AXcess News: Green Silver Maker Expands Refining Capacity Ten-Fold
October 15 2009 - 3:57PM
Marketwired
Itronics Inc. (PINKSHEETS: ITRO) said it obtained the funding
needed to expand its silver refining capacity ten-fold, which gave
the Reno-based green silver maker the ability to increase silver
sales from $360,000 per year to over $3.6 million.
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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