Itronics Inc. (PINKSHEETS: ITRO), a growing and diversified
fertilizer, silver, and minerals producer, today provided an
operations update and announced sales results for the three months
and nine months ended September 30, 2012.
The Company reported that for the third quarter ended September
30, 2012 Total Revenues were $198,922 compared to $565,173 in the
2011 third quarter. Total Revenues for the nine months ended
September 30, 2012 were $1,844,619 compared to $2,471,092 in the
same period in 2011.
The third quarter is typically the Company's slowest quarter.
Sales in the first nine months were down compared to 2011 for three
major reasons: A number of Itronics' distributors' sales branches
purchased inventories ahead of the season in 2011 under the
Company's pre-fill program. The 2012 spring season ended unusually
early in July, and some of the retail branches that had restocked
inventories in the third quarter in prior years have delayed
re-filling until the fourth quarter.
Itronics is working with its distributor to continue to expand
GOLD'n GRO sales going forward. Its fertilizers continue to perform
very well and this performance is expected to continue to attract
new customers.
Volumes of silver bearing photoliquids being received continue
to exceed the quantities needed for fertilizer manufacturing. The
Company has a substantial on-site inventory to support seasonal
sales requirements and for sales expansion.
Troy ounces of silver sold in the first nine months of 2012 were
down compared to the prior year period and the price of silver was
down, so the decrease in Silver Revenue is due to a combination of
lower production and lower silver prices. The silver is extracted
from silver-bearing photo liquids prior to their use in fertilizer
manufacturing. Because of this, silver production fluctuates with
fertilizer production.
The Company has been operating the previously announced Itromet
FeLix silver iron separation process, which chemically separates
iron from silver as a batch operation, since August 2010. The
immediate focus is on processing internally manufactured refinery
feed materials in order to reduce refining costs and increase
refining capacity while producing a superior iron byproduct for use
in the GOLD'n GRO fertilizers.
"The iron rich liquid produced by the silver iron separation
process is standardized and used as an ingredient in one of the
GOLD'n GRO fertilizers," said Dr. John Whitney, Itronics President.
"The use of our own iron nutrients in the GOLD'n GRO fertilizer
improves quality and effectiveness while stabilizing the cost for
our customers and generating a positive gross profit for the
Company."
The new silver iron separation process is being developed to
process internally produced silver iron bearing chemical
precipitates, silver iron matte solids and to process
silver-bearing steel wool solids to the extent that they are
available. The Company plans to expand this cost reducing
technology to fully meet its internal needs.
Due to increases in dry silver-bearing solids handling, the
Company needs to expand the refinery's solids handling and
processing capabilities. Planning is underway to set up a small
scale dry solids processing circuit with crushing and screening
capabilities. A jaw crusher, a cone crusher, and a screening
machine have been acquired for this. A separate area in the plant
is available for this operation, and a plan and budget are being
developed so that the installation can be completed in 2013.
Expansion of this solids processing capability may make it
possible, in the future, for the Company to begin purchasing and
processing silver gold bearing refinery slags generated by some of
the smaller gold and silver mines in Nevada. The Company is
studying the potential for marketing the increased quantities of
silver bearing glass slag that would be generated.
The Company did announce that Whitney & Whitney technical
services, a wholly owned subsidiary, has increased revenues due to
expansion of service support for one of its long term mining
clients. This expanded service support is expected to continue for
several years. Continued expansion of the gold mining sector in
Nevada may produce additional opportunities that are attractive to
the Company.
Unaudited Revenues for the third quarter, and first nine months
ended September 30, 2012 together with comparative figures for 2011
are presented below:
ITRONICS INC.
For the Quarter For the 9 Months
Ended September 30 Ended September 30
2012 2011 2012 2011
REVENUE
Fertilizer $ 76,986 $ 333,060 $ 1,326,892 $ 1,869,479
Silver $ 66,286 $ 213,906 $ 364,535 $ 544,039
Photo Services $ 18,204 $ 17,804 $ 50,396 $ 56,270
Mining Technical
Services $ 37,446 $ 403 $ 102,796 $ 1,304
Total Revenues $ 198,922 $ 565,173 $ 1,844,619 $ 2,471,092
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 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 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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