Itronics Inc. (PINKSHEETS: ITRO) reported today 2011 sales of $2.84
million, 11 percent over its 2010 sales of $2.56 million. Full year
GOLD'n GRO specialty liquid fertilizer sales increased by 2 percent
to $2.1 million and silver sales increased by 64 percent.
Itronics is a cleantech "green" specialty liquid fertilizer
company that produces "green" silver bullion and that also owns a
6,000 acre Iron Oxide Copper Gold (IOCG) mineral property (the
Fulstone Project) in the prolific Yerington Copper Mining District
in northwestern Nevada. The Company's goal is to achieve profitable
large scale clean technology driven by sustainable growth in
specialty fertilizers, silver and associated metals, gold mining
chemicals, and specialty minerals.
2011 Accomplishments
During 2011 Itronics continued to focus on strengthening its
business foundation to facilitate growth. The Company's "green"
fertilizers are marketed under its proprietary GOLD'n GRO brand.
The fertilizers are sold through a national distributor that is a
wholly-owned subsidiary of one of North America's largest
fertilizer retailers to farmers. GOLD'n GRO fertilizers for home
lawn and garden use are sold through Itronics web site
http://goldngro.com. The "green" silver bullion is sold to a finish
refiner and the Company sells pure silver 5 ounce "Silver Nevada
Miner" bars to the general public through its web site.
In 2011 the Company:
1. Continued to expand its GOLD'n GRO customer base which is
expected to produce increased sales in 2012 and future years. Plans
are being implemented to expand sales into Hawaii and Idaho in
2012, and planning is underway to develop sales in Arizona and
Washington. Planning is also underway to develop additional
applications for GOLD'n GRO fertilizers in the California market.
The effectiveness and economic viability of these applications will
be demonstrated through field trials. While some sales increase may
be achieved through new application field trials in 2012, success
is expected to produce expanded sales in 2013 and future years.
Itronics fertilizer manufacturing operations continued to become
more efficient in 2011. During the busy spring season, the time
between receipt of an order and delivery of the order was
shortened, and virtually all orders received during the spring
planting rush were delivered on time. This improvement in overall
manufacturing and delivery operations is due to close coordination
with our raw material suppliers and our truckers, and with our
distributor's retail branches. In 2011 our distributor worked with
us to implement an "Early Order Program" which made it possible to
strategically position pre-season GOLD'n GRO fertilizer inventories
at key retail branches to help reduce the seasonal impact on
manufacturing that typically occurs when the planting season
begins. This program is being continued and refined in 2012.
2. Implemented the first phase of the Stage 1 silver refinery
expansion (start up of the Itromet FeLix Leaching Process) 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 being made in early January
2011. Implementation of the Itromet SuLix process is being deferred
until the switch to continuous use of the Itromet FeLix process is
completed. The SuLix process will be implemented as a second phase
of the Stage 1 refinery expansion. A 50 percent refining cost
savings results from use of the silver-bearing residues from the
Itromet FeLix process and the refining capacity is doubled.
The silver-bearing solids being produced by photoliquids
processing are now being split, with a portion of the solids being
used to continue the start up of the Itromet FeLix process and the
balance going directly to the refinery. Increased leaching capacity
is required to expand the use of the Itromet Felix process to
handle the full production of silver-bearing solids from
photoliquids processing. Design of a larger leach reactor is
underway and a Reno manufacturer has been selected to build the
larger reactor tank. Acquisition, installation, and start up of the
larger leach reactor are expected to be completed in the first half
of 2012.
Work to convert the iron-bearing leach liquid produced by the
Itromet FeLix process into a base liquid that can be used in
certain GOLD'n GRO fertilizers was started late in the third
quarter of 2011. This iron rich base liquid will be used in the
GOLD'n GRO fertilizers with iron. GOLD'n GRO 10-0-0+4% Fe was
selected for first use of the new base liquid. An adjusted
formulation was field tested in the fourth quarter of 2011 with
positive results. The fertilizer manufacturing process is being
modified to accommodate the new base liquid. Successful start up
and operation of the new Itromet Felix Process Technology is a
major achievement for the Company that has expanded silver refining
capacity and improved economics for current operations and created
substantial opportunities for future growth.
3. Now owns 303 lode mining claims in its Fulstone Project which
encompass 6,060 acres, approximately 9.5 square miles. During the
year a presentation notebook for the project was prepared and work
was done to improve the geologic understanding for the project
area. This work will be continued in 2012. During the year three
major copper mining companies and one junior mining company
expressed interest in the project.
Itronics' Fulstone Project gives it a significant mineral land
position in one of the most attractive undeveloped copper mining
districts in the world. The Yerington Copper District hosts several
very large nearby undeveloped copper-gold deposits. One of these,
about 20 miles away, is an IOCG deposit and has a resource
approaching one billion tons. Another, which is about five miles
away, is a porphyry copper deposit with gold, silver, and
molybdenum that has a resource of more than 800 million tons. Both
of these deposits are "elephants" on a world scale. There are four
smaller copper deposits and several attractive prospects, including
the Fulstone Project, in the district. The Company believes that
the Yerington Copper District is one of the few locations in the
world that hosts such a cluster of large undeveloped polymetallic
copper-gold deposits.
Some of the largest polymetallic copper gold deposits in the
world are classified as IOCG deposits. These deposits often contain
a variety of extractable metals and minerals including specialty
minerals, uranium, and rare earths. The copper deposits in the
Yerington Copper District typically contain iron, copper, gold,
silver, molybdenum, and sulfur. Uranium occurs in at least one of
the deposits in the district and specialty minerals have been
identified at the Fulstone Project.
The Yerington Copper District is globally attractive, because it
is mineral rich, and is in a "politically safe" location with much
infrastructure including rail service in place, and a skilled work
force readily available. Nevada is one of the most mining friendly
states in the United States, and in the world. Itronics' 6,000 acre
Fulstone Project gives it a strategic mineral land asset in this
globally important copper district.
2012 Outlook
As demonstrated again in 2011, the weather, which cannot be
readily forecasted, can have significant negative effect on both
silver and fertilizer sales, because silver recovery is directly
related to production of base liquids for fertilizer manufacturing.
Our current outlook, assuming positive weather in 2012, and related
agricultural cropping patterns in our California markets, is that
2012 sales will increase compared to 2011. The Stage 1 silver
refinery expansion is progressing and is expected to increase
silver refining capacity sufficient to support a significant
increase in "internally produced" silver output.
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 and are expected to continue
to be more than adequate. The switch to digital image capture and
transfer in the photography segment is stabilizing with continuing
silver halide technology use for print production and for
production of X-rays for medical archiving purposes. This on-going
use of silver halide technology continues to produce silver-bearing
liquids which are raw materials for Itronics processing and GOLD'n
GRO fertilizer manufacturing.
2011 Sales Results
Unaudited Revenues for the fourth quarter, and full year ended
December 31, 2011 together with comparative figures for 2010 are
presented below:
ITRONICS INC.
For the Quarter For the 12 Months
Ended December 31 Ended December 31
2011 2010 2011 2010
REVENUE
Fertilizer $ 238,089 $ 320,643 $ 2,107,567 $ 2,066,427
Silver $ 90,683 $ 55,136 $ 634,721 $ 385,932
Photo Services $ 21,077 $ 26,997 $ 77,347 $ 100,223
Mining Technical
Services $ 19,091 $ 567 $ 20,395 $ 2,449
Total Revenues $ 368,940 $ 403,343 $ 2,840,030 $ 2,555,031
The full year GOLD'n GRO liquid fertilizer revenue increase of 2
percent was impacted by unusually cool, wet weather through June
and in the fourth quarter by a very late harvest in the California
market that was followed by early onset of unusually cold dry
winter weather.
Silver revenues for the year increased 64 percent on higher
silver prices. Expansion of the Itromet FeLix process is expected
to continue to increase the amount of silver for sale in 2012.
Dr. John Whitney, Itronics President said, "While 2011 presented
many challenges, the Company ended the year on a positive note, and
expects solid progress in 2012. In 2011 we successfully began
operating the new Stage 1 Felix leaching process, and we made
substantial progress staking lode mining claims to expand mineral
land ownership for the Fulstone Project. Both of these projects are
expanding the Company's foundation for solid future growth in
operations and mineral assets."
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.
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. The Company's business is subject to
significant 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 any
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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