LAS VEGAS, May 10, 2023 (GLOBE NEWSWIRE) -- Asia Broadband Inc. (OTC: AABB) (“AABB” or the “Company”) announced today an update on its mineral property holdings. The Company has been resolutely advancing the development of all its mining properties and interests extending from last year into 2023. The mining operations group has continued to focus it resources on the specific property areas with the highest potential for rapid expansion, high-grade production and low-cost operations that will maximize gross profit contributions. The Company’s overall strategic capital expansion initiative is to increase gold production and physical gold holdings to accelerate the growth of the digital assets division.
In December 2022, AABB completed the land purchase for the site of the new processing facility to be constructed with respect to the terms of the historic and long-term processing and production agreement signed previously for a large-scale gold and silver ore stockpile located in Las Jimenez, Etzatlan, Jalisco, Mexico. The agreement allows the Company exclusivity to purchase the 4 million ton ore stockpile at an economically feasible price point. A recent evaluation report has estimated the stockpile to represent over $ 800 million in total gold and silver value. The stockpile processing project is the largest high-yield asset in AABB’s mining division.
Currently in Etzatlan, the initial deliveries of new mining processing and facilities equipment have begun and preliminary configuration and preparation activities are ongoing. Equipment deliveries are expected to continue in the comings months, as the technical consultants advance toward a 3rd quarter completion timeline to bring the new processing facility into full operations. The new plant will utilize advanced mining equipment automation and efficiencies to maximize processing throughput and metals extraction and minimize the production costs.
Additionally at Etzatlan, a sampling and testing program is underway at the ore stockpile to identify and prioritize the highest grade zones to formulate an optimized production plan. Sample analysis and data collection continues to facilitate the production planning process and the Company expects to have an on-site lab operational in the third quarter to increase efficiency.
At the Tequila Gold Mine Project in Tequila, Mexico, production continues from last year into 2023 and the first quarter revenues will be published this week. The Tequila production facilities upgrade/retrofit equipment has been designated for the Etzatlan plant site to optimize utilization and economies of scale to accelerate Tequila revenues. The equipment automation and efficiency employed in larger scale facilities will have increased throughput and metals extraction. Higher production volume at a lower cost per ton is expected to have a substantial impact on gross profit margins going forward.
At the Bonanza Gold Mine Project located in the prolific mining region of Acaponeta, Nayarit, Mexico, the Company continues to progress with the development and drilling program recommended in the 2022 certified geological technical report prepared by a qualified professional person (QP) from Micon International Limited. Accordingly, drilling results are expected to be available in the third quarter. The QP mineral resource estimates of gold and silver values contained in the initial technical report exceeded $10 million at that time. AABB’s geological and mining operations team has been utilizing the report to maximize its exploration, development and resource expansion program, as well as facilitate production, efficiencies and processing equipment installations.
At the Zodiac Gold Mine Project concession located in Buen Pais (“Good Country”), Mexico, the Company is in the process of finalizing negotiations to purchase additional Zodiac property concessions. Assessments and due diligence of the new Zodiac properties from ground work samples have revealed high-grade gold and silver values similar to the Company’s Zodiac concession. The AABB mining group is highly encouraged by the strong viability of these initial development program results. Furthermore, a targeted drilling program directed by geophysics data could confirm similar high-grade mineralization values and concentrations throughout all the Zodiac properties.
At the La Paz Gold Mine Project concession located in Etzatlan, Jalisco, Mexico, mining operations are conducting an ongoing drilling program based on ground assessments and evaluations. Preliminary indications from initial core samples are revealing compelling mineralization as the development program progresses. Further details will be announced as they become available. The La Paz gold project is another high potential mining asset in the Company’s strategic expansion initiative to acquire additional gold production.
“Our mining group and portfolio of mineral properties and interests in Mexico are the core of the Company’s business. We have utilized our industry networks and expertise to acquire, develop and expand our holdings of high quality mineral assets that we anticipate will add strongly to our financial growth for many years to come. The ore stockpile agreement and new processing facility at Etzatlan has the highest profitability potential of all our projects and the entire mining team is jubilant to begin operations in the second half of this year,” expressed Chris Torres, AABB President and CEO.
AABB continues to implement its mining property acquisition strategy to optimize capital growth 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 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 mine-to-token gold-backed cryptocurrency within its AABB Wallet, the unique Golden Baboons Mining Club non-fungible token collection, a proprietary digital exchange AABBExchange and a 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.