Asia Broadband Tequila Mine Achieves $1.4 Million Dollar Record Quarterly Gold Production Revenue, As Flagship Ore Stockpile Processing Facility Plant Construction Progresses
LAS VEGAS, April 25, 2024 (GLOBE NEWSWIRE) -- Asia Broadband Inc. (OTC: AABB) (“AABB” or the “Company”) is pleased to announce that for the recent quarter ending March 31, gold production revenues reached a record $1.4 million dollars from the Company’s Tequila Gold Mine Project in the Tequila region of Mexico. The first quarter results will be published in the coming weeks reflecting a doubling of gold production from the levels recorded in the last quarter of 2023. The resulting increase in gross profit for the quarter was attributed to higher-grade recoveries, increased daily throughput levels and reduced production costs from economies of scale. Additionally, the initial weeks of production in April at the Tequila Mine are trending to achieve equivalent revenues for the second quarter.
The AABB mining team’s elevated operational strategies and efficiencies in Q1 have created the foundation for the high production levels to follow the completion of the Company’s processing plant. The new facility is under construction in Etzatlan, Mexico, and is currently receiving the remaining equipment components to allow for their integration and finishing in the build-out process. The majority of plant capacity will be dedicated to processing the estimated $1 billion dollar ore value of the Company’s exclusive rights surface stockpile. AABB expects to release a processing plant progress update in the coming weeks.
“With our current production coming exclusively from the Tequila Mine, we are thrilled with the ramped-up output facilitated by our mining operations team. The next steps in our ambitious expansion plans are to complete the new processing plant and begin much higher levels of production from our massive ore stockpile at Etzatlan,” expressed Chris Torres, the Company President and CEO.
AABB continues to implement its mining property acquisition strategy to optimize development capital utilization by focusing operations in regions of Mexico where AABB has a comparative advantage of development resources and expertise readily available for rapid expansion and duplication of the Company’s previous gold production success.
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 own proprietary AABB Wallet and the unique Golden Baboons Mining Club and Shorts Rascal Club Non-Fungible Token (NFT) collections. 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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| Phone: | 702-866-9054 |
Forward-Looking Statements 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.’s (the “Company”) expected current beliefs about the Company’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.
