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LAS VEGAS, Feb. 1, 2023 (GLOBE NEWSWIRE) — Asia Broadband Inc. ABB (“AABB” or the “Company”) is pleased to announce that the Company’s management and technical consultants have been conducting procurement assessments of the capabilities and capabilities of mining processing equipment and facilities with supply agents and distributors. for its new production plant. You will use advanced mining equipment automation and efficiencies to maximize metal extraction and processing performance and minimize production costs. Additionally, the new facility will be built with expanded processing capacity to be implemented once initial production levels have been established.
AABB recently completed a land purchase for the new processing plant site to be built pursuant to the terms of the historic and long-term processing and production agreement signed last December for a large-scale gold and silver ore reserve. scale located in Las Jiménez. , Etzatlan, Jalisco, Mexico. The agreement, which is in the process of filing with the Mexican Mining Registry (DGM), grants the Company the exclusivity to purchase the 4 million ton mineral reserve at an economically viable price. A recent appraisal report has estimated that the reserve represents more than $800 million in total value of gold and silver. The reserve processing project is the Company’s largest high yield asset addition to date in its strategic expansion initiative to acquire gold production and increase AABB’s physical gold holdings.
The 4.94-hectare processing plant site, which includes a water concession, is located approximately 5.8 miles from the ore stockpile at Etzatlán, Mexico, and 48 miles from the AABB Buenavista mine deposit. Construction of the new facility is budgeted at a cost of $3 million and is initially planned to have a processing capacity of 200 tons per day (tpd). At this first level of processing, the plant is estimated to generate more than $11 million in annual revenue. The Company will also expedite the installation of a mill expansion to increase throughput capacity 5 times to 1,000 tpd, once the mill’s initial throughput level is consistently at capacity.
The Company is accelerating construction of the new processing mill that will be used primarily to process stockpiled ore, but AABB also plans to process ore from its other mineral property interests that are economically located near the mill site. In addition, a strategic minerals analysis laboratory will be built at the facility site to reduce analysis costs and generate faster mineral results reporting, allowing the Company to select the highest grade ore for processing and maximize from efficiently the income of the plant.
“Our new production processing facility and ore storage agreement will be the foundation of the company’s increased revenues and profits in 2023 and for many years to come. Our mining operations are now well advanced to a much higher level. which will also open new doors of opportunity for the Company in the future,” said Chris Torres, AABB President and CEO.
AABB continues to implement its mineral 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 available for rapid expansion that surpasses previous production success. of gold from the Company.
About Asia Broadband
Asia Broadband Inc. ABB is a resource company focused on the production, supply and sale of precious and base metals, primarily to Asian markets. The Company uses 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 customer sales networks in Asia. This vertically integrated approach to sales transactions is AABB’s unique strength that sets the Company apart and creates distinctive shareholder value. In addition, the Company has added a digital asset trading segment with its newly minted AABBG gold-backed cryptocurrency to mine to token 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 global exchange standard that is stable, secure and reliable backed by gold, 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 current and expected beliefs of Asia Broadband Inc. (the “Company”) regarding the business of the Company, which are subject to uncertainty and change. The Company’s operations and results could differ materially from what is expressed or implied by the statements made above as industry, regulatory, market and competitive circumstances change. More information about these risks can be found in the annual and quarterly disclosures that the Company has published on the OTC Markets website. The Company is under no obligation to update or change its forward-looking statements as future circumstances, events and information may change.
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