Business
Asia Broadband Mineral Properties Update
Asia Broadband Mineral Properties Update.
About this update from Asia Broadband, Inc.
[{"type":"text","content":"\n LAS VEGAS, May 10, 2023 (GLOBE NEWSWIRE) -- Asia Broadband Inc. (OTC: AABB) (“AABB” or the “Company”) announced today an update on its mineral property holdings. The Company has been resolutely advancing the development of all its mining properties and interests extending from last year into 2023. The mining operations group has continued to focus it resources on the specific property areas with the highest potential for rapid expansion, high-grade production and low-cost operations that will maximize gross profit contributions. The Company’s overall strategic capital expansion initiative is to increase gold production and physical gold holdings to accelerate the growth of the digital assets division. 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 in AABB’s mining division. Currently in Etzatlan, the initial deliveries of new mining processing and facilities equipment have begun and preliminary configuration and preparation activities are ongoing. Equipment deliveries are expected to continue in the comings months, as the technical consultants advance toward a 3rd quarter completion timeline to bring the new processing facility into 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 at Etzatlan, a sampling and testing program is underway at the ore stockpile to identify and prioritize the highest grade zones to formulate an optimized production plan. Sample analysis and data collection continues to facilitate the production planning process and the Company expects to have an on-site lab operational in the third quarter to increase efficiency. At the Tequila Gold Mi...