Business
Asia Broadband Completes Plant Site Purchase to Process Gold and Silver Ore Stockpile Estimated Over $800 Million in Mexico
Asia Broadband Completes Plant Site Purchase to Process Gold and Silver Ore Stockpile Estimated Over $800 Million in Mexico.
About this update from Asia Broadband, Inc.
[{"type":"text","content":"\n 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....