Friday, July 27, 2007
HOUSTON, TX, Jul. 27, 2007 (Market Wire delivered by Newstex) -- Over the last twelve months, spot silver prices in New York have ranged between $10.60 an ounce to as high as $14.65, with prices averaging near $13 an ounce throughout the first seven months of 2007, which is proving to be a boon for one enviro-ag company, Itronics, Inc. (OTCBB: ITRO).
Recent news from the Reno-based maker of environmentally friendly liquid fertilizers says that fertilizer sales were up 26 percent for the first six months of this year while the source material, photochemical waste liquids, rose 488 percent, which created an abundance of heavy metal concentrates that are removed in the manufacturing process of Itronics' GOLD'n GRO liquid fertilizer production.
Itronics said that power surges at its North Reno manufacturing plant have caused production outages that have cut into manufacturing capacity in its silver refining side of the plant. The company noted that Silver converted from photochemical liquids increased by 222 percent in the first six months of this year, yet finished silver bar sales were down 25 percent during the same period.
In a phone call to the Company Wednesday, AXcess News learned that the local utility was working with Itronics to resolve the power surges taking place and the problem would be corrected shortly. But the kick her for silver bugs is this, Itronics is the only manufacturer of 5-ounce pure silver bars in the United States of numismatic quality, which it produces in annual, dated series, similar to rare coins, that has created a demand by collectors over the years. But after its news release earlier this week, there was more to the story.
Due to the huge buildup in raw materials and the cut-back in silver bar production, Itronics is sitting on a growing reserve of silver which, based on historical spot silver prices for the first half of this year, has created an off-balance sheet asset waiting to be reported.
Itronics said its liquid fertilizer production is unaffected by the power surges as only the silver refining side of the plant uses higher levels of power in its smelting process.
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