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Asia Broadband Ore Stockpile Evaluation Report Estimates Over $800 Million Gold and Silver Value in Mexico
Asia Broadband Ore Stockpile Evaluation Report Estimates Over $800 Million Gold and Silver Value in Mexico.
About this update from Asia Broadband, Inc.
[{"type":"text","content":"\n LAS VEGAS, Dec. 06, 2022 (GLOBE NEWSWIRE) -- Asia Broadband Inc. (OTC: AABB) (“AABB” or the “Company”) is pleased to announce that it has recently completed a historic and long-term processing and production agreement for a large-scale gold and silver ore stockpile located in Las Jimenez, Etzatlan, Jalisco, Mexico, that is being filed with the Mexican Mining Registry (DGM). 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. Under the terms of the agreement with local landowners, the Company is expediting the construction of a new processing mill in close proximity to the ore stockpile location. Currently, the mill site property acquisition is under negotiation and is expected to be completed before year-end. This strategic property acquisition will allow for a planned expansion upgrade to the mill to produce 1,000 ton per day (tpd) and provides access to water and electricity. Furthermore, the Company’s other property interests are economically located near the mill site to process additional ore supplies. 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 new processing facility is budgeted for a $3 million built out cost and is initially planned to have a 200 tpd processing capacity. At this initial processing level, the mill is estimated to generate over $11 million in revenue annually. The Company will be expediting the mill expansion installation to increase the processing capacity to 1,000 tpd, once the initial processing level of the mill has been established. “We have added a very large capacity to increase revenues and profits in the new year and long-term with the new stockpile agreement. Our mining operations are now well on their way to realizing a much higher level, which will also open new doors of opportunity to the Company going forward. Management and our mining group are exhilarated to have significantly expanded upon our successes to date with this new processing deal,” expressed Chris Torres, AABB President ...