Itronics Inc. (PINKSHEETS: ITRO) reported today its 2012 sales of
$2.29 million decreased by 19.6 percent from 2011 sales of $2.84
million. Fourth quarter sales were up 14 percent, but the increase
was insufficient to overcome the sales decline that was experienced
earlier in the year. The Company's outlook for 2013 is that sales
will return to higher levels and sales growth will be
re-established.
Itronics is a cleantech specialty liquid fertilizer Company
which produces silver bullion and that owns a 6,000 acre Iron Oxide
Copper Gold (IOCG) mineral property (the Auric 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 sustainable growth in specialty
fertilizers, silver and specialty minerals.
2012 Accomplishments
During 2012 Itronics continued to focus on strengthening its
business foundation. Following are major accomplishments during the
year:
1. The Company's fertilizer distributor continued to expand its
GOLD'n GRO customer base which is expected to produce increased
sales in 2013 and future years. Sales into Hawaii and Idaho are
expected to begin in 2013 and planning is underway to develop sales
in other regions. Development work is also underway to introduce
new applications for GOLD'n GRO fertilizers in the important
California market. The effectiveness and economic viability of some
of these applications was demonstrated in field trials in 2012.
Itronics' fertilizer manufacturing operations continued to
become more efficient in 2012. All orders received during the
spring planting rush were delivered timely. In 2012 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 successful program is being continued
in 2013.
2. Operation of the first phase of the Stage 1 silver refinery
expansion was continued and testing of different types of feed
materials was completed. A 50 percent refining cost savings results
from use of the silver-bearing residues from the process and
refining capacity is doubled.
Increased leaching capacity is required to expand the use of the
new process to handle the full production of silver-bearing solids
from photoliquids processing. Design of a larger leach reactor will
be completed in 2013 and is expected to be acquired and
installed.
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 completed in 2012. Successful
use of the iron rich leach liquid in the GOLD'n GRO fertilizers is
a major achievement for the Company. Being able to do this improves
utilization of internally generated raw materials while expanding
silver refining capacity and improving the economics of current
operations.
3. During the year the state of Nevada classified our photo
liquid processing and fertilizer manufacturing facility as a
Nitrogenous Fertilizer manufacturing operation. This new facility
classification included recognition that the spent silver-bearing
photoliquids being received and processed for use in the GOLD'n GRO
fertilizers are "raw materials" and not "hazardous waste," all as
defined under the U.S. Environmental Protection Agency Resource
Conservation and Recovery Act (RCRA) regulations. Itronics is the
only photo-liquid processing company in the United States with this
permitting status. This is a major milestone for the Company
because our recycling/fertilizer manufacturing facility is now
the environmentally preferred option for the
disposal of spent silver bearing photoliquids throughout the
country.
4. The Company's Auric Fulstone Iron Oxide Copper Gold (IOCG)
Project now owns 303 lode mining claims encompassing 6,060 acres,
approximately 9.5 square miles. During the year interpretive work
was continued to improve the geologic understanding for the project
area. This work will be continued in 2013, subject to funds
availability. During the year an investor group expressed interest
in funding development of the project and discussions to lead to an
investment were initiated in the fourth quarter.
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. A skilled work
force is readily available. Nevada is one of the most mining
friendly states in the United States and in the world. Itronics'
6,000 acre Auric Fulstone Project gives it a strategic mineral land
asset in this globally important copper district.
2013 Outlook
As demonstrated again in 2012, the weather, which no one can
accurately forecast with complete certainty, had a significant
negative effect on our fertilizer sales. Our current outlook,
assuming weather in 2013 and related agricultural cropping patterns
in our California markets will be more normal than 2012, is that
sales should increase. Late fall and early winter rain and snow is
improving the California fertilizer sales outlook for 2013.
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 has stabilized with continuing
silver halide technology use for photo print production and for
production of X-rays for medical archiving purposes. This on-going
use of silver halide technology is expected to continue.
2012 Sales Results
Unaudited Revenues for the fourth quarter, and full year ended
December 31, 2012 together with comparative figures for 2011 are
presented below:
ITRONICS INC.
For the Quarter For the 12 Months
Ended December 31 Ended December 31
2012 2011 2012 2011
REVENUE
Fertilizer $ 240,348 $ 238,088 $ 1,567,240 $ 2,107,567
Silver $ 139,364 $ 90,684 $ 503,899 $ 634,723
Photo Services $ 19,765 $ 21,077 $ 70,161 $ 77,347
Mining Technical
Services $ 25,568 $ 23,105 $ 146,734 $ 24,409
Total Revenues $ 425,045 $ 372,954 $ 2,288,034 $ 2,844,046
Dr. John Whitney, Itronics President, said, "While 2012
presented many challenges, the Company ended the year on a positive
note, and expects further progress in 2013. In 2012 we continued
operating the new Stage 1 refining process, and we made progress in
developing our understanding of the geology 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, and
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.
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 "green" 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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