LAS VEGAS, Jan. 11, 2023 (GLOBE NEWSWIRE) -- Asia Broadband Inc. (OTC: AABB) (“AABB” or the “Company”) is pleased to announce that the Company has recently completed a land purchase for the site of the new processing facility to be built with respect to the terms of the historic and long-term processing and production agreement signed last month for a large-scale gold and silver ore stockpile located in Las Jimenez, Etzatlan, Jalisco, Mexico. The agreement, that is in the process of being filed with the Mexican Mining Registry (DGM), 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 addition for the Company to date in its strategic expansion initiative to acquire gold production and increase AABB’s physical gold holdings.
To download the Las Jimenez Stockpile Mineral Evaluation Report, go to:
https://asiabroadbandinc.com/la-paz-etzatlan/
The processing plant land parcel, that includes a water concession, was purchased for $ 650,000 USD in late December 2022. The 4.94 hectare site is located approximately 5.8 miles from the ore stockpile in Etzatlan, Mexico, and 48 miles from the AABB Buenavista mining warehouse. The new facility build-out is budgeted for a $3 million cost and is initially planned to have a 200 ton per day (tpd) processing capacity. At this first level of processing, the mill is estimated to generate over $11 million in revenue annually. The Company will also be accelerating a mill expansion installation to increase the processing capacity 5 fold to 1,000 tpd, once the initial processing level of the mill has been established.
The Company is expediting the construction of the new processing mill to be primarily utilized to process the stockpile ore, but AABB plans to also process ore from its other mining property interests that are economically located near the mill site. Additionally, a strategic mineral assay lab will be built on the facility site to reduce analysis costs and realize quicker mineral results reports, which will allow the Company to select the highest grade ore for processing to efficiently maximize plant revenues.
“The new plant site acquisition was the next key step now accomplished to allow for a very large capacity to increase our revenues and profits in 2023 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,” stated 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 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.
