LAS VEGAS, Dec. 06, 2022 (GLOBE NEWSWIRE) -- Asia Broadband Inc. (OTC: AABB) (“AABB” or the “Company”) is pleased to announce that it has recently completed a historic and long-term processing and production agreement for a large-scale gold and silver ore stockpile located in Las Jimenez, Etzatlan, Jalisco, Mexico, that is being filed with the Mexican Mining Registry (DGM). 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.
Under the terms of the agreement with local landowners, the Company is expediting the construction of a new processing mill in close proximity to the ore stockpile location. Currently, the mill site property acquisition is under negotiation and is expected to be completed before year-end. This strategic property acquisition will allow for a planned expansion upgrade to the mill to produce 1,000 ton per day (tpd) and provides access to water and electricity. Furthermore, the Company’s other property interests are economically located near the mill site to process additional ore supplies. The stockpile processing project is the largest high-yield asset addition for the Company to date in its strategic expansion initiative to acquire gold production and increase AABB’s physical gold holdings.
The new processing facility is budgeted for a $3 million built out cost and is initially planned to have a 200 tpd processing capacity. At this initial processing level, the mill is estimated to generate over $11 million in revenue annually. The Company will be expediting the mill expansion installation to increase the processing capacity to 1,000 tpd, once the initial processing level of the mill has been established.
“We have added a very large capacity to increase revenues and profits in the new year and long-term with the new stockpile agreement. Our mining operations are now well on their way to realizing a much higher level, which will also open new doors of opportunity to the Company going forward. Management and our mining group are exhilarated to have significantly expanded upon our successes to date with this new processing deal,” expressed Chris Torres, AABB President and CEO.
To download the Las Jimenez Stockpile Mineral Evaluation Report, go to:
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 to exceed 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.