LAS VEGAS, April 23, 2020 (GLOBE NEWSWIRE) -- Asia Broadband Inc. (AABB), through its wholly owned subsidiary Asia Metals Inc., announced today that the recent Bank of America gold forecast upgrade to $3,000 an ounce affirms the Company’s focus on mining production and facilities expansion in 2020. The recent economic conditions have created strong and unprecedented fundamentals for gold producer equities. The economic volatility and inflationary effects of the Coronavirus pandemic have launched gold and gold producers into a significant growth phase, which is expected to be heightened by the contraction of the general markets. Additionally, the recent collapse of the oil market has elevated the gold-to-oil ratio to all time highs indicating lower production costs and increased profit margins for gold producers. AABB is anticipating a two to three fold increase in gold production levels in 2020 from its increased operational capacity.
https://www.bloomberg.com/news/articles/2020-04-21/bofa-raises-gold-target-to-3-000-as-fed-can-t-print-gold
Concurrently, AABB’s outstanding success with the ongoing $4M Phase II Exploration and Development Program anticipates its fourth stage drill results will be available for release next week. All three of the Program’s drill result stages to date have recorded multiple drill hole high-grade intersections of double-digit grams of gold per ton. The 20,000 (m) drilling campaign is targeting areas in extended proximity to the Company’s mine in Guerrero, Mexico, to further delineate the known historical and new gold vein structures.
Asia Broadband Inc. (OTC : AABB), through its wholly owned subsidiary Asia Metals Inc., 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 Guerrero, Mexico, to our client sales networks in Asia. This vertical integration approach to sales transactions is the unique strength of Asia Broadband and differentiates the Company to its shareholders.
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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.
