Itronics Inc. (PINKSHEETS: ITRO) reported today that its outlook
for 2011 is positive, with GOLD'n GRO fertilizer sales expected to
increase by 50 percent in the first quarter and silver sales by 300
percent. The Company also today issued 2010 results.
2011 Sales Outlook
Based on more normal weather in 2011, first quarter GOLD'n GRO
sales, which are boosted by filling orders received in late
December 2010 and early January 2011, could increase by 50 percent
in the first quarter 2011 compared to the same period in 2010. Full
year GOLD'n GRO sales are expected to increase significantly over
2010, with the possibility for a 50 percent increase for the entire
year.
First quarter silver sales are expected to be up 300 percent
compared to 2010. Silver prices are holding at historic highs
which, if continued, will have an additional positive impact on
silver sales. Full year silver sales are expected to more closely
track GOLD'n GRO fertilizer sales in 2011 leading to our
expectation that with expanded GOLD'n GRO fertilizer sales growth
and much higher silver prices, silver sales could increase 100
percent in 2011 compared to 2010.
As previously reported, receipts of silver-bearing photographic
liquids continue to be more than sufficient to meet the
requirements for on-going and expanded GOLD'n GRO fertilizer
sales.
2010 Achievements
During 2010 Itronics continued to focus on expanding and
strengthening its business foundation to facilitate future growth.
Following are the major achievements during the year:
1. The Company's fertilizer distributor successfully expanded
its GOLD'n GRO customer base which should lead to increased sales
in 2011 and future years. Also plans were developed to expand sales
into Arizona and Hawaii in 2011 and to place emphasis on selling
additional GOLD'n GRO fertilizers in newly identified applications
in the California market.
2. The start up of the Stage 1 silver refinery expansion was
successfully implemented with the 85 percent solids mass reduction
goal for solids feed to the refinery being achieved in December
2010 and the first shipment of silver recovered using the new
process in early January 2011. This is a major achievement for the
Company and creates new opportunities for future growth, as well as
greatly improved silver refining capacity and economics for current
operations.
3. In a press release dated December 7, 2010 the Company
announced that its majority-owned affiliate Auric Gold &
Minerals, Inc., had completed staking 289 lode mining claims which
encompass 5,780 acres which is approximately 9 square miles. The
Auric polymetallic gold project has been named the Fulstone Project
and classified as an IOCG (Iron Oxide Copper Gold) exploration
target. Some of the largest polymetallic copper gold deposits in
the world are classified as IOCG deposits. These deposits often
contain a variety of extractible metals and minerals including
uranium and rare earths. This type of project is potentially very
lucrative for the Company and its investors because of the
potential large size and the potential for discovering recoverable
metals and minerals besides iron, copper, and gold.
2010 Sales Results
Total revenues for the full year 2010 decreased by 23 percent to
$2.6 million from $3.3 million in 2009. Fourth quarter Revenues
decreased by 42 percent to $403,000 from $690,000 in 2009. Full
year 2010 revenues were negatively impacted by adverse weather
conditions in California and Nevada in the first and fourth
quarters.
Fourth quarter GOLD'n GRO fertilizer orders were up 5 percent
from the 2009 fourth quarter, which was the Company's best fourth
quarter in its history, but order delivery was delayed to the first
quarter 2011 by adverse weather conditions in December, which
caused receipt of some orders in the second half of December and
the first week of January.
Unaudited revenues for the fourth quarter, and full year ended
December 31, 2010 together with comparative figures for 2009 are
presented below:
ITRONICS INC.
For the Quarter For the 12 Months
Ended December 31 Ended December 31
2010 2009 2010 2009
REVENUE
Fertilizer $ 320,642 $ 510,244 $ 2,066,378 $ 2,485,467
Silver $ 55,136 $ 145,761 $ 385,933 $ 685,794
Photo Services $ 26,997 $ 32,873 $ 100,269 $ 131,643
Mining Technical
Services $ 510 $ 888 $ 2,086 $ 35,248
Total Revenues $ 403,285 $ 689,766 $ 2,554,666 $ 3,338,152
Silver revenues for the year decreased 44 percent on a 64
percent decrease in ounces sold. As previously reported first
quarter silver sales were reduced by cold weather damage to the
refinery and shipment in the prior year quarter of previously
accumulated silver-bearing solids. Fourth quarter silver sales
declined compared to the prior year for three reasons: (1) sale in
the prior year of silver-bearing solids that had been previously
accumulated, (2) reduction in refinery output due to a partial
switch over to start up of the new Felix process, and (3) a
reduction of silver recovery from photographic liquids due a
reduction in production of GOLD'n GRO fertilizers.
Also as previously reported, the Mining Technical Services
division has shifted focus to support its majority owned subsidiary
Auric Gold & Minerals, Inc., which is developing an attractive
Iron Oxide Copper Gold project in the Yerington Mining District in
western Nevada.
"While 2010 presented many challenges, the Company ended the
year on a very positive note, and expects to make substantial
progress in 2011. In 2010 we successfully got the new Stage 1 Felix
leaching process started, and our majority owned subsidiary Auric
Gold & Minerals, Inc. made substantial progress staking lode
mining claims to acquire its new Iron Oxide Copper Gold project.
Successful start up of both of these projects has expanded the
Company's foundation for solid future growth," said Dr. John
Whitney, Itronics President.
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.
Through its subsidiary Whitney & Whitney, Inc., the Company is
now providing project planning and technical services to its
partially owned affiliate Auric Gold & Minerals on its Iron
Oxide Copper Gold Fulstone Project 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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