Itronics Reports Auric Gold & Minerals Extends Letter of Intent to Go Public by Reverse Merger With a Gold Company
January 04 2011 - 8:40AM
Marketwired
Itronics Inc.'s (PINKSHEETS: ITRO) wholly-owned subsidiary Whitney
& Whitney, Inc. reported today that its majority owned
affiliate, Auric Gold & Minerals, Inc., has extended a letter
of intent to acquire control of a public OTCBB listed gold company
by way of a reverse merger to be accomplished by an exchange of
shares on or before February 1, 2011, or on such other date as the
parties may agree.
In a press release dated October 13, 2010, it was stated that
"the final closure of the Reverse Merger is subject to Auric
completing a $2.0 million financing, completion of a definitive
reverse merger agreement, and completion of legal due diligence by
both companies. It is anticipated that the consummation of the
reverse merger will occur on or before December 1, 2010, or on such
other date to which the parties may agree. There can be no
assurance that the reverse merger will be completed as proposed or
at all."
The parties have agreed to a new date of February 1, 2011.
The Auric polymetallic gold project is now named the Fulstone
Project and is classified as an IOCG (Iron Oxide Copper Gold)
exploration target. The Fulstone Project is located within the
Yerington Mining District about 90 miles southeast of Reno, Nevada.
The Fulstone Project area and the Yerington Mining district were
described in detail in a press release dated December 7, 2010.
The Fulstone Project area is now covered by 289 lode mining
claims and encompasses 5,780 acres, approximately 9 square
miles.
Auric is a majority owned affiliate of Whitney & Whitney,
Inc. and was formed to acquire multi-mineral (polymetallic) gold
properties, and to strategically invest in Junior Gold and Minerals
Companies that provide the opportunity to develop and commercialize
environmentally friendly polymetallic gold projects.
About Itronics
Headquartered in Reno, Nevada, Itronics Inc. produces GOLD'n GRO
liquid fertilizers and silver bullion. Itronics, through its
wholly-owned subsidiary Whitney & Whitney, Inc., is developing
environmentally compatible mining technology, is now providing
project planning and technical services to its mining affiliate
Auric Gold & Minerals, Inc., 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.
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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