Business
Asia Broadband Confirms Delivery of New Plant Site Equipment for Large-Scale Gold and Silver Ore Stockpile Processing
Asia Broadband Confirms Delivery of New Plant Site Equipment for Large-Scale Gold and Silver Ore Stockpile Processing.
About this update from Asia Broadband, Inc.
[{"type":"text","content":"\n LAS VEGAS, March 29, 2023 (GLOBE NEWSWIRE) -- Asia Broadband Inc. (OTC: AABB) (“AABB” or the “Company”) is pleased to announce that the Company is expecting to receive its initial deliveries of new mining processing and facilities equipment within 4 to 6 weeks. AABB’s management and technical consultants have set a 3rd quarter 2023 completion timeline to bring the new processing facility into full operations on the Etzatlan, Mexico site. The Company’s equipment supply agents and distributors in Asia have confirmed the receiving logistics timing despite the recent industry challenges with equipment deliveries. 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. 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 AABB’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 th...