green" Natural Resources
Company
RENO, NV -- September 3, 2009 -- 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.
Itronics' wholly-owned subsidiary, 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.
Auric's 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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