LAS VEGAS, Aug. 22, 2023 (GLOBE NEWSWIRE) — Asia Broadband Inc. (OTC: AABB) (â€œAABBâ€ or the â€œCompanyâ€) is pleased to announce that the Company has received a second major delivery of processing equipment for its new facility site in Etzatlan, Mexico. Additionally, installation preparations have been ongoing subsequent to the Company receiving its initial deliveries of processing plant machinery and mineral analysis laboratory equipment in recent months.
To view AABB processing equipment videos & pictures go to:
The progress towards completion of the new plant facility follows the Companyâ€™s meetings and facility tours several months ago with mining processing manufacturers in China. During the visits with Liming Heavy Industry Science & Technology Co. Ltd. and Mecru Heavy Industry Technology Co. Ltd. in Zhengzhou, Henan, China, the Company verified and secured the shipments and deliveries of additional processing equipment for the new plant in Mexico. Furthermore, the trip to China allowed AABBâ€™s management to embrace and utilize the opportunity to establish and expand its relationships with mining industry and various other business contacts.
To view AABB videos of the manufacturer visits in China, go to:
AABBâ€™s management and technical consultants are expediting the construction of the new processing facility and have set a 3 rd quarter 2023 completion timeline to achieve 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, the new facility will be built with expanded processing capability that will be implemented after the initial production levels have been established. The processing facility will also have a mineral assay and strategic analysis laboratory on site that will reduce costs and supply rapid mineral results reports. The lab will allow the Company to select the highest grade ore for processing to efficiently maximize plant revenues.
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 addition for the Company to date in its strategic expansion initiative to acquire gold production and increase AABBâ€™s physical gold holdings.
The 4.94 hectare processing plant land parcel, that includes a water concession, 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 is consistently at capacity.
â€œWe have taken substantial steps forward to create our new processing plant in a very short period of time, since our trip to China. Our whole group is highly motivated and excited to have the new production operations going this year,â€ expressed Chris Torres, AABB President and CEO.
About Asia Broadband
Asia Broadband Inc. (OTC: AABB) is a resource company focused on the production of precious metals and the accumulation of physical gold holdings. The Company utilizes its specific geographic expertise, experience and extensive industry contacts to facilitate the expansion of precious metals property holdings and production in Mexico. The Company’s industry and business integration in Mexico and its asset diversification are unique strengths of AABB that differentiate it from other companies and creates distinctive value for shareholders. Additionally, the Company has 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 and digital asset developers.
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Forward-Looking StatementsÂ 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.â€™s (the â€œCompanyâ€) expected current beliefs about the Companyâ€™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.
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