RENO, NV -- (Marketwire) -- 04/21/11 -- Itronics Inc. (PINKSHEETS: ITRO) reported today that its total revenues for the first quarter 2011 increased by 27 percent to $511,000 compared to $404,000 in 2010. GOLD'n GRO fertilizer sales were up 18 percent and silver sales were up 197 percent compared to last year's first quarter.
Unaudited revenues for the first quarter ended March 31, 2011 together with comparative unaudited figures for the 2010 first quarter are presented below:
ITRONICS INC. For the Quarter Ended March 31 2011 2010 REVENUE Fertilizer $ 419,438 $ 356,250 Silver $ 70,962 $ 23,896 Photo Services $ 20,698 $ 23,548 Mining Technical Services $ 370 $ 508 Total Revenues $ 511,468 $ 404,202
The first quarter GOLD'n GRO liquid fertilizer revenues increased during the quarter in spite of adverse weather in California and Nevada. The outlook is for strong sales during the second quarter compared to the same quarter in 2010.
Silver revenues for the quarter increased sharply, primarily due to higher silver prices. At the end of the quarter the Company had three silver shipments outstanding that are expected to be settled in the second quarter. Silver at $44 per troy ounce is trading at 31 year highs and this is strongly benefiting the Company.
The Company's receipts of silver-bearing photographic liquids continue to be more than adequate to meet the requirements for a large increase in GOLD'n GRO fertilizer sales.
Mining Technical Services sales were low in the first quarter due to a shift in focus made in 2010 to work on the Auric Gold & Minerals, Inc. Iron Oxide Copper Gold Fulstone project. The Company believes this will produce a much larger increase in corporate value than could be achieved by consulting services. Gold prices are now approaching $1,500 per troy ounce, a historic high.
Copper, at $4.00 per pound, is also at a historical high. These gold and copper prices are expected to benefit Auric Gold & Minerals project going forward.
"Itronics outlook for the second quarter and 2011 is very positive," said Dr. John Whitney, Itronics President. "On-going implementation of Itronics' five-year plan to put internally developed environmentally green clean technology into commercial use is progressing well, as is the plan to capitalize on proprietary mineral property information contained in the Whitney & Whitney, Inc. technical library."
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.
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("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.)