Itronics Inc (ITRO)

[traderdogzz]

Itronics Reports 2018 Third Quarter Sales Up 10.8 Percent and Provides Updates on Current Operations and Growth Projects

RENO, Nev., Nov. 20, 2018 (GLOBE NEWSWIRE) -- Itronics Inc. (OTC:ITRO), a diversified producer of GOLD’n GRO zinc fertilizers and silver products and a green “Zero Waste” technology development Company, today announced sales results and summarized its operations and growth projects for the third quarter and first nine months ended September 30, 2018.

Total third quarter sales were up 10.8 percent, driven by a 19 percent increase in GOLD’n GRO fertilizer sales. Total Revenues for the nine months ended September 30, 2018 were $1,010,250 compared to $1,431,342 in the same period in 2017. The nine-month sales decrease is because GOLD’n GRO fertilizer sales were significantly lower in the first half of 2018 compared to the 2017 first half due to adverse weather conditions in the Company’s major California markets.

GOLD’n GRO sales continue strong, with the fourth quarter through November 15, 2018 being 50 percent higher than the comparable 2017 fourth quarter period, demonstrating the effectiveness of Itronics’ expanded sales effort. This effort was catalyzed by addition of two sales persons in the third quarter. One of these persons is highly experienced in all aspects of sales development and management and has been brought on board to become GOLD’n GRO sales manager.

Silver bullion sales were down compared to the prior year period due to delays in producing high grade silver concentrate which is used as raw material for the Company’s Breakthrough E-Scrap (computer waste) refining technology. Preparation of another bullion shipment is nearing completion and is expected to be shipped in December. Due to timing of settlements, sales revenue from this shipment is expected to be reported in the first quarter of 2019.

In a press release dated November 13, 2018 the Company announced that it has successfully completed start up testing of a centrifuge that will be used in its hydrometallurgical operations to perform liquid/solids separations. It has been taking about five months to do the liquid/solid separations to produce enough high-grade silver concentrates to support a refining campaign to produce a bullion shipment. The centrifuge will shorten the production time to less than a month and completely eliminate this bottleneck.

During the third quarter the Company reported that its E-Scrap circuit board supplier, NEW2U Computers, has become the first nonprofit in northern Nevada to achieve the Responsible Recycling (R2:2013) certification. This certification is designed to help ensure the quality, transparency, environmental and social responsibility of electronics recycling facilities and their downstream vendors including Itronics.

The Company is continuing to research the use of its KAM-Thio technology. It has one mining application research project underway with Comstock Mining Inc. whose operations are located near Virginia City, Nevada. Itronics subsidiary, Whitney & Whitney, Inc., is developing a process flowsheet that is being designed specifically to benefit from the mineral characteristics of the leached rock in Comstock Mining’s American Flat stockpile at its Virginia City operations. Based on test work completed to date, it appears that after removal of metal, nitrogen, sulfur and other impurities it may be possible to use the washed rock to prepare saleable aggregate and mineral materials. Further testing is planned. The ability to sell the stockpile materials would make this a “Zero Waste” process for mining and would create a new industrial minerals revenue stream from silver and gold mining in the Comstock Mining District.

The Company has identified a category of industrial cyanide contaminated waste generated by the Aluminum Industry as a potential candidate for clean up using the KAM-Thio technology. The waste stream is “Spent Potliner” and is typically heavily contaminated with cyanide generated during the aluminum smelting process. Discussions are underway to establish an R & D program to determine if the KAM-Thio technology can clean up this material. If it can, then it may be possible to create a new “Zero Waste Technology.”

Spent Potliner is generated as a waste product at all of the world’s aluminum smelters. Presently there is not a technology that is able to economically clean up this material and make it environmentally safe. The Company has completed a global review of the published research into the characteristics of this material and concluded that the KAM-Thio technology may work to clean this material so that its components may be used to produce commercial products for sale. Discussions are underway with certain potentially interested aluminum smelting companies to establish a test program to determine if the KAM-Thio technology can clean up the Spent Potliner. The R & D project is expected to include funding to cover Itronics’ evaluation costs.

During the third quarter the Company began testing a zinc and manganese containing waste material being generated by a large alkaline battery recycling company to determine if zinc and manganese ingredients can be produced for use in manufacturing the GOLD’n GRO micronutrient fertilizers. Initial tests have been positive and so the Company plans to continue to evaluate this material.

On October 23, 2018 Itronics announced that its subsidiary, Whitney & Whitney, Inc., has measured surface 0.4 ounce per ton gold and 5 percent copper at the Auric Gold & Minerals, Inc. Fulstone Silver Zinc Copper Gold exploration project, which is located in the Yerington Mining District in Nevada. Previous surface sampling has shown the presence of anomalous silver, zinc, copper, and lead. Interested readers should refer to the press release for additional information.

2018 First Nine Month Sales Results
Unaudited Revenues for the third quarter, and 9 months ended September 30, 2018 together with comparative figures for 2017 are presented below: