Itronics Reports Auric Gold & Minerals Signs New Letter of Intent to Go Public by Reverse Merger With a Gold Company
September 08 2011 - 9:20AM
Marketwired
Itronics Inc. (PINKSHEETS: ITRO) wholly-owned subsidiary Whitney
& Whitney, Inc. reported today that its majority owned
affiliate Auric Gold & Minerals, Inc. has entered into a new
letter of intent to acquire control of a public OTC BB listed gold
company by way of a reverse merger to be accomplished by an
exchange of shares on or before December 1, 2011, or on such other
date as the parties may agree.
The original letter of intent expired on July 1, 2011 and the
parties have agreed to a new letter of intent with an expiration
date of December 1, 2011.
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." The new letter of intent contains the same terms,
including the financing requirement. It is now anticipated that the
consummation of the reverse merger will occur on or before December
1, 2011, 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 Auric Iron Oxide Copper Gold Fulstone Project and the
Yerington Mining district were described in a press release dated
December 7, 2010. The Fulstone Project area is now covered by 395
lode mining claims and encompasses 7,900 acres which is
approximately 12 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 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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