LAS VEGAS, Oct. 12, 2022 (GLOBE NEWSWIRE) -- Asia Broadband Inc. (OTC: AABB) (“AABB” or the “Company”) is pleased to announce that the Company has recently completed a full quarter of production at its Tequila Gold Mine Project in the Tequila region of Mexico. The production revenue for the 3rd quarter ending September 30, 2022, is in the process of being finalized and will be published in the coming weeks. The Company is expecting the 3rd quarter production revenue to exceed the level recorded in the 2nd quarter, as the production facilities expansion is on going.
The Tequila production facilities upgrade program continues to progress towards an additional 50 tons per day (tpd) production capacity. After the facilities retrofit is complete, the mill capacity will be 100 tpd and double the current processing limit of 50 tpd. Due to the extremely wet rainy season in the Tequila area in recent months, the delivery and installation and testing of the production processing equipment has been rescheduled for completion in January 2023.
In addition to the production increase from the mill retrofit, the Company is planning a large-scale expansion of its production and processing facilities to begin installation next year. Utilizing the advances in mining equipment automation and efficiency, the larger scale facilities will have significantly increased throughput and metals extraction. The added production volume at a lower cost per ton is expected to have a substantial impact on the Company’s gross profit margin going forward.
“Our management team has been laser focused on its mining operations growth initiative to expand the Company’s primary business segment. We are proud of and excited with the progress our mining group has made this year, which has set the stage to achieve significantly higher levels of production in 2023." expressed Chris Torres, AABB President and CEO.
AABB continues to implement its mining property development and acquisition strategy to optimize capital utilization by focusing operations in regions of Mexico where AABB has a comparative advantage of development resources and expertise readily available for rapid expansion and duplication of the Company’s previous gold production success.
About Asia Broadband
Asia Broadband Inc. (OTC: AABB) is a resource company focused on the production, supply and sale of precious and base metals, primarily to Asian markets. The Company utilizes its specific geographic expertise, experience and extensive industry contacts to facilitate its innovative distribution process from the production and supply of precious and base metals in Mexico to client sales networks in Asia. This vertical integration approach to sales transactions is the unique strength of AABB that differentiates the Company and creates distinctive value for shareholders. Additionally, the Company has added a digital assets business segment with its AABBG freshly minted mine-to-token gold-backed cryptocurrency within its AABB Wallet, a proprietary digital exchange AABBExchange and a proprietary cryptocurrency payment gateway solution PayAABB.com. AABB expects its token to become a world-wide standard of exchange that is stable, secured and trusted with gold backing, while having the added benefit of demand based price appreciation. These are unique and outstanding qualities relative to other cryptocurrencies.
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Forward-Looking Statements are contained in this press release within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the Asia Broadband Inc.’s (the “Company”) expected current beliefs about the Company’s business, which are subject to uncertainty and change. The operations and results of the Company could materially differ from what is expressed or implied by the statements made above when industry, regulatory, market and competitive circumstances change. Further information about these risks can be found in the annual and quarterly disclosures the Company has published on the OTC Markets website. The Company is under no obligation to update or alter its forward-looking statements as future circumstances, events and information may change.